CORALVILLE, IOWA — In two separate transactions, CBRE has arranged the sales of a Comfort Inn & Suites and a Quality Inn in Coralville, a suburb of Iowa City. The sales prices were not disclosed. The 62-room Comfort Inn & Suites is located at 214 W. 9th St., while the 55-room Quality Inn is located at 209 W. 9th St. Douglas Johnson of CBRE represented the undisclosed sellers. Two different investment groups purchased the assets.
COLUMBIA, MD. — HREC Investment Advisors has arranged the sale of the 152-room DoubleTree by Hilton Hotel Columbia in downtown Columbia, roughly 19 miles southwest of Baltimore. A joint venture between LTD Hospitality Group and Sefira Capital acquired the asset for an undisclosed price. Ketan Patel and Kevin Kanley of HREC arranged the transaction on behalf of the seller, RLJ Lodging Trust. The hotel features meeting space, a fitness center, heated indoor pool and an onsite restaurant and bar.
CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon.
TALLAHASSEE, FLA. — Berkadia has arranged a $17.5 million construction loan for Hotel Indigo, a 143-room hotel that will be developed in Tallahassee. Brad Williamson and Kyle Ryan of Berkadia arranged the five-year, fixed-rate loan through a regional bank on behalf of the developer, Urban Street Development. The hotel will be one of the final pieces of the company’s Florida State University (FSU) CollegeTown District. The master-planned mixed-use community already includes 982 student housing beds, 60,000 square feet of retail and restaurant space and two parking garages. Urban Street broke ground on the $125 million project in 2013. Situated at 826 Gaines St., Hotel Indigo will be located adjacent to FSU and steps away from Doak Campbell Stadium, home to FSU’s Seminole football team. Designed by hospitality design firm ai3, the hotel will feature a contemporary design and an onsite restaurant and bar. Hotel Indigo is a chain of boutique hotels and part of InterContinental Hotels Group.
ST. LOUIS — MCR has sold the 195-room Hilton St. Louis Downtown at the Arch. The hotel is located at 400 Olive St. Amenities include a business center, bar area, fitness room and meeting rooms. The buyer was not disclosed. MCR, which purchased the property in December 2016, generated a 44 percent internal rate of return on its initial investment. The sales price was not disclosed, but the property has an appraised value of nearly $7 million, according to the St. Louis Post-Dispatch. MCR’s investment strategy is to purchase well-located hotels, improve operations and sell opportunistically, according to Tyler Morse, CEO and managing partner.
ATLANTA — Roger Tutterow, director of Kennesaw State University’s Econometric Center, encourages hoteliers to be optimistic about today’s historic level of consumer confidence because it directly impacts the leisure travel side of the hospitality sector. In late August, the consumer confidence index increased to 133.4, its highest level since October 2000, according to The Conference Board. The index gauges consumers’ confidence levels about business and labor conditions. “This is still a consumer-driven economy, and it’s very important that we maintain those confidence levels,” said Tutterow, who was one of the featured speakers at Atlanta Lodging Outlook 2019. The Atlanta Convention & Visitors Bureau, Cornell Hotel Society and the Georgia Hotel & Lodging Association jointly hosted the annual event, which took place on Tuesday, Sept. 4 at the InterContinental Buckhead hotel in Atlanta. Spending Power Impacts Hotel Performance Personal income gains and corporate profits also affect hotel absorption as these determine the spending power of leisure travelers and businesses. According to the Bureau of Economic Analysis, personal income increased by 3.5 percent over the past six months, while corporate profits rose 20 percent during the same period. “You’ve got support both from the personal income and corporate profits side,” said Tutterow …
CHERRY HILL, N.J. — HREC Investment Advisors has orchestrated the sale of the Holiday Inn Philadelphia-Cherry Hill. The sales price was undisclosed. The 186-room property is located seven miles east of downtown Philadelphia. Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the seller, 2715 Marlton Pike Associates LP., in the transaction. KPG Hotels acquired the property.
BETHESDA, MD. —It appears the sixth time’s a charm as LaSalle Hotel Properties (NYSE: LHO) has accepted Pebblebrook Hotel Trust’s (NYSE: PEB) merger proposal made in late August. The two Maryland-based hotel REITs jointly announced today that Pebblebrook will acquire all of LaSalle’s outstanding common shares in a deal valued at $5.2 billion. In accepting the unsolicited Pebblebrook bid, LaSalle has terminated its previously announced merger agreement with affiliates of The Blackstone Group LP (NYSE: BX). Blackstone declined to revise its $4.8 billion bid, including $1.1 billion in debt, which LaSalle previously accepted in May. According to The Wall Street Journal,Blackstone is entitled to a $112 million termination fee. Under terms of the merger agreement, each LaSalle shareholder will have the option to receive for each LaSalle common share owned either a fixed amount of $37.80 in cash or a common share of Pebblebrook stock at a fixed exchange ratio of 0.92. A maximum of 30 percent of outstanding LaSalle common shares may be exchanged for cash. “We are very pleased to have reached an agreement to bring Pebblebrook and LaSalle together in a strategic combination that represents a terrific value-maximizing opportunity for both LaSalle and Pebblebrook shareholders,” says Jon …
ST. PETERSBURG, FLA. — RLJ Lodging Trust has sold the 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club for $188.5 million, or approximately $521,000 per room. The Marriott-branded hotel is located at 501 5th Ave. N.E. on the Tampa Bay waterfront In St. Petersburg. The sales price represents the contractural sales price of $185 million, and the release of $3.5 million in member deposits. The Vinoy features an on-site spa, swimming pool, fitness center, meeting rooms, 18-hole golf course and on-site dining. The hotel is located in downtown St. Petersburg near Tropicana Field, the Dali Museum, Florida Aquarium, North Straub Park, Vinoy Park and Spa Beach.
SIKESTON, MO. — Midas Hospitality has opened a new Hampton Inn hotel in Sikeston in southeastern Missouri. The $11 million project spans 57,000 square feet and four stories. The 92-room hotel features an indoor swimming pool, fitness center, business center and meeting rooms. The hotel is located within the 100-acre Cotton Ridge development, which will include restaurants, a movie theater and other retail tenants. Midas Hospitality will own and manage the hotel. Sister company MC Hotel Construction was the general contractor for the project. Gray Design served as the architect. Bank of Missouri financed the project. Hampton Inn is part of the Hilton chain of hotels.
