SAN ANTONIO — Greysteel has arranged a loan of an undisclosed amount for the refinancing of the 64-room La Quinta Inn & Suites by Wyndham San Antonio, located just off Interstate 10 in the Alamo City. The hotel features a pool, fitness center and a business center. Mitt Patel and Daniel Hartnett of Greysteel arranged the long-term, fixed-rate financing on behalf of the undisclosed borrower.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of a 134-room Red Roof Inn property in Arlington Heights for $6 million. Built in 1984, the hotel is located at 22 W. Algonquin Road, nine miles from the Chicago O’Hare International Airport. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the buyer, a partnership.
ATLANTA — Selig Enterprises has secured $340 million in construction financing for 1105 West Peachtree, its three-tower, mixed-use development in Midtown Atlanta. The project will feature a 675,000-square-foot office tower, a 64-unit condominium tower, and a 178-room Epicurean Hotel. The towers will also house 25,000 square feet of ground-floor retail. The Blackstone Group Inc. provided the construction loan, partially financing the $530 million project. “We have been fortunate enough to already garner the attention of some prominent tenants in the market including the signing of Smith, Gambrell & Russell for five floors [of the office tower],” says Chris Ahrenkiel, executive vice president of Selig Development. “The preleasing activity allowed for strong finance and equity options and also warranted an increase in the building size to over 675,000 square feet — the single largest tower to start construction in Atlanta in more than a decade.” Selig is partnering with Mainsail Lodging & Development to build The Epicurean Atlanta hotel, which will operate under the Marriott Autograph Collection banner. The hotel will offer 178 rooms, a full-service culinary program, conference and event facilities, and an outdoor terrace on the ninth floor. 40 West 12th will offer condos ranging from $600,000 to $2.2 million, in …
KANSAS CITY, MO. — Petros PACE Finance LLC has provided an $8 million Commercial Property Assessed Clean Energy (C-PACE) loan on behalf of Pedersen Development Co. to finance energy-efficiency measures in the construction of a 13-story Hyatt House hotel in downtown Kansas City. Pedersen will use the funds to incorporate sustainable design features, including energy-efficient roofing, windows, HVAC equipment, hot water heaters and LED lighting. The 153-room hotel will be located at the southwest corner of Ninth and Broadway streets. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. It is a low-cost, long-term financing product secured as a property tax assessment. Over the 20-year life of the loan, energy-conserving features are expected to generate more than $7 million in utility and maintenance savings as well as a carbon dioxide reduction of 1,159 metric tons. Completion of the hotel is slated for January 2021. Brinkmann Constructors is the general contractor.
DALLAS — Chicago-based Convexity Properties will renovate and rebrand the Magnolia Hotel Park Cities, a 297-room hotel that anchors the 12-acre Eastline development in Dallas. The six-month construction project will enhance 297 guest rooms, introduce a café and grab-and-go market and curate a lobby lounge with a gastro-pub concept and live music. Dallas-based Yost Architects and Studio 11 Design have partnered in planning and designing the improvements. The renovated hotel, which will be rebranded as The Beeman Hotel at Eastline, will offer amenities such as 12,000 square feet of meeting space, a pool, fitness center and a business center.
RICHARDSON, TEXAS — Cambria Hotels has opened a 119-room property adjacent to the CityLine mixed-used development in Richardson, a northeastern suburb of Dallas. The hotel features a bistro and full-service bar, pool, fitness center and multi-functional meeting space. Best Hospitality and Dallas-based investor Vipin Nambiar developed the property, which is the sixth Cambria-branded hotel in Texas.
JEKYLL ISLAND, GA. — PMZ Realty Capital LLC has arranged a $29 million refinancing loan for two hotels on Jekyll Island in Georgia: Holiday Inn Resort Jekyll Island and Beachview Club, both of which have recently been fully renovated. The borrower, Georgia Coast Holdings, acquired the 157-room Holiday Inn in 2013, fully gutted it and reopened the property in 2015. Amenities at the oceanfront hotel include fully renovated rooms, a fitness center, coffee bar, outdoor bar and grill, new swimming pool and a play area for children. Georgia Coast Holdings bought Beachview Club in 2017. The ownership renovated the 38-room asset into a boutique beachfront hotel with amenities such as a courtyard, beach access and a Keurig coffee machine in each room. North Pointe Hospitality LLC will manage both properties. The lender was not disclosed.
ROCHESTER, N.Y. — HREC Investment Advisors has arranged the sale and financing of the 117-room Hampton Inn Rochester North, a hotel located approximately 70 miles east of Buffalo. Ketan Patel and Mark von Dwingelo of HREC Investment Advisors arranged the sale on behalf of an undisclosed buyer. John Siska of HREC Capital Markets placed a five-year, fixed-rate acquisition loan on behalf of the buyer with a regional bank. The sales price was undisclosed.
GONZALES, TEXAS — Greysteel has arranged a loan of an undisclosed amount for the refinancing of a 62-room La Quinta Inn & Suites by Wyndham hotel in Gonzales, about 75 miles east of San Antonio. Situated on Highway 183, the property is in close proximity to historic sites including the Gonzales Memorial Museum and Texas Heroes Square. Mitt Patel and Daniel Hartnett of Greysteel arranged the fixed-rate loan on behalf of the undisclosed borrower.
SAN RAFAEL, CALIF. — CBRE has arranged $43 million in non-recourse construction financing for the development of an AC Hotels by Marriott in downtown San Rafael. John Nelson and David Kaim of CBRE’s San Francisco office arranged the financing on behalf of the sponsorship, Monahan Parker. ACORE Capital provided the floating-rate financing. Located at the corner of Fifth Avenue and B Street, the hotel will feature 140 rooms. Construction is slated to begin immediately, with completion scheduled for third-quarter 2021. CSI Construction will serve as general contractor for the project. The property will be the first major hotel to be developed in Marin County in more than two decades, according to CBRE.