Hospitality

Hodges Ward Elliott Arranges Sale of DoubleTree Albuquerque Downtown in New Mexico

by Amy Works August 26, 2019

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.

August 26, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Brokers $7.5M Sale of Comfort Inn Hotel in Arlington Heights, Illinois

by Kristin Harlow August 23, 2019

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.

August 23, 2019

Acquisitions Hospitality Utah Western

Columbus Pacific Acquires Ski-in/Ski-out Hyatt Centric Park City in Utah

by Amy Works August 23, 2019

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.

August 23, 2019

Acquisitions Hospitality Midwest Missouri

Marcus & Millichap Brokers $3.6M Sale of 89-Room Hotel in Missouri

by Kristin Harlow August 22, 2019

FESTUS, MO. — Marcus & Millichap has brokered the $3.6 million sale of a Comfort Inn hotel in Festus, about 40 miles south of St. Louis. The 89-room property is located at 1303 Veterans Blvd. and recently underwent a renovation. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed buyer and seller.

August 22, 2019

Acquisitions Hospitality New York Northeast

HREC Arranges Sale of 77-Room Hampton Inn in Rochester, New York

by Alex Patton August 22, 2019

ROCHESTER, N.Y. — Hospitality Real Estate Counselors (HREC), a Denver-based hospitality real estate firm, has arranged the sale of a 77-room Hampton Inn in Rochester, in upstate New York. The hotel is located off the Keeler Street Expressway in the northern Irondequiot suburb. Ketan Patel and Mark von Dwingelo of HREC represented the seller, an undisclosed real estate company, in the transaction. The buyer was a regional hotel owner and operator.

August 22, 2019

Hilton-San-Francisco-Financial-District-San-Fran-CA

California Hospitality Loans Western

PCCP Funds $20M Mezzanine Loan to Refinance Hilton Hotel in San Francisco’s Financial District

by Amy Works August 20, 2019

SAN FRANCISCO — PCCP has provided a $20 million, fixed-rate mezzanine loan for the refinancing of Hilton San Francisco Financial District. Justice Investors, an entity controlled by The InterGroup Corp., owns and operates the hotel. Located at 750 Kearny St. in downtown San Francisco, the 26-story hotel feature 544 guest rooms, with no hotel rooms below the fifth floor. Additionally, the property offers a restaurant and lobby bar, 21,936 square feet of meeting space, a fitness center, a business center and an executive lounge. The ownership has planned a full renovation of the corridors and guest rooms.

August 20, 2019

Hospitality Loans New York Northeast

Madison Realty Capital Provides $83M Loan for Manhattan Hotel

by Alex Patton August 19, 2019

NEW YORK CITY — Madison Realty Capital, a New York-based lender, has provided an $83 million loan to recapitalize and rebrand a 230-room hotel in Manhattan. The loan proceeds allowed the borrower, Long Island-based McSam Hotel Group, to retire the existing debt on the property and transition the hotel to another brand. The hotel is located across from the Rockefeller Center.

August 19, 2019

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of 20-Room Motel in Port Angeles, Washington

by Amy Works August 19, 2019

PORT ANGELES, WASH. — Crystal Investment Property (CIP) has arranged the sale of All View Motel, an independent economy motel located in Port Angeles on Washington’s Olympic Peninsula. Terms of the transaction, including the names of the seller and buyer and acquisition price, were not disclosed. Built in the 1930s, the single-story motel features 20 guest rooms in a mix of standard rooms with mini-fridges and microwaves and family suites with complete kitchens. Additionally, the property features a 1,400-square-foot owner/manager quarters with private laundry room, fenced front yard and storage area. Visible from Highway 101, All View Motel is situated close to downtown and the ferry port, and is less than a mile from the main entrance to Olympic National Park.

August 19, 2019

Acquisitions Hospitality Maryland Southeast Virginia

JLL Negotiates Sale of 731-Room Hotel Portfolio in Mid-Atlantic, Texas

by Alex Tostado August 16, 2019

CHICAGO — JLL has negotiated the sale of five Courtyard by Marriott hotels totaling 731 rooms. The portfolio includes Courtyard New Carrollton in Landover, Md.; Courtyard Fairfax Fair Oaks in Fairfax, Va.; Courtyard Baltimore Hunt Valley in Hunt Valley, Md.; and Courtyard San Antonio Airport and Courtyard San Antonio Medical Center in San Antonio. JLL represented the seller, Colony Capital Inc., in the transaction. The buyer was a partnership between Flynn Properties Inc. and EMA Lodging Group Inc. The sales price was not disclosed.

August 16, 2019

Development Hospitality New Jersey Northeast

Aparium Completes 159-Room Hotel in Montclair, New Jersey

by Alex Patton August 16, 2019

MONTCLAIR, N.J. — Aparium Hotel Group, a Chicago-based developer, has completed The MC Hotel, a 159-room hotel in Montclair, a western suburb of New York City. The MC is Aparium’s first property on the East Coast, and the first hotel to open in Montclair since 1939. Designed by New York-based DYAMI Architecture, the building also houses Allegory, a contemporary American restaurant.

August 16, 2019

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