EL PASO, TEXAS — Atlanta-based hospitality investment and management firm Peachtree Hotel Group has acquired Home2 Suites by Hilton El Paso Airport, a 111-room hotel located at 6308 Montana Ave. in El Paso. The property, which is located less than two miles from El Paso International Airport, features amenities such as a fitness center, business center, outdoor pool and an airport shuttle service. The seller was not disclosed.
PANAMA CITY BEACH, FLA. — The St. Joe Co. and Key International have broken ground on a 255-room Embassy Suites hotel in Panama City Beach. Hotel amenities will include a swimming pool, meeting space, fitness center, onsite restaurant and an event space on the upper level with views of the Gulf of Mexico. St. Joe Co. owns the land and will operate the hotel day-to-day upon completion, which is slated for 2021.
TEMPE, ARIZ. — Dallas-based Hall Structured Finance (HSF) has funded a new first-lien loan totaling $86.5 million to finance the construction of the full-service Westin Tempe hotel, located at 11 E. Seventh St. in Tempe. The borrower, Las Vegas-based CAI Investments, is developing the project. Construction began in March, with completion slated for second-quarter 2021. The 18-story hotel will feature 290 guest rooms, a rooftop infinity pool, poolside bar, fitness center, full-service restaurant and bar, business center, Starbucks Coffee and more than 10,000 square feet of meeting space. Aden Kuh of Silver Ridge Partners sourced the financing for the project.
PORTLAND, MAINE — Koucar Management, a Michigan-based developer, has broken ground on a 102-room hotel in Portland, a city about 55 miles north of Augusta. The property is a Cambria-brand hotel from Choice Hotels International, a Maryland-based international hotel franchisor. Amenities include an indoor-outdoor rooftop bar, 2,000 square feet of event space, fitness center and a restaurant and bar. The hotel is slated to open in 2021.
PORT ST. LUCIE AND TALLAHASSEE, FLA. — Waramaug Hospitality has acquired two hotels totaling 213 rooms in Port St. Lucie and Tallahassee. The sales prices were not disclosed. The company bought the four-story, 88-room SpringHill Suites by Marriott Tallahassee Center. The hotel offers a 24-hour business center, 24-hour fitness center, outdoor pool with grilling area and 635 square feet of meeting space. Waramaug also acquired Residence Inn by Marriott Port St. Lucie, a six-story, 125-room hotel which features studio and one-bedroom suites. The hotel is located near PGA Golf Club, The Landings, First Data Field (home to the St. Lucie Mets, training field for Major League Baseball’s New York Mets) and Super Play. Waramaug is planning a comprehensive renovation of the Residence Inn and a refresh of the SpringHill Suites. Interstate Hotels & Resorts will manage both properties. The seller(s) was not disclosed.
DEARBORN, MICH. — Mag Mile Capital has arranged a $22.5 million loan for the refinancing of two hotels in Dearborn. The first is a 107-room Holiday Inn Express located at 24041 Michigan Ave. and the second is a 102-room Staybridge Suites located at 24105 Michigan Ave. The borrower, Malik Abdulnoor of Stellar Hospitality, opened both hotels less than three years ago. Francisco Nacorda of Mag Mile Capital arranged the 10-year, nonrecourse loan with a fixed interest rate of 3.9 percent and a 25-year amortization schedule. An undisclosed investment bank provided the loan.
JOHNSON CREEK, WIS. — Marcus & Millichap has arranged the sale of the Comfort Suites Johnson Creek, a 100-room hotel located about 45 miles west of Milwaukee. The sales price was not disclosed. The property is located at 725 Paradise Lane near I-94. It includes approximately 7,600 square feet of event space. Jake Erickson and Jared Plamann of Marcus & Millichap represented the undisclosed buyer and seller in the transaction.
ALBUQUERQUE — Hodges Ward Elliott (HWE) has arranged the sale of DoubleTree by Hilton Hotel Albuquerque Downtown, located at 201 Marquetta Ave. NW in Albuquerque. AWH Partners acquired the hotel for an undisclosed price. Connected to the recently renovated Albuquerque Convention Center, the hotel features 295 guest rooms and more than 8,100 square feet of meeting space. Additionally, the property has undergone more than $8.3 million in capital improvements since 2015. Michael DiPrima, Rick Rush and Diana Simpson of HWE’s Los Angeles team represented the undisclosed seller, while Lawrence Britvan, also of HWE, advised the buyer on acquisition financing.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has brokered the sale of a 125-room Comfort Inn hotel in Arlington Heights for $7.5 million. The 125-room property is located at 2120 S. Arlington Heights Road, less than nine miles from Chicago O’Hare International Airport. The three-story hotel features a business center, fitness center, meeting rooms and dry cleaning services. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the undisclosed seller and represented the buyer.
PARK CITY, UTAH — Los Angeles-based Columbus Pacific has purchased Hyatt Centric Park City, a lifestyle hotel located on North Escala Court in Park City, for an undisclosed price. The name of the seller was not released. Situated at the base of Park City Mountain, the ski-in/ski-out property offers 120 deluxe guest rooms plus 85 one-, two-, three- and four-bedroom condominium residences. Accommodations range in size from 680-square-foot studios with kitchenettes to 2,820-square-foot, four-bedroom residences with full kitchens. Resort amenities include a full-service bar; three-meal restaurant; grab-and-go café; 10,000 square feet of indoor and outdoor event space; a fitness center; an outdoor pool with spa; ski valet; kids’ game room area; valet parking service and direct lift; and access to Park City Mountain.