ROANOKE RAPIDS, N.C. — Desi Brothers Investments has acquired the Best Western in Roanoke Rapids for an undisclosed price. Accessible from Interstate 95, the 100-room hotel transaction included an onsite restaurant facility, which the buyer plans to renovate and reopen. Ed James and Steve Kirby with The Mumford Company represented the seller, Nationwide Properties, in the transaction.
CHESAPEAKE, VA. — Jay Mahalaxmi LLC has purchased the Super 8 Motel in Chesapeake. The buyer plans to renovate the three-story, 58-room hotel, which will continue to be a Super 8. David Mumford of The Mumford Company's Newport News, Va., office represented the undisclosed seller in the transaction. Terms of the transaction were not released.
ATLANTA — Thayer Lodging Group is under contract to acquire Hotel Palomar Atlanta-Midtown, which is located at 866 W. Peachtree St. NW, from WP Partners. Concurrent with acquisition, the 21-story, 304-room hotel will be rebranded as The Renaissance Atlanta Midtown Hotel, within the Marriott International lifestyle portfolio. Renaissance will operate the hotel upon closing of the acquisition. The hotel features 10,000 square feet of flexible meeting space and a 1,000-square-foot fitness center.
DALLAS — Holliday Fenoglio Fowler (HFF) has arranged a refinancing for the Magnolia Hotel, a 29-story, 329-room hotel in Dallas’ central business district. HFF worked exclusively on behalf of borrower, Magnolia Hotels, to secure the 10-year fixed-rate loan through JP Morgan Chase Bank, N.A. Built in 1921, the property served as the headquarters for Mobil Oil’s predecessor, Magnolia Petroleum Co., until 1997 when it was renovated into the Magnolia Hotel. Dan Peek, Travis Anderson and John Bourret of HFF represented the borrower. Denver-based Magnolia Hotels is a privately held hotel management and development company.
THE WOODLANDS — Research Hotel Partners, L.P. has purchased a 4.3-acre site at the intersection of Research Forest Drive and Grogan's Mill Road for the construction of a Hyatt Place Hotel in The Woodlands, a 28,000-acre master-planned community located 27 miles north of downtown Houston. New Horizons Hospitality will develop the hotel, which will include 150 guestrooms and suites along with 6,000 square feet of meeting space. Construction is expected to begin later this year, with the opening planned for mid 2013. Todd Edmonds and Cody Christoph of Colliers International represented The Woodlands Development Company. New Horizons Hospitality also developed and owns the Hilton Garden Inn in The Woodlands Town Center.
ARLINGTON AND TEXARKANA — Hunter Realty has represented the undisclosed sellers of three separate hotel sales, including the Hampton Inn & Suites Dallas/Arlington South in Arlington, the Hampton Inn & Suites Texarkana in Texarkana and the Hampton Inn & Suites Pine Bluff in Pine Bluff, Ark. The aggregated price of the three hotels was $26 million. “These are premium branded properties in 'like-new' condition with an average age under 3 years old, which means they will require minimal product improvement plan investments,” said Teague Hunter, president of Hunter Realty, in a statement.
CHARLESTON, W.V. — An affiliated entity of Inland American Real Estate Trust has acquired Charleston Marriott in Charleston. Located at 200 Lee Street East, the property sold for $25.5 million. The hotel offers 347 guestrooms, five suites and 17,500 square feet of meeting space. A subsidiary of Forest City Enterprises sold the hotel, which is located within the 897,000-square-foot Charleston Town Center.
WASHINGTON, PA. — Concord Hospitality Enterprises has broken ground for the construction of a new Courtyard by Marriott in the Pittsburgh suburb of Washington. The new hotel will be located at 1800 Tanger Blvd. near an existing Tanger Outlets Mall. It will contain 124 suites and will be designed for LEED certification. Braun & Steidl Architects is designing it, and McCay Contracting is the general contractor. Completion is slated for summer 2011.
DENVER — Interstate Hotels & Resorts has formed a joint venture with Waramaug Hospitality LLC and an investment management company to acquire the 262-room Sheraton Denver Tech Center Hotel for an undisclosed amount. HREC Investment Advisors’ Mike Cahill arranged the sale. The only Sheraton-branded hotel in the high-density Tech Center area, the full-service property will immediately undergo a $5.75 million renovation, including a complete makeover of the guest rooms, public and meeting space, food and beverage areas, and recreational offerings. Located at 7007 South Clinton Street, the Sheraton Denver Tech Center Hotel offers 10,500 square feet of meeting space, a business center, an exercise room, an outdoor swimming pool, a gift shop and the full-service Redfire Restaurant & Lounge. Interstate assumed management of the hotel upon completion of the acquisition.
ARLINGTON, VA. — NorthMarq Capital has arranged $22.7 million in permanent first mortgage financing for Arlington Court Suites. The 187-room hotel is located in Arlington. Gery McGlynn and Kenneth Gentzel of NorthMarq's Washington, D.C., office arranged the financing for the undisclosed borrower.
