NEW ROCHELLE, N.Y. — Chatham Lodging Trust has agreed to acquire the Residence Inn by Marriott – New Rochelle for $21 million. The 10-story, 124-suite hotel is located at 35 LeCount Place in New Rochelle. It features a fitness center, a swimming pool and a parking garage. Upon completion of the deal, the hotel will be managed by Chatham affiliate Island Hospitality Management. This transaction represents the 12th property property acquired or put under contract by Chatham since its April initial public offering.
Hospitality
GRANDVILLE, MICH. — First Hospitality Group has re-opened Residence Inn Grand Rapids West in Grandville. Located at 3451 Rivertown Point Court SW, the three-story, 90-room hotel recently underwent a $3 million renovation. The hotel now features contemporary guest suites with new carpet, beds, vanities, sofas, tables, wall coverings, dining tables, lighting and stainless steel appliances. Hotel amenities include an outdoor swimming pool and sports court that features a fire pit and built-in gas grill, a business center and an expanded complimentary breakfast and dining area.
HOLTSVILLE, N.Y. — Chatham Lodging Trust has acquired the Residence Inn by Marriott – Long Island for $21.3 million. Located at 25 Middle Ave. in Holtsville, the hotel contains 124 suites. Amenities include a fitness center, an indoor swimming pool and an outdoor sports court. Island Hospitality Management, an affiliate of Chatham, will manage the property. The seller's name was not disclosed.
ANAHEIM, CALIF. — Grubb & Ellis has negotiated the $25 million sale of the 153-room Courtyard by Marriott Anaheim Hotel at Disneyland. Tarsadia Hotels sold the asset to Annapolis, Md.-based Chesapeake Lodging Trust; Grubb & Ellis’ Jordan Richman and Felix Cacciato of Hotel Equity Advisers represented both parties in the deal. Opened in 2006, the property includes a Ruth’s Chris Steak House, a fitness center, and indoor and outdoor pools. Tarsadia will continue to manage the hotel.
LAS VEGAS — Colliers International Hotels, Las Vegas, has completed the $12 million sale of the 150-unit Clarion Suites Hotel located on 5.68 acres at 325 Flamingo Road near the Las Vegas Strip. Colliers’ Mike Mixer represented the seller, Pacific East Flamingo LLC, in the lengthy, bank-owned transaction; the overseas investment-group buyer, 325 Flamingo LLC, has re-branded the property as a Ramada, which is owned by Wyndham Hotel Group.
AUSTIN, TEXAS — Lodging Capital Partners and Syndicated Equities Group have borrowed a $56 million loan for the Four Seasons Austin. Messa West Capital provided the financing through its Messa West Real Estate Income Fund II; Blackstone Real Estate Debt Strategies also provided a mezzanine loan. Cushman & Wakefield Sonnenblick-Goldman's Mark Gordon and Jared Kelso arranged the loan with the assistance of Elizabeth Kogen of JMB Financial Advisors.
CAROLINAS AND FLORIDA — Inland American Lodging Advisor has sold five limited-service hotels to private buyers for more than $24 million. The portfolio includes the Comfort Inn Riverview in Charleston, S.C.; the Comfort Inn University and the Comfort Inn Medical Park in Durham, N.C.; the Hampton Inn Crabtree Valley in Raleigh, N.C.; and a Comfort Suites in Orlando, Fla. CB Richard Ellis' Hotels Group brokered the sale.
CHICAGO — Jones Lang LaSalle, on behalf of Tishman Hotel & Realty, has secured a $158.5 million in senior debt financing form Goldman Sachs Real Estate Mezzanine Partners for the refinancing of Sheraton Chicago Hotel & Towers. The 1,209-room, full-service convention hotel is located along the Chicago River in downtown Chicago. The property features 20,000 square feet of flexible meeting space, an executive conference center, six distinct food and beverage outlets, an indoor swimming pool, a health club, a club-level lounge, a business center, a gift shop and a 420-space underground parking garage. Tishman Hotel & Realty built and developed the hotel in 1992 and has owned the property since its construction.
ATLANTA — The Atlanta office CB Richard Ellis Hotels Group has completed the sale of five limited-service hotels located in the Carolinas and Florida. The five hotels comprise 756 guestrooms and were sold to separate buyers for a total consideration of more than $24 million. The assets include Comfort Inn Riverview in Charlestown, S.C.; Comfort Inn University in Durham, N.C.; the former Hampton Inn Crabtree Valley in Raleigh, N.C.; Comfort Inn Medical Park in Durham; and Comfort Suites in Orlando. Terms of the transaction were not released. Arpit Shah and Dipan Patel of CBRE Hotel Groups represented the seller, Inland American Real Estate Trust, in the transaction.
MIAMI — Lionstone Group has completed the disposition of Seville Hotel, which is located in Miami's South Beach. Marriott and hotelier Ian Schrager acquired the 400-key hotel for $57.5 million. Phillip Hudson III, a partner with Arnstein & Lehr, lead negotiations on behalf of the Lionstone Group regarding the underlying loan with FirstBank Puerto Rico. The previous owner of the hotel was 2901 Beach Ventures, which consisted of two equal partners, Lionstone Group and Fortune International Management. The buyers plan to redevelop the 12-story property into an new boutique hotel.