LOS ANGELES — Grubb & Ellis has brokered the $46 million sale of the four-diamond Hilton Checkers Hotel located at 535 S. Grand Ave. in downtown Los Angeles. Operating under Kalpana LLC and 535 Grand Avenue LLC, Tarsadia Hotels sold the property to Annapolis, Maryland-based REIT Chesapeake Lodging Trust. Built in the 1920s and renovated in 2008, the 188-room boutique hotel includes an award-winning restaurant, a spa and lounge, and six indoor and outdoor meeting areas. Grubb & Ellis’ Jordan Richman and Felix Cacciato of Hotel Equity Advisors represented both parties in the sale of the 12-story property, which is located in the heart of L.A.’s financial district.
MINNEAPOLIS — Norwalk, Conn.-based HEI Hotels & Resorts has formed a joint venture with Minneapolis-based Hempel Properties to acquired and convert The Hotel Minneapolis, which is located at 215 Fourth Street in Minneapolis. The joint venture acquired a majority equity interest in the property for an undisclosed price. The 10-story, 222-room hotel will be converted to Marriott’s new Autograph Collection brand. The hotel features the 250-seat Max restaurant, 6,000 square feet of function space, a business center, a boutique convenience store and a fitness center. HEI will operate the hotel property, while Hempel will serve as asset manager and will manage the office and retail portions of the building. CB Richard Ellis|Finance, along with the debt and equity finance team of CB Richard Ellis Capital Markets, served as the financial advisor to Hempel in the restructuring and recapitalization of the property with HEI.
WEST YELLOWSTONE, MONT. — Delaware North Cos. has purchased the 66-room Yellowstone Park Hotel and 103-room Gray Wolf Inn & Suites in West Yellowstone, Mont. Terms of the deals were not disclosed. The acquisitions bring the company’s total to three lodging properties in the Yellowstone National Park area and six overall in North America.
HANA, HAWAII — Amstar has acquired the 70-room Hotel Hana-Maui resort, located on the eastern coast of Maui in Hawaii, from Ohana Hotel Co. Terms of the deal were not disclosed. More than 50 years old, the “Preferred Boutique” hotel includes a luxury spa and two award-winning restaurants. Green Tea LLC, an Amstar subsidiary, will manage the property, which is located on 69 acres at the end of Maui's famous Hana Highway.
CHICAGO — DiamondRock Hospitality Co. has agreed to acquire a $69 million senior mortgage loan, which is secured by the Allerton Hotel in downtown Chicago. Located at 701 N. Michigan Ave., the historic 443-room hotel was built in 1924. The note will be acquired from the current holders at a discount to par value. Upon completion of the acquisition, DiamondRock plans to pursue the foreclosure action against the hotel that was recently filed in the Cook County, Ill., Circuit Court. Once the foreclosure proceedings are complete, DiamondRock expects to own fee title to the hotel. The transaction is expected to close within the next 30 days.
GRAND ISLAND, NEB. — Grand Island Inn and Suites has reopened as Best Western Grand Island Inn and Suites to reflect its recent brand aligned with Best Western International. Located at 2707 S. Locust St. in Grand Island, the hotel offers 80 guestrooms, including 16 suites. Hotel amenities include an indoor heated swimming pool and whirlpool, an outdoor patio, a state-of-the-art fitness center, guest laundry and a complimentary full breakfast. Guestrooms feature microwaves, mini-refrigerators, LCD televisions and Wi-Fi Internet access. South Pointe Development owns the property.
NEW YORK CITY — The grand opening has been for the Sheraton Brooklyn in New York City. The 25-story hotel features 321 guestrooms, including 21 suites. Amenities inluding a rooftop lounge, a fitness center with a solarium and indoor swimming pool, a full-service restaurant and lounge, and 4,300 square feet of meeting space. The hotel's owner is The Lam Group. The project marks the first full-service hotel to open in Brooklyn since 1998 and is the first of two Sheraton hotels scheduled to open in New York City this year.
CHICAGO — Magellan Development Group, the developer of Aqua, has inked a deal with Minneapolis-based Carlson Hotels to bring a Radisson Blu hotel to the Lakeshore East tower. Scheduled to open in fall 2011, the $125 million, 300,000-square-foot Radisson Blu will offer 334 guest rooms, a 12,500-square-foot ballroom, 27,000 square feet of meeting space and a 125-seat restaurant and bar. Additionally, guests will have access to the amenity center and fitness package of Aqua tower. The hotel will occupy the first 18 floors and will have a separate entrance from the residential portion of the tower. Aqua is located at 225 N. Columbus Dr.
BAYTOWN, TEXAS — Arch-Con Construction has completed construction of a Candlewood Suites for Palms LLC. The 61,000-square-foot, 96-room extended-stay hotel is located at 1020 Maxey Drive in Baytown. The hotel offers amenities such as a business center, a laundry room and a gazebo, and each room comes equipped with a kitchenette complete with a refrigerator, a microwave and a dishwasher.
WHITE PLAINS, N.Y., AND ALTOONA AND WASHINGTON, PA. — Chatham Lodging Trust has entered into an agreement to acquire a four-property hotel portfolio for $61 million. The properties include the 133-room Residence Inn by Marriott located in White Plains, the 105-room Courtyard by Marriott located in Altoona and the 86-room Springhill Suites by Marriott located in Washington. The fourth hotel is a Hampton Inn & Suites located in Houston. The deal will include the assumption of $12 million in debt. The deal is expected to close within 4 weeks.