Hospitality

$11 MILLION RENOVATION OF 234-ROOM SHERATON HOTEL UNDERWAY

by admin February 10, 2009

IOWA CITY, IOWA — The 234-room Sheraton Iowa City Hotel, which is located at 210 S. Dubuque St. in Iowa City, is undergoing more than $11 million in renovations. Davidson Hotel Co. operates the nine-story property, which it owns as part of a joint venture with RockBridge Capital. As part of the renovation project, which is slated for completion in mid-August, all guestrooms will receive flat screen high-definition televisions, the Sheraton Sweet Sleeper Bed and all new furnishings. Additionally, 2,000 square feet of space is being added to the lobby of the hotel, and the restaurant is being completely redesigned to include a wine lounge/small plate bistro with multi-purpose meeting space. Amenities at the existing property include an indoor heated pool, a 24-hour fitness center, a tanning salon and 13,000 square feet of meeting space.

February 10, 2009

CROWNE PLAZA OPENS FOLLOWING $10.5 MILLION CONVERSION

by admin February 10, 2009

INDIANAPOLIS — The Crowne Plaza Indianapolis-Airport, which is located at 2501 South High School Rd., has opened following a $10.5 million renovation. The 272-room hotel is owned by Airport Inn Developers and was converted from a Holiday Inn Select. Amenities at the five-story hotel include a heated indoor pool with Jacuzzi and sauna, an on-site fitness center, and on-site dining and entertainment with two restaurants including a bar and a coffee shop. General Hotels Corp. is managing the property, which opened as a Crowne Plaza in December, under a license agreement with a company in the InterContinental Hotels Group.

February 10, 2009

Hospitality Northeast

CONCORD HOSPITALITY SECURES $13.4 MILLION FOR NEW HOTEL

by admin February 10, 2009

PITTSBURGH — Raleigh, N.C.-based Concord Hospitality Enterprises has received $13.4 million in financing for the construction of a 124-room Courtyard by Marriott hotel in Pittsburgh. Known as Courtyard by Marriott Settlers Ridge, the hotel will be located within the new Settlers Ridge retail development. Both are currently under construction, with completion of the hotel scheduled for spring 2010, in conjunction with the completion of Settlers Ridge. Financing was provided by S&T Bank. Terms of the loan were not disclosed.

February 10, 2009

Hospitality Northeast

CRONHEIM MORTGAGE ARRANGES $7.3 MILLION HOTEL LOAN

by admin February 6, 2009

MOUNT LAUREL, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has arranged a $7.3 million loan for the Hampton Inn located at 500 Crawford Place in Mount Laurel. Situated on 2.36 acres, the four-story hotel contains 126 guestrooms, approximately 500 square feet of meeting space, a business center and an outdoor swimming pool. It is currently operated under a long-term franchise agreement with Hampton, which is a subsidiary of Hilton Hotels Corp. The loan carries a 10-year term and was originated by Cronheim’s David Turley, Frank Sullivan and Anna McGivaren. The borrower and lender were not disclosed.

February 6, 2009

Hospitality Western

PCCP COMPLETES DISCOUNTED NOTE PURCHASE FROM COLUMN FINANCIAL

by admin February 6, 2009

CALIFORNIA — PCCP LLC has acquired the A note of a loan previously held by Column Financial. The company purchased the B note of the same loan from Column Financial in December 2007. The loan is secured by two hotels owned by The Carlyle Group: the 309-room Crowne Plaza at San Francisco International Airport in Burlingame, Calif., and the 156-room Holiday Inn Express in Walnut Creek, Calif. PCCP now holds both the A and B notes of the whole loan, which was originally a $48.3 million senior loan secured by a portfolio of four hotels in Northern California.

February 6, 2009

Hospitality Western

BARCELONA HOTEL & CASINO TRADES HANDS FOR $12 MILLION

by admin February 5, 2009

LAS VEGAS — The Sauter Companies has completed the sale of Barcelona Hotel & Casino, a 178-room hotel and casino property located at 5011 E. Craig Rd. in Las Vegas. The Siegel Group purchased the property for $12 million from Jewel Dixon Jr. The transaction included the hotel and casino, Green Valley Grocery-leased convenience store and gas station, and 5 acres of vacant land. Patrick Sauter of The Sauter Companies brokered the transaction.

February 5, 2009

Hospitality Southeast

THE 176-UNIT VILLAS AT LAKE EVE NEARLY FINISHED

by admin February 4, 2009

ORLANDO, FLA. — Construction is nearly complete on the 176-unit The Villas at Lake Eve, a 14-stoy luxury hotel in Orlando. Property features include a restaurant, an exercise room, saunas and a meeting room. Orlando-based KA & KM Development oversaw the property’s construction, and Altamonte, Fla.-based Forum Architecture & Interior Design served as architect.

February 4, 2009

Hospitality Southeast

71-ROOM DAYS INN HOTEL IN SALEM CHANGES HANDS

by admin February 4, 2009

SALEM, VA. — Dil Enterprise has sold the 71-unit Days Inn Salem to Devikson for an undisclosed amount. The hotel is located at 1535 E. Main St. in Salem. The buyer plans to keep the Days Inn brand and operate the hotel after undertaking property renovations, and Dil will use the sale’s proceeds to invest in other Virginia hotels. David Mumford of Newport News, Va.-based The Mumford Co. brokered the sale.

February 4, 2009

Hospitality Texas

HARBOR HOUSE REOPENS FOR BUSINESS

by admin February 2, 2009

GALVESTON, TEXAS — The Harbor House, a 42-room hotel in Galveston, has reopened for business after being damaged during Hurricane Ike. Located on Pier 21, the hotel has not completely recovered from the storm and elevator service will not be available until mid-April. Additionally, the nine adjacent boat slips are still undergoing repairs. The Olympia Restaurant, which is located on the harbor side of the hotel, is slated to open in June. Harbor House is the second of three historic Galveston hotels owned by Cynthia and George Mitchell to reopen.

February 2, 2009

Hospitality Southeast

RENOVATIONS COMPLETE AT FORT LAUDERDALE WESTIN

by admin January 30, 2009

FORT LAUDERDALE, FLA. — New York City-based Therese Virserius Design has competed renovations to the 300-unit Westin Fort Lauderdale. The property is located on Corporate Drive in Fort Lauderdale. The firm renovated all the guest rooms, meeting rooms, common areas, ballrooms and boardrooms.

January 30, 2009

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