ORLANDO, FLA. — Atlanta-based Grove Street Partners, along with Ed Lee LLC, is developing two, 200-room Marriott select-service hotels, which will be located adjacent to the 59-acre Aquatica Waterpark at Sea World Orlando in Orlando. Slated to break ground in March, the two hotels will share certain amenities such as a pool, a fitness center and a common bar and grill. Completion is scheduled for May 2009. The Aquatica Park at Sea World Orlando is expected to open this spring and will feature 80,000 square feet of beach area, in addition to numerous themed water features and rides.
Hospitality
SANDSTON, VA. — Driftwood Hospitality and Lehman Brothers have completed the disposition of the Courtyard by Marriott Hotel Richmond International Airport in Sandston. Inland American Winston Hotels acquired the 142-room property, which will remain a Courtyard hotel. The property features a 50-seat Courtyard Café, wireless high-speed Internet access in guestrooms and public spaces, an indoor pool, a whirlpool, a business center, a fitness center, a gazebo and more than 1,000 square feet of meeting space. Mark Morris and Bill Murney of Washington, D.C.-based Molinaro Koger structured the transaction on behalf of the sellers.
GREENSBORO, N.C. — RockBridge Capital LLC has closed a $20.5 million first mortgage investment to finance the acquisition of a 175-room Doubletree Hotel in Greensboro. Boca Raton, Fla.-based Milestone Hotel Partners acquired the property, which re-opened in October 2007 after completing a $16.5 million renovation project. The renovation project included improvement to all guestrooms, guest bathrooms, the lobby, meeting spaces, the restaurant, the fitness center and pool, and all other public spaces.
VIENNA, VA. — Jones Lang LaSalle Hotels, on behalf of Prudential Real Estate Investors, has completed the disposition of Embassy Suites Tysons Corner, a full-service hotel located in Vienna. HEI acquired the property for an undisclosed price. The 234-room hotel features 220 two-room king guest suites, 1,720 square feet of flexible meeting space, a state-of-the-art fitness center, an indoor swimming pool, Carnevale Café and a lobby lounge.
MARS, PA. — Travis Fite and Peter Dunn of Marcus & Millichap have arranged $5.62 million in financing for the Comfort Inn Cranberry Township in Mars. Located at 824 Sheraton Dr., the hotel contains 103 guestrooms. The loan was provided through a commercial mortgage lender at a 6.5 percent interest rate and a 75 percent loan-to-value ratio. It is fixed with a 10-year term and a 30-year amortization schedule.
BETHESDA, MD. — Donohoe Construction Co. has begun construction on the Hilton Garden Inn Bethesda, located on Waverly Street in Bethesda. The hotel, with 216 rooms, as restaurant and lounge, a fitness center, a pool, a business center and meeting space, will be the new centerpiece of the Air Rights Center, a 715,000-square-foot complex of three office towers complemented by retail space, structured parking and restaurants. Upon completion in late 2009, Donohoe Hospitality Services will manage the hotel. Brennan Beer Gorman & Monk is serving as the project architect.
MINNEAPOLIS — A partnership between Rosemont, Ill.-based First Hospitality Group and Minneapolis-based Global One Commercial has broken ground for the construction of the Hilton Garden Inn Downtown Minneapolis & Convention Center, a 210-room hotel located at 1101 Fourth Ave. South in Minneapolis. The 10-story building features more than 3,000 square feet of meeting space, as well as a fitness center, an indoor pool and spa, a full-service restaurant and bar, and a 24-hour business center. All rooms feature complimentary wireless Internet access and high-definition, flat-screen televisions.
CLAYTON, MO. — McLean, Va.-based Sunrise Senior Living and Conrad Properties have partnered up for the renovation of Clayton on the Park, a 23-story hotel and apartment building located at 8025 Bonhomme Ave. in Clayton, into a senior living community. The renovated building, which will retain the original name, will comprise 208 apartments divided into studio, one-, two-, and three-bedroom units ranging in size from 600 to 1,800 square feet. Amenities will include a fitness and wellness center, a spa, a library, a theater, a bar and bistro, and a rooftop gathering spot. Residents will also have access to a community concierge, on-site housekeeping and linen service, transportation services, health alert systems, and coordinated in-home wellness services.
THE WOODLANDS, TEXAS — Jones Lang LaSalle Hotels has arranged the sale of The Woodlands Waterway Marriott Hotel & Convention Center in The Woodlands. The Woodlands Development Company sold the property to Inland. Features of the hotel include a fitness and health club, a heated outdoor pool, a whirlpool and hot tub, and an on-site, full-service spa called Urban Retreat. The property also features 70,000 square feet of meeting space with a 37,180-square-foot exhibition hall and an 18,000-square-foot ballroom. Jones Lang LaSalle Hotels arranged the transaction on behalf of the seller.
DALLAS — The Dallas office of Holliday Fenoglio Fowler (HFF) has arranged a $114.4 million non-recourse construction loan for The Tower Residences at the Ritz-Carlton in Dallas. The Tower Residences, which comprises a 23-floor, 96-unit tower and four townhomes, is the second phase of The Ritz-Carlton hotel and condominium development underway at 2121 McKinney Ave. near Dallas’ central business district, the Arts District, Victory Park and Uptown. Scott Galloway, Trey Morsbach and John Ahmed with HFF worked on behalf of Fort Worth, Texas-based Crescent Real Estate Equities to secure the 36-month, adjustable-rate loan through Societe Generale. Completion is set for 2009.