INDIANAPOLIS — Indianapolis-based Flaherty & Collins Properties has commenced the $8.2 million redevelopment of the former south tower of the Sheraton Hotel in downtown Indianapolis into luxury apartments. The former hotel's 160 rooms, located on floors three through 12, will be converted into 129 apartments ranging in size from 487 to 1,225 square feet. The building will contain two-story units on the 11th and 12th floors. Monthly rents will range from $800 to $1,550. Amenities will include a swimming pool, rooftop sundeck, a fitness center, room service and valet parking. The first units will be delivered this fall. CSO Architects is the project architect. The building is located within Keystone at the Crossing, a 2.35 million-square-foot mixed-use development.
Hospitality
BOSTON — Chesapeake Lodging Trust has secured a $95 million, fixed-rate loan for the 498-room Hyatt Regency Boston, located in Boston. The 5-year loan has a 30-year amortization schedule and was provided by Goldman Sachs Commercial Mortgage. The financing will be used to repay outstanding borrowings under the company's revolving credit facility and for general business purposes.
NEW YORK CITY – Hersha Hospitality Trust has signed an agreement to acquire the 175-room Hyatt Union Square Hotel in New York City for $104.1 million after the seller completes construction. The four-star hotel is expected to open in 2012 and will feature a destination lobby bar, rooftop lounge, private terraces, a fitness facility and a pool. Consideration to the seller included the assumption of two mortgage loans totaling $55 million that were secured by the buyer. Hersha will manage the hotel upon completion of the acquisition.
SAN DIEGO – HFF has closed the sale of two San Diego-based hotels, the Holiday Inn Express Mission Bay and the Comfort Inn National City. HFF marketed the properties on behalf of C-III Asset Management, LLC, which acted as a special servicer for the selling trusts. RNM Hospitality purchased the 87-room Holiday Inn Express, while Excel Hotel Group bought the 91-room Comfort Inn. HFF's team was led by managing director Holden Lim and director Zack Holderman.
NORTH CHARLESTON, S.C. — The Generation Companies has topped out the Home2 Suites by Hilton located near the Charleston International Airport in North Charleston. The 122-room extended stay hotel is slated to open in late 2011.
MIAMI BEACH, FLA. — A joint venture between Bethesda, Md.-based Urgo Hotels and Washington, D.C.-based The Carlyle Group has purchased the 75-room Blue Moon Hotel and the 71-room Winterhaven Hotel, both in Miami Beach, for $26.7 million. Both properties will undergo renovations, which will upgrade public spaces and all guest rooms. Jordan Ray of Mission Capital Advisor's New York office represented the buyer in the transaction, placing the debt with a regional bank.
EAGLE RIVER, WIS. — Hotel Source Inc. has brokered the sale of the Days Inn located at 844 Railroad St. in Eagle River. The hotel features an indoor swimming pool, a hot tub and a sauna. The Hotel Source team of Seth Glickman and Steve Marx arranged the deal between the two undisclosed parties.
LITCHFIELD, CONN. — Elkins Park, Pa.-based Optimum Hotel Brokerage has closed the sale of the 32-unit Litchfield Inn, a boutique hotel in Litchfield, for $2.08 million. Joseph McCann of Optimum was the exclusive broker. In addition to the hotel’s 32 guest rooms, the hotel features more than 4,000 square feet of ballroom facilities and a full service restaurant and tavern. The buyer is planning a complete renovation of the guest rooms.
NEW YORK CITY — RFR is scheduled to take over the Paramount Hotel located in Times Square at West 46th Street in New York City. The transaction is scheduled to close in late 2011. RFR is known for recapitalizing and rebranding high quality assets, and this transaction follows suit.The 597-room Paramount Hotel's most recent renovation, in 2009, cost nearly $40 million.
NEW YORK CITY — A 50,000-square-foot development site located in New York City has been sold to Fortuna Realty Hotel SoHo for $12.75 million. The buyer plans to construct a 124-room hotel on the site. Alan Miller, Roberto Ortiz and Paul Nigido of New York City-based Eastern Consolidated represented the seller, Patriot 523 Greenwich St., LLC, and procured the buyer.