JERSEY CITY, N.J. — A joint venture between New York City-based The LeFrak Organization and Melvin Simon & Associates has held the grand opening for The Westin Jersey City Newport, a 429-room hotel located at 479 Washington Blvd. in Jersey City. The hotel features 15 suites, a fitness center with a heated indoor pool and whirlpool, a lobby lounge, dining options and 20,500 square feet of meeting space. The hotel is part of LeFrak’s Newport master-planned community and is located adjacent to the1.2 million-square-foot Newport Centre Mall.
FORT WAYNE, IND. — Paramus, N.J.-based Metro Funding Corp. has provided a $590,000 loan for the acquisition and rehabilitation of a vacant hotel located in Fort Wayne. The borrower was an experienced hotel owner that completed improvements at the 120-room property and re-opened the hotel. Additional terms of the loan were not disclosed.
MIAMI BEACH, FLA. — Fort Lauderdale, Fla.-based Moss & Associates has completed vertical construction on the 120-room Soho Beach House, a $33 million luxury hotel project in Miami Beach. The two-building property incorporates the former Sovereign Hotel on Collins Avenue. Hotel amenities include a spa, pools, restaurants and on-site retail. The project was designed by Miami-based Shulman + Associates.
LUDLOW, VT. — Chicago-based Paramount Lodging Advisors has brokered the sale of a 50-room Best Western hotel located in Ludlow. Stephen Mills and Philippus Miller III of Paramount negotiated the transaction between the undisclosed seller and the buyer, R.S.B. Ludlow Inc. The new owner will continue to operate the hotel under the Best Western brand. The acquisition price was not disclosed.
SHREVEPORT, LA. — The 123-unit Homewood Suites by Hilton ¬– Shreveport has opened at 5485 Financial Plaza in Shreveport, marking the first Homewood Suites in Northern Louisiana. Hotel amenities include a hospitality center that offers complimentary snacks, a business center, a pool and 2,046 square feet of meeting space. The extended-stay hotel is managed by Natchitoches, La.-based Dimension Development.
AUSTIN, TEXAS — Columbus, Ohio-based RockBridge Capital has closed a $19.4 million financing package for a 140-room aloft hotel that is being developed in Austin. Financing consists of a $15.6 million first mortgage and $3.8 million in mezzanine financing. The loan is secured by the aloft Austin Northwest at The Domain, which is currently under development within The Domain, a 304-acre mixed-use development. The hotel will feature loft-style guestrooms with 9-foot tall ceilings, 42-inch flat-panel televisions and large guest bathrooms. The hotel will include a lobby bar, grab-and-go food options and 1,000 square feet of meeting space. The hotel will be operated by LodgeWorks, one of RockBridge’s partners. Phase I of The Domain opened in March 2007; it includes a 700,000-square-foot lifestyle center anchored by Neiman Marcus and Macy’s. Once the project is fully built out, it will contain 3.5 million square feet of office space, 1.6 million square feet of retail and restaurant space and 4,500 residential units.
WASHINGTON, D.C. — Cadbridge Investors has borrowed an undisclosed amount of money from a German bank to refinance its 415-room Fairmont hotel. The 24-year-old property, which was designed by architect Vlastimil Koubeck, is located in Washington’s Dupont Circle. Property amenities include 29,000 square feet of meeting space, restaurants, a fitness facility and an indoor pool. The loan was arranged by New York City-based Cushman & Wakefield Sonnenblick Goldman’s U.S. Hotel Group.
JERSEY CITY, N.J. — The grand opening has been held for The Westin Jersey City Newport, a 429-room hotel located in Jersey City. Developed by a joint venture between The LeFrak Organization and Melvin Simon & Associates, the hotel features 20,500 square feet of meeting space, including 30 meeting rooms and an approximately 10,000-square-foot grand ballroom. The hotel is located near Newark Liberty International Airport and is 15 minutes away from Manhattan. Numerous public transportation options are located a block away from the hotel.
BUFFALO, N.Y. — CB Richard Ellis Hotels has arranged the sale of Adam’s Mark Hotel, a 486-room, full-service hotel located in Buffalo. Located in the city’s downtown district, the hotel features three dining facilities, more than 72,000 square feet of meeting space, 12,600 square feet of commercial space, a fitness facility with an indoor pool, a gift shop, a business center and approximately 650 parking spaces. CBRE Hotels represented the seller, Chartres Lodging Group. The property was acquired by Visions Hotels and is part of a two-property hotel portfolio.
ABILENE, TEXAS — Marcus & Millichap has completed the sale of the Hampton Inn & Suites Abilene I-20, a 72-room hotel located in Abilene. Michael Yu and Rahul Bijlani of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. The duo also represented the buyer, another undisclosed private investor. The acquisition price was not released.