KAPOLEI, HAWAII — Garn Development Co. has purchased a 2.6-acre land parcel on Manawai Street in Kapolei on the island of Oahu for an undisclosed price. Garn Development plans to construct a limited-service hotel on the site, which is located within the 40-acre Leihano development. An affiliate of Kisco Senior Living is master developer for Leihano, a mixed-use development situated in the urban core of Kapolei. Slated to open in fall 2019, the four-story, extended-stay hotel will feature 183 suites with full kitchens, complimentary breakfast and family-friendly amenities. Garn Development is a managing partner of the existing 180-room Embassy Suites by Hilton and Residence Inn by Marriott, which is currently under construction at Leihano. In 2016, Kisco opened Ilima at Leihano, its 84-unit assisted living community within Leihano. Additional tenants within Leihano include St. Jude Catholic Church, First Hawaiian Bank, C.S. Wo, National Kidney Foundation, Lili’uokalani Trust, Hele Gas and Starbucks Coffee. Currently the master-planned community has only two land parcels remaining for sale. Nathan Fong of Colliers International handled the transaction.
CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.
POLAND, OHIO AND MADISON, WIS. — HREC Investment Advisors has arranged the sale of the 117-room Red Roof Inn in Poland, Ohio, and the 108-room Red Roof Inn in Madison, Wis. The properties were sold separately to different investors for undisclosed prices. Each hotel will undergo renovations. Herb Warmbrodt, Zane Varvel, Lewis Thompson, Tom Sommer and Jim Merkel of HREC represented the seller.
WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September. The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds. “The acquisition of the Washington D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction. — Taylor Williams
NEW YORK CITY — S3 Capital Partners has arranged a $76 million construction loan for a 21-story, 87,655-square-foot hotel in the NoMad neighborhood of Manhattan. Located at 292 Fifth Ave., the hotel will consist of 182 rooms and a restaurant. The borrower is Sam Chang, the owner and founder of McSam Hotel Group. The lender was undisclosed. Nearby hotel properties include the Ace Hotel, Royalton Park Avenue, The Nomad Hotel and The Langham New York Fifth Avenue. The hotel will be flagged as an upscale boutique hotel brand.
SPRINGFIELD, MO. — Springfield Hospitality Inc. has purchased the 188-room Holiday Inn & Suites in Springfield for an undisclosed price. Located at 2720 N. Glenstone Ave., the hotel features amenities such as a heated indoor pool, fitness center, complimentary Wi-Fi and the Peppertree Restaurant and Cocktail Lounge. Nate Sahn, Pravin Boteju, James Foxx and Tom Adamson of CBRE Hotels represented the undisclosed seller in the sale.
DAYTON, OHIO — Shaner Hotels has opened the 98-room Fairfield Inn & Suites in Dayton. Shaner operates and co-owns the select-service hotel in conjunction with Crawford Hoying. Located at 305 E. Monument Ave., the six-story hotel is situated between Fifth Third Field, home of the Class A minor league the Dayton Dragons, and Riverscape Metro Park. Hotel amenities include a fitness center, business center, on-site laundry facilities and complimentary Wi-Fi. Dining options include complimentary breakfast, a lobby bar and The Market, which offers snacks and drinks.
BURLINGTON, VT. — HFF has brokered the sale of the 309-room DoubleTree by Hilton Burlington. The price was not disclosed. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller, RLJ Lodging Trust, in the transaction. The buyer was AAM 15 Management LLC. Located at 870 Williston Road, the property is the largest conference center hotel in Vermont with 30,000 square feet of event space. Amenities include an indoor heated pool, fitness center, business center and complimentary shuttle service.
DENVER — Denver-based Continuum Partners has received $110 million in financing for A Block, a mixed-use development located in downtown Denver. The 310,055-square-foot project features the 200-key Kimpton Hotel Born, located at 1600 Wewatta St., and a 54,976-square-foot Class A office building with ground-level retail space and a 197-space parking garage, located at 1881 16th St. Completed in 2017, A Block has two separate components: the 12-story Hotel Born and the five-story office and retail portion. The hotel features 13,937 square feet of flexible meeting space, a fitness center, business center, ground-floor retail space and two food and beverage options, Citizen Rail Restaurant in the hotel lobby and Tavernetta. The fully occupied office building features 7,929 square feet of retail space leased to national tenants. Eric Tupler, Leon McBroom and Tyler Dumon of HFF arranged the floating-rate loan with a national bank. Loan proceeds will be used to retire the existing construction financing, which was placed by HFF in 2015.
CHARLESTON, S.C. — Union Investment has purchased a dual-branded hotel property located on King Street in Charleston’s historic district for an undisclosed price. Opened in 2015, the property includes a modern Hyatt House apartment-style hotel and a Hyatt Place hotel. In total, the two hotels offer 304 rooms. Hyatt House features 113 guest rooms designed for extended-stay guests with a living area and integrated kitchen, while Hyatt Place features 191 rooms and 800 square feet of conference space. Additional on-site amenities include a fitness center, swimming pool, market and a rooftop bar. Regent/BN Charleston Holdings is the vendor of the properties, and the hotels are leased for 30 years to Pyramid Hotel Group, the operator. Germany-based Union Investment is adding the hotel property to the portfolio of its open-ended real estate fund, Unilmmo: Global.