NEW YORK CITY — The new Four Point by Sheraton Long Island City/Queensboro Bridge has opened. The 88-room, select-service hotel is located at 27-05 39th Ave. in Queens. It features an American bistro, a rooftop lounge, fitness facilities, a business center and 2,500 square feet of meeting space. The hotel was developed and is owned by 39th Ave Holdings. Interstate Hotels & Resorts manages the property.
DEARBORN, MICH. — The 772-room Hyatt Regency Hotel, located in Dearborn, was sold to Royal Realties, a group of overseas investors, for an undisclosed price. The hotel features more than 62,000 square feet of function space, an indoor pool and a fitness center. As the court appointed hotel received, Capital Hotel Management was named the seller of the asset, acting on behalf of the special server. Mike Cahill of HREC Investment Advisors' Denver office represented the seller in the transaction.
EAST AURORA, N.Y. — Hotel Brokers International (HBI) has completed the sale of the Hampton Inn East Aurora, an 80-unit, select-service hotel located in the Buffalo suburb of East Aurora. The property traded for approximately $7.8 million. HBI affiliates Optimum Hotel Brokage and ProCom Lodging Brokers partnered to represent the seller, a California-based investment fund. The buyer's name was also not disclosed.
JACKSONVILLE, FLA. — Tampa, Fla.-based DeBartolo Development has purchased the note to the Holiday Inn Express and Suites located at 10148 New Berlin Rd. in Jacksonville directly from an undisclosed bank for a 29 percent discount to the current debt. The 90-unit hotel contains an outdoor pool, fitness center, a 2,000-square-foot meeting room and an atrium/breakfast room.
HILLSBORO — A 65-unit La Quinta Inn & Suites, located at 1513 Old Brandon Rd. in Hillsboro, has changed hands. Allan Miller of Marcus & Millichap's Austin office represented the seller, a limited liability company, while the unlisted buyer was secured by Chris Gomes of Marcus & Millichap's Dallas office. The La Quinta Inn & Suites opened in 2010 with modern limited service hotel amenities.
LOS ANGELES — A partnership that includes Marriott International, WIlliams/Dame & Associates, American Life, Regional Center Management Los Angeles and Nomad Ventures has announced its plans to build a 377-room, two-tower high-rise, which will contain a Courtyard by Marriott and a Residence Inn by Marriott, next to L.A. Live on the northwest corner of Olympic Boulevard and Francisco Street. Equity funding will be provided through the EB-5 Investor Green Card Program.
MIAMI BEACH, FLA. — InSite Group has purchased the 251-room, 146,000-square-foot Continental South Beach Hotel in Miami Beach for $61 million. The eight-story hotel has direct ocean access and is located in “SoBe 10”, the area of South Beach from 15th Street to 24th Street. The seller, RFR Holding, was represented by Jones Lang LaSalle Hotel's Miami office. InSite Group was self-represented in the transaction.
LEXINGTON, N. C. — The two-story, 120-unit Comfort Suites, located on Cotton Grove Road in Lexington, sold for an undisclosed price. Neither the seller or buyer were disclosed. Anthony Falor of Atlanta-based Hodges Ward Elliot's Select Service Division represented the seller in the all-cash transaction. The buyer was not represented.
NEW YORK CITY — A joint venture between The Blackstone Group and Square Mile Capital Management has acquired a portfolio of hotel loans from the Federal Deposit Insurance Corporation (FDIC). The portfolio consists of the first mortgages for 45 full-, select- and limited-service hotels. The loans, most of which are performing, carry a face value of $385 million. The previous noteholder, Silverton Bank, was closed by the FDIC in 2009. The acquisition amount was not disclosed.
ISLE OF PALMS, S.C. — American Real Estate Capital of Coral Gables, Fla., closed on a 5-year, $30.75 million loan for the refinance of Wild Dunes in Isle of Palms. The four star resort includes a AAA Four Diamond rated hotel, condominiums, luxury vacation rental homes, two championship golf courses, retail and dining venues and a nationally ranked tennis court.