FARMINGVILLE, N.Y., SMITHFIELD, R.I., AND HERNDON, VA. — Washington D.C.-based real estate investment firm Excel Group has acquired three hotel properties in New York, Rhode Island and Virginia. The price and seller were not disclosed. The properties are the 161-room Hampton Inn Long Island Brookhaven in Farmingville; the 101-room Hampton Inn & Suites Providence-Smithfield in Smithfield; and the 151-room Hyatt Place Dulles Herndon-East in Herndon.
TRUCKEE, CALIF. — Kennedy Wilson has completed the sale of The Ritz-Carlton Lake Tahoe, located at 13031 Ritz Carlton Highlands Court in Truckee, to Ashford Inc. (NYSE: AINC) for $120 million. Kennedy Wilson, a global real estate investment company, and its partner acquired the hotel’s 170 guest rooms, 23 condominiums and a 3.4-acre development parcel in 2012 for $74 million. The hotel features a 17,000-square-foot spa and fitness center, more than 15,000 square feet of indoor and outdoor function space, ski-in/ski-out location on Northstar California, a 17,000-square-foot slope-side spa, Slopeside Backyard Bar and BBQ, and a children’s program. The company also completed the sellout of all 23 condominium units at the The Ritz-Carlton Residences in 2016 for a total gross sales price of approximately $50 million. Additionally, in December, Kennedy Wilson sold a portfolio of hotels located across the United Kingdom for $54 million. A cash profit of $73 million to Kennedy Wilson was generated over the lifetimes of the two investments.
ALBUQUEQUE, N.M. — Titan Development has completed the multi-million dollar renovation of Journal Center Courtyard Marriott, located at 5151 Journal Center Blvd. NE in Albuquerque. The renovation project was completed in four phrases over the past 12 months. The project included all 150 guest rooms updated with hardwood flooring; new spa-like pool and gym facilities; event space for 200 attendees classroom-style or 150 attendees banquet-style; and conference rooms with state-of-the-art, wall-mounted, big-screen televisions, wireless internet connectivity, new colors, ceiling lighting and wallpaper. Guest rooms offer private, open-air balconies, free Wi-Fi access, flat-screen televisions and pillow-top mattresses. On-site amenities include a landscaped courtyard, indoor pool, an updated gym and 4,000 square feet of indoor/outdoor venue space. Dwellings Interior Design provided design and décor services for the property.
COLUMBUS, OHIO — Marcus & Millichap has negotiated the sale of the Extend-A-Suites Columbus for $1.8 million. The 133-room hotel is located at 887 Morse Road. Andrew Bankhurst, Alexandre Duong, Allan Miller and Mark Diebold of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Bankhurst and Duong represented the buyer, a limited liability company.
BRIDGEWATER, N.J. — HFF has negotiated the sale of the Hyatt House Bridgewater in the central New Jersey community of Bridgewater. Located at 530 Route 22 East, the hotel comprises one two-story building and five three-story buildings. Amenities include a guest market, fitness center, outdoor swimming pool and hot tub, fire pit and 1,500 square feet of meeting space. Daniel C. Peek, Denny Meikleham, Alan Suzuki, KC Patel, Matthew Enright and Kevin O’Hearn of HFF represented the seller, an institutional investor, in the transaction. HFF also secured a seven-year, fixed-rate acquisition loan for the buyer, Gulph Creek Hotels.
KANSAS CITY, MO. — The LCP Group LP and Blue Vista Capital Management have acquired the Hilton Kansas City Airport hotel for an undisclosed price. The 347-room hotel is located less than three miles from the Kansas City International Airport. The hotel recently underwent renovations to its guest rooms, public spaces and meeting rooms. In addition to a fitness center and pool, the property features an on-site restaurant, Asado Urban Grill. HEI Hotels & Resorts will manage the hotel.
MIAMI — HFF has arranged the $48.7 million sale of the Pullman Miami Airport Hotel, a 281-room hotel in Miami’s Blue Lagoon Office Park. The hotel was constructed in 1986 and underwent a multimillion-dollar renovation in 2016. Amenities include 18,500 square feet of indoor and outdoor meeting and event space; an outdoor pool; tennis courts; fitness center; business center; and two food and beverage outlets, La Riviera and Le Bar. The hotel is located about four miles from Miami International Airport. Alexandra Lalos, Tony Malk and Daniel Peek of HFF represented the undisclosed seller in the transaction. The buyer was London & Regional, a London-based real estate firm.
AMARILLO, TEXAS — Mission Capital Advisors has arranged an undisclosed amount of financing for the acquisition and renovation of a 229-room hotel in Amarillo. The new ownership will rebrand the property as a dual-branded asset consisting of a 106-room Marriot Fairfield Inn & Suites and a 123-room Four Points by Sheraton. Renovations will deliver upgraded amenity spaces, as well as a facelift to the property’s exterior and each guestroom. Raymond Salameh, Ari Hirt, Steven Buchwald, Alex Draganiuk and Jamie Matheny of Mission Capital arranged the financing through Stonehill Strategic Capital on behalf of the borrower, Ram Hotels.
IMPERIAL BEACH, CALIF. — Sudberry Properties and Tharaldson Development and Hospitality has started construction of Hampton Inn & Suites by Hilton at Breakwater Town Center, located at 771 Palm Ave. in Imperial Beach. Scheduled to open in early 2020, the four-story, 62,000-square-foot hotel will feature 100 guest rooms, beach modern architecture, a fitness center, breakfast and lounge area, business center and swimming pool. Situated on 1.5 acres and including 100 parking spaces, the hotel is the final phase of Breakwater Town Center, public-private partnership by the city of Imperial Beach and Sudberry Properties. The development team includes Las Vegas-headquartered Design Cell Architecture and Carlsbad, Calif.-based Watkins Landmark Construction. Heritage Inn of Imperial Beach LLC will own the hotel, while Sudberry Properties will serve as a managing partner.
BRADENTON, FLA. — IMG Academy and Woodbine have completed construction on The Legacy Hotel at IMG Academy in Bradenton. The 150-room hotel is situated just outside of the academy’s 600-acre campus. Amenities include a three-meal restaurant, lounge and bar in the lobby and a massage and fitness facility. The design team included general contractor Tandem Construction, Dallas-based architect 5G Studio, Salt Lake City-based interior designer Edge ID and landscape architect SWA. IMG Academy hosts clients and guests from around the world for boarding school, youth and adult camps, college and professional athlete training, team training and events.