GULF SHORES, ALA. — The 90-room Courtyard by Marriott in Gulf Shores has been sold to an affiliate of Peachtree Hotel Group. Scott Stephens of HREC Investment Advisors' Tampa office and Monty Levy of the Atlanta office represented the seller in the transaction.
Hospitality
NEW YORK CITY — Morgans Hotel Group has sold the 114-room Morgans Hotel and the 168-room Royalton Hotel to FelCor Lodging Trust for $140 million. Morgans Hotel underwent a $10.8 million renovation in 2008 and Royalton Hotel has completed more than $22 million in renovations in the last 3 years. Jeffrey Davis and Gilda Perez-Alvarado of Jones Lang LaSalle Hotel's New York office represented the seller in the transaction.
NASHVILLE, TENN.; HATTIESBURG, MISS.; AND KISSIMMEE, FLA. — PMZ Realty Capital's Hotel Finance Group has secured $74 million in first mortgage and mezzanine financing for Sun Development & Management Corp. for a five-hotel portfolio containing 635-units. The hotels were: Hilton Garden Inn in Ridgefield Park, N.J.; Embassy Suites in Palmdale, Calif.; Homewood Suites in Nashville; Candlewood Suites in Hattiesburg and Hampton Inn in Kissimmee. Financing was provide through the investment banking division of a large New York-based commercial bank.
DENVER — Hodges Ward Elliott has represented the seller in the disposition of the JW Marriott Cherry Creek. The recently renovated Marriott was sold to DiamondRock Hospitality for $72.6 million. The 11-story, 196-room hotel opened in Denver’s Cherry Creek neighborhood in 2004.
NEW YORK CITY — A joint venture between Brack Capital Real Estate (BCRE) and InterContinental Hotels Group (IHG) has completed the $46 million acquisition of 180 Orchard St. in New York City's Lower East Side from the developer, Morris Platt. The partnership was arranged by Joe Ferrera of Brunello Hospitality. The team plans to develop the multi-use property to include a 290-room Hotel Indigo with a retail component, restaurant, bar, fitness center and outdoor pool. BCRE will own 51 percent of the shares while IHG will own the remaining 49 percent. The hotel is scheduled to open in 2013.
CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has secured a $23 million first mortgage loan for the 186-room Doubletree Hotel in Chattanooga. Carl Bedwell and Chris Howe of Grandbridge's Nashville, Tenn. Office originated the refinance for Vision Hospitality Group through one of the firm's investor relationships. The permanent loan features a 10-year term, 25-year amortization and a fixed interest rate.
DALLAS — Norwalk, Conn.-based HEI Hotels & Resorts has acquired the 309-room Sheraton Dallas North, located at 4801 Lyndon B. Johnson Fwy. in Dallas' Galleria submarket. The hotel was acquired out of REO directly from a lender that foreclosed on the property. It is HEI's sixth hotel under Starwood's Sheraton brand and its 34th owned hotel.
NEW YORK CITY — Q10 | New York Realty Advisors has arranged $13.8 million in non-recourse financing for an 80-room, limited-service hotel located in the Midtown West submarket of Manhattan. The loan, which carries a 5-year term and a 5.11 percent fixed interest rate, will refinance a 2006 loan for the property. The borrower and lender were not disclosed.
SEATTLE — The 195-room Homewood Suites Seattle Convention Center has sold for $53 million to Chesapeake Lodging Trust. The seller was a joint venture between AEW and Stonebridge Cos., formed in 2006 to acquire the property, then known as Summerfield Suites Seattle.
CHICAGO — Starwood Hotels has sold the 22-story W Chicago, located at 172 West Adams St. in Chicago, to Chesapeake Lodging Trust for $128.8 million. Starwood has signed a 40-year management agreement with full extensions to continue operating the hotel under the W name. Amenities include more than 12,000 square feet of meeting and event space, a SWEAT state-of-the-art fitness center and the recently renovated IPO restaurant.