NEW YORK CITY — Paris-based Louzon Group has acquired a three-story commercial building located at 347-349 Bowery in New York City's East Village from the Salvation Army for $7.6 million. The investment group plans to demolish the building and construct a 72-room boutique hotel with a Parisian restaurant on the site. Alan Miller and Robert Ortiz of Eastern Consolidated represented the buyer, and Jonathan Plotkin of Colliers International represented the seller.
SANTA BARBARA, CALIF. — 35 State Street Hotel Partners has acquired the 1920s-era Hotel Californian, located in Santa Barbara’s State Street Waterfront District, along with two neighboring parcels from M.F. Santa Barbara LLC. Terms of the deal were not disclosed. Designed by Santa Barbara-based DesignARC in the city’s traditional Spanish Colonial Revival style, the three-parcel project is fully entitled for a 114-room luxury hotel, nine fractional vacation units and 21,557 square feet of retail space, with open plazas, paseos and gardens. The now-shuttered Hotel Californian was built in 1925; one of the hotel’s original facades will be restored as part of the new structure, which is envisioned as a boutique-style property.
BOSTON — Nonprofit group Hostelling International has broken ground for the construction of a new hostel in Boston. Known as The Hub of Boston, the hostel will be constructed within the historic Dill Building at 25 Stuart St. The 55,000-square-foot project will be applying for LEED certification. Completion is expected in spring 2012. Suffolk Construction is serving as construction manager. The project architects are local firms Bergmeyer Associates and Stegman + Associates.
NEW ORLEANS — Sonnenblick-Eichner Co. has arranged a $48 million loan for a portfolio of four Marriott-branded hotels located in the greater metropolitan area of New Orleans. The portfolio includes the Courtyard by Marriott, Convention Center; SpringHill Suites by Marriott, Convention Center, and Courtyard and Residence Inn by Marriott in Metairie, La. The properties are owned and managed by Marriott International. The 5-year loans are LIBOR-based and non-recourse to the undisclosed borrower. The loans were financed by an institutional private mortgage company.
STAFFORD – Staybridge Suites Houston Stafford-Sugar Land has opened at 11101 Fountain Lake Dr. in Stafford, close to the Southwest Freeway – U.S. Highway 59 – and 15 miles southwest of downtown Houston. The four-story, 90-room Staybridge Suites is the first of its brand to be designed in cooperation with interior design students from the Savannah College of Art and Design (SCAD). The hotel features the Vista scheme, which focuses on fresh color, organic patterns and subtle textures. Staybridge Suites Houston Stafford-Sugar Land is owned by Clifton Hospitality LP and operated by Alpha Hotel Management LLC under a license agreement with an InterContinental Hotels Group (NYSE: IHG) company.
VALLEY FORGE, PA. — PMZ Realty Capital has arranged $13 million in construction financing for a new hotel. The Sheraton Valley Forge will contain 185 rooms and 20,000 square feet of meeting space. It is being built in the Philadelphia suburb of Valley Forge. The lender is a regional bank. The borrower’s name was not disclosed.
PEARLAND – Houston-based Arch-Con Construction has completed a 48,000-square-foot Holiday Inn Express Hotel and Suites located at 13931 S. Freeway (Highway 288) in Pearland. Holiday Inn Express is a four-story hotel that features 86 rooms, a meeting room, a fitness room, a swimming pool and a breakfast bar.
NEWELL, W.V. — Beacon Hospitality has purchased the Holiday Inn Express in Newell for an undisclosed price. Built in 2005, the three-story property offers 69 rooms. The acquisition was funded via Quadrant Financial utilizing the USDA's B & I loan program. David Mumford, Ed James and Justin Pinkard of The Mumford Company represented the seller, Mountaineer Lodging, in the transaction.
ATLANTA — Atlanta Underground LLC, Excel Hotel Group and S&A Industries have opened the first Comfort Suites in downtown Atlanta. Located at 54 Peachtree St. near historic Underground Atlanta, the hotel offers 156 rooms. The hotel is housed in a historic building, which was expanded during Atlanta's 1996 Summer Olympics. The property, which is franchised by Choice Hotels International, is the brand's first adaptive reuse project.
NASHVILLE, TENN. — Chartwell Hospitality has acquired two hotels in Nashville for $36.5 million. The company purchased the 169-room Hampton Inn at West End Avenue and the 157-room Hampton Inn & Suites at Elliston Place. The company plans to invest $4 million for upgrades to the properties. Additional terms of the transactions were not released.
