NEW YORK CITY — Norwalk, Conn.-based HEI Hotels & Resorts has sold the 174-room Algonquin Hotel, located at 59 West 44th St. in New York City, in a direct sale for an undisclosed price. HEI will continue to operate the hotel on behalf of its new owner.
MANHATTAN BEACH, CA — Investcorp Real Estate has acquired the 176-room Residence Inn Manhattan Beach. Investcorp has entered into a franchise agreement with Marriott, which includes the Residence Inn brand. The alternative asset manager has created a capital investment plan that will include a new gatehouse, as well as renovations and upgrades to the property's exterior and guest rooms. Total consideration for the acquisition was about $40 million, a large portion of which is capital reserved for the renovation. Morgan Stanley provided the mortgage financing. Interstate Hotels & Resorts, an existing Investcorp operating partner, will continue providing management and operation services for the property.
OMAHA, NEB. — The Element Omaha Midtown Crossing hotel, located in Mututal of Omaha's Midtown Crossing, has received LEED-Silver certification. According to the owner, this makes it the first hotel in Nebraska to be LEED certified. Sustainable features include recycled and low-VOC interior finishes, abundant natural light, recycling bins, low-flow fixtures, energy efficient lighting and appliances, amenity dispensers in guestrooms, reusable guest kitchenware, and the use of filtered drinking water rather than bottled water.
NEW YORK CITY — Los Angeles-based The Gehr Group has acquired the 244-room Four Points by Sheraton Midtown Times Square, located at 326 West 40th St. in New York City, from The Lam Group for $112 million. The Four Points is adjacent to the Fairfield Inn by Marriott Times Square, which The Gehr Group acquired in 2009. The transaction was part of a $170 million portfolio financing secured by both hotels. Cushman & Wakefield Sonnenblick Goldman represented the buyer for the financing.
YORK, PA. — The 124-unit York View Hotel, a distressed asset located in York, has sold for $1.15 million. Joe McCann of Philadelphia-based Optimum Hotel Brokerage represented the seller, a large regional bank.
DALLAS — The Hilton Dallas/Park Cities, a 224-room, full-service hotel located at 5954 Luther Ln. in Dallas, has changed hands. Apple Nine Hospitality Ownership purchased the hotel for an undisclosed amount. Originally built in 2001, the property was renovated in 2010 and features 5,000 square feet of meeting space, a full-service restaurant and bar, a 24-hour fitness center, an outdoor swimming pool and a club lounge. John Bourret, Whitaker Johnson and Dan Peek of HFF represented the unlisted seller.
IRVING — Stephen Whitehead of NorthMarq Capital's Dallas regional office has arranged first mortgage financing of $5.3 million for a 120-room Fairfield Inn and Suites located at 4120 W. Airport Freeway in Irving. Financing was based on a 20-year term and a 20-year amortization schedule with 1-year interest only and was arranged for the borrower, Savoy Hospitality, through NorthMarq's relationship with Prosperity Bank.
SCOTTSDALE, AZ — Paramount Lodging Advisors has sold the 83-room Country Inn & Suites in Tempe, AZ, for $4.1 million. This represented a cumulative price per room of $56,626, including the property improvement plan. It was purchased by Manchester Alliance Group, which plans to operate the asset as a Country Inn & Suites. Lloyd Farley, Paramount Lodging Advisors’ managing director, represented the seller, Hallmark Inns & Resorts.
MIAMI — Pebblebrook Hotel Trust has acquired the 148-room Viceroy Miami, located on Brickell Avenue in downtown Miami, for $36.5 million. Amenities of the hotel include a 28,000-square-foot spa, 4,000 square feet of meeting space and a two-acre outdoor park that includes a wading pool, thermal hot tub and Olympic-length lap and recreational infinity pool overlooking Biscayne Bay. Viceroy Hotel Group will continue to manage the property.
ST. PETERSBURG, FLA. — The 22-room Grayl's Hotel, located in downtown St. Petersburg, has been sold for $1.85 million. Birchwood Inn LLC purchased the hotel from Cornerstone Community Bank, who recently acquired the property in an online foreclosure. Birchwood Inn LLC plans to renovate the hotel and rename it Birchwood Inn. The Arcus Group will be the architect on the project and Southwind Hospitality will provide hotel and restaurant management. Michael Heretick of St. Petersburg-based Vector Realty represented the buyer in the transaction.