LATROBE, PA. — A joint venture between Palmer Hospitality, Concord Hospitality and Keith McGraw has announced plans to develop a new Springhill Suites hotel in Latrobe. The four-story building will have 109 suites and will be located near the intersection of routes 30 and 981. It is directly across from Kennametal Inc., the area's largest employer, and within a short distance from Latrobe Country Club, the home course of Palmer's Hospitality's owner, Arnold Palmer. The building is being designed for LEED certification. Construction will begin in December, and completion is expected by the end of 2011.
WARRENS, WIS. — CB Richard Ellis has arranged the sale of Three Bears Lodge and Indoor Waterpark in Yoga Bear's Jellystone Park in Warrens. The 93-unit hotel and themed indoor waterpark sold for $5 million. Brian Wolff and John Karver of CB Richard Ellis represented the receiver, Milwaukee-based Attorney Michael Polsky, in the transaction. Additional terms of the lease were not disclosed.
ROWLETT, TEXAS — Marcus & Millichap has completed the sale of Comfort Suites Lake Ray Hubbard in Rowlett. The 62-suite property is situated at 8791 East Interstate 30. It was constructed in 2000. Chris Gomes of Marcus & Millichap's Dallas office represented the seller, a locally based private investor, and procured the buyer, a Dallas-based limited liability company.
CHARLESTON, S.C. — Walker & Dunlop has provided $17.2 million in non-recourse construction financing for renovations to the Holiday Inn located at the intersection of Calhoun and Meeting streets in downtown Charleston's Historic District. Noble Investment Group, which acquired the 126-room property earlier this month, plans to add 50 units and 5,000 square feet of meeting space to the hotel. It will also be rebranded as a Courtyard by Marriott. The loan carries a 5-year term with 2 years interest-only payments as well as a 25-year amortization schedule. Andrew Coleman of Walker & Dunlop led the team that procured the financing.
SYRACUSE, N.Y. — A joint venture between Richfield Hospitality and Shelbourne Falcon Investors has purchased the Renaissance Syracuse Hotel in Syracuse. The partnership's short-term plans include converting the 279-room hotel to the Crowne Plaza brand as well as undertaking a $5 million renovation that will upgrade the guest rooms, public spaces and the property's façade. Richfield will operate the hotel. To complete the transaction the joint venture acquired the hotel's loan and negotiated a deed in lieu of foreclosure with the previous owner.
MARICOPA, ARIZ. — The PENTA Building Group has broken ground for the $20 million expansion of the Harrah’s Ak-Chin Casino Resort, a 148-room property located 39 miles south of Phoenix in Maricopa. Scheduled for completion in July 2011, the expansion will include construction of a five-story tower, adding 152 additional guest rooms, a sculpture and cactus garden, and new VIP Suites. Harrah’s Ak-Chin Casino Resort is owned by the Ak-Chin Indian Community and managed by Harrah’s.
SAN JOSE, CALIF. — Cassidy Turley BT Commercial San Francisco has brokered the $10.5 million sale of a 208-room Holiday Inn hotel property located at 399 Silicon Valley Blvd. in south San Jose. Built in 1990 and expanded in 1998, the three-story, 130,000-square-foot, full-service hotel includes the Summit Steakhouse, a heated pool and hot tub, a fitness room and a business center. Cassidy Turley’s Ric Russell represented both the buyer and seller in the transaction.
CHARLESTON, S.C. — Noble Investment Group has purchased the 126-room Holiday Inn Charleston Historic District and an adjacent land parcel from a private party for an undisclosed price. The company plans to add 50 units and 5,000 square feet of meeting space to the Charleston property and rebrand the hotel as a Courtyard by Marriott. Moeckel & Co.'s Bill Moeckel represented the seller in the transaction.
FITCHBURG, WIS. — Locally owned Oak Bank has completed the disposition of Country Inn & Suites, a 69-room hotel located at 6275 Nesbitt Road in Fitchburg. Fitchburg Lodging acquired the three-story property, which opened in 2005, for an undisclosed price. Freeport, Ill.-based Swift Hospitality Group, an investor of Fitchburg Lodging, will manage the hotel and complete a renovation of the property. Brian Silberman of CBRE|Hotels represented the buyer in the transaction.
HOUSTON — Chatham Lodging Trust has purchased the 120-room Hampton Inn & Suites Houston – Medical Center from an undisclosed seller for $16.5 million. The purchase is part of a planned four-property portfolio, which will eventually be acquired for $61 million. The other three hotels will be purchased once due diligence is completed.