DEER PARK, ILL. — Associated Bank has provided a $7.3 million loan for the refinancing of Hampton Inn & Suites in Deer Park, about 40 miles northwest of Chicago. The 104-room hotel is located at 21660 W. Lake Cook Road. The borrower, Atira Hotels, built the property in 2009. Brian Rogan of Associated Bank originated the loan.
PFLUGERVILLE, TEXAS — NewQuest Properties has sold two adjacent land tracts at its Stone Hill Town Center development in Pflugerville to two different hospitality franchisees. The undisclosed buyers plan to develop an 86-room Holiday Inn Express and a Tru by Hilton hotel. Construction is slated to begin in early 2018. Josh Friedlander and Rebecca Le of NewQuest represented the seller internally. Situated on 196 acres roughly 12 miles north of Austin at 500 Limestone Commercial Drive, Stone Hill Town Center features 1 million square feet of retail space, including a Super Target, as well as the 400-unit Mansions at Stone Hill apartment community. In addition to the hotels in the pipeline, NewQuest Properties is currently courting restaurant concepts to join Stone Hill Town Center.
NEWTON, MASS. — Chesapeake Lodging Trust has completed a multi-million renovation at Boston Marriott Newton, located at 2345 Commonwealth Ave. in Newton. The large-scale renovation program included upgrades to all 430 guest rooms, including the bi-level presidential suite, the lobby, guest corridors, all meetings rooms and the 9,000-square-foot Grand Ballroom. All guest rooms feature a 50-inch flat screen television, a workstation, Wi-Fi access, mini refrigerators, in-room safes and coffee makers. The hotel also features a newly redesigned Concierge Lounge on the seventh floor that caters to business travelers. Atlanta-based Design Directions International led the hotel’s renovations. TPG Hotels & Resorts, an affiliate of Procaccianti Cos., operates the hotel, which is owned by Chesapeake Lodging.
NEW YORK CITY — Cottonwood Group and CCB International (CCBI) have closed on a $55 million secured credit facility for the development of an Aloft Hotel at Hudson Yards on Manhattan’s West Side. The hotel, which is part of Starwood Hotels & Resorts, is currently under construction. Cottonwood, through its subsidiary, CW Credit Services, partnered with CCBI to replace an existing land loan and help secure a land lease for the hotel. Upon completion, Aloft Hotel at Hudson Yards will feature 420 hotel rooms. The hotel will expand the brand’s footprint in New York City, joining Aloft Manhattan, Aloft Harlem and Aloft Brooklyn.
NEW YORK CITY — Cushman & Wakefield served as the exclusive advisor to Chris Xu, founder and president of United Construction and Development Group, in arranging $44 million in financing for the acquisition of an under construction dual-branded Marriott hotel located at 148-18 Archer Ave. in the Jamaica neighborhood of Queens. Morris Betesh and Omar Ferreira, both formerly of Cushman & Wakefield, secured the non-recourse loan, which features full-term interest-only payments and two one-year extension options, for the borrower. Slated for completion in late 2017, the property will be a 15-story, 203,800-square-foot building consisting of a Marriott Courtyard and Fairfield Inn & Suites. The Marriot Courtyard will feature 224 rooms, while the Fairfield Inn & Suites will offer 114 room. Additionally, the building will provide a 42-space underground parking garage. Betesh is now at Meridian Capital Group.
COLCHESTER, VT. — Norwich Properties has completed the disposition of Residence Inn Burlington Colchester, an extended-stay hotel located in Colchester. AAM 15 Management acquired the 108-suite property for an undisclosed price. Completed in 2010, the hotel features suites with fully equipped kitchens, an indoor swimming pool and soaking tub, a fitness facility, a business center, a sundries shop, a barbecue and picnic area, complimentary hot breakfast and the Residence Inn Mix, evening socials. Denny Meikleham, Alan Suzuki and Matthew Enright of HFF represented the seller in the deal.
WACO, TEXAS — A partnership between Civitas Capital Group and Atlantic Hotels Group has purchased the 93-room TownePlace Suites in Waco. The hotel is located within Legends Crossing, a 150-acre, mixed-use development near the downtown area and Baylor University. Amenities include a pool, fitness center and business center. The transaction marks the partnership’s second acquisition of a Waco hotel in the last two months.
COLLEGE STATION, TEXAS — Marcus & Millichap has arranged the sale of Comfort Suites Texas Avenue College Station, a three-story, 54-room hotel located at 2313 Texas Ave. South in College Station. Steve Swenholt, Allan Miller and Chris Gomes of Marcus & Millichap represented the seller and procured the buyer, both of which are private investors.
CAMBRIDGE, MASS. — DoubleTree Suites by Hilton Boston – Cambridge has completed a $4 million renovation to the guest suites. The renovation will introduce the brand’s modern suite concept, Urban Bed, to the Boston market. Each of the 170 two-room Urban Bed suites offer travelers a flexible living space with a full-size pull-down bed that can be utilized on demand. Unlike a sofa bed, the Urban Bed does not fold, providing additional guests the same comfort of a standard DoubleTree Suites by Hilton bed. Additionally, the suites feature a microwave, refrigerator and coffeemaker in the living room, as well as a separate bedroom with a king-sized bed. Other renovations include upgrades to the remaining 138 guest rooms, including King Bed guest rooms with balconies, standard two-room King Suites, two-story Loft King Suites and the Presidential Suite. Additionally, the property’s Scullers Jazz Club was renovated to increase its capacity to 200 seats per show.
EL PASO, TEXAS — Condor Hospitality Trust Inc., a Maryland-based lodging REIT, has acquired the Fairfield Inn & Suites El Paso Airport, a Marriott-branded hotel located at 6611 Edgemere Blvd. in El Paso. Condor Hospitality purchased the asset from the undisclosed seller for $19 million. Amenities include a pool, fitness center and a business center. Condor Hospitality has retained Aimbridge Hospitality to manage the hotel.
