COTULLA, TEXAS — Marcus & Millichap has arranged the sale of Cowboy Inn Cotulla, a 60-room hotel locate at 145 FM 468 West in Cotulla, about 90 miles southwest of San Antonio. Andrew Frosch, Chris Gomes, Robert Arzola and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller. Leilani Tedeski of Marcus & Millichap procured the buyer. Both parties were limited liability companies.
ATLANTA — Atlanta-based Peachtree Hotel Group has sold the AC Hotel by Marriott in downtown Atlanta to Austin, Texas-based Summit Hotel Properties Inc. for $57.5 million. The 255-room hotel — a redevelopment of a former Holiday Inn — opened in May 2017 after undergoing approximately $20 million in renovations. The hotel features a health and fitness studio, outdoor patio, swimming pool and an enclosed Zen garden with greenery walls. Interstate Hotels & Resorts will manage the property. Situated at 101 Andrew Young International Blvd. in the heart of downtown Atlanta, the hotel is within walking distance to CNN Studios, Centennial Olympic Park, the Georgia Aquarium, the College Football Hall of Fame and the World of Coca-Cola.
LAS CRUCES, N.M. — The 91-room Home2 Suites by Hilton has debuted in Las Cruces. The new hotel is located at 1120 N. Telshor Blvd. The property offers all-suite accommodations with fully equipped kitchens and modular furniture. It also features complimentary Internet and communal spaces. Trademark Home2 Suites amenities include Spin2 Cycle, a combined laundry and fitness area, Home2 MKT for grab-and-go items and the Inspired Table, a complimentary daily breakfast that includes more than 400 potential combinations. Home2 Suites is situated near downtown Las Cruces, Las Cruces International Airport, New Mexico State University, Veterans Memorial Park and Dripping Springs Natural Area. The pet-friendly property is owned by Las Cruces Hotel Partners LLC and managed by Kana Hotel Group.
GAINESVILLE, FLA. — Peachtree Hotel Group (PHG), in a joint venture with Celebration Pointe Holdings (CPH), has broken ground on a 140-room Hotel Indigo in Gainesville. Situated between S.W. 49th and S.W. 50th Terraces, the six-story hotel will be one of the anchor tenants of Celebration Pointe, a 150-acre mixed-use development, located along Interstate 75 and Archer Road. Hotel Indigo Gainesville will feature a neighborhood bar with seasonal and locally sourced food. Atlanta-based PHG will operate the property, which is slated to open in August 2018. In addition to the hotel, Celebration Pointe will feature 300,000 square feet of Class A office space; 400,000 square feet of retail, restaurants and entertainment, including Bass Pro Shops and a Regal RPX theater; and approximately 900 residential units.
NASHUA, N.H. — Linchris Hotel Corp. has received a $16.8 million loan to acquire the Crowne Plaza Hotels & Resorts, located at 2 Somerset Parkway in Nashua. Linchris plans to reflag the 230-key hotel as a DoubleTree by Hilton following a property improvement plan. The property features an indoor pool, whirlpool, sauna, spa, fitness center, business center, meeting and banquet rooms, complimentary shuttle, club lounge and Speaker’s Corner & Pub. Greg LaBine and Martha Nay of HFF arranged the 10-year, fixed-rate loan through East Boston Savings Bank for the borrower.
KAPOLEI, HAWAII — Kapolei Hotel Partners II has purchased 3.9 acres of land on Fort Barrette Road in Kapolei for an undisclosed sum. The LLC plans to build a 183-room Residence Inn by Marriott on the site, which is situated within the 40-acre Leihano mixed-use development. The four-story, extended-stay hotel will feature full kitchens, free breakfast and family-friendly amenities. Construction will commence later this year, with an estimated cost of more than $60 million. The Leihano development is a master-planned, mixed-use commercial and residential community.
IRVING, TEXAS — Valencia Group, a Houston-based hospitality firm, has broken ground on the Valencia Texican Court Hotel, a 136-room hotel located at the corner of West Las Colinas Boulevard and West Northwest Highway in Irving. The property will feature approximately 5,000 square feet of meeting space. Dallas-based BOKA Powell LLC is the architect for the project and Arch-Con Corp. is the general contractor, according to the Dallas Business Journal.
SAN ANTONIO — Hilton Worldwide and development partners Crockett Urban Ventures and Merritt Development Group are building Canopy by Hilton San Antonio River Walk, a 22-story, 195-room hotel in San Antonio. The property will be located at the corner of North St. Mary’s and Commerce streets in the city’s River Walk neighborhood. Amenities will include a restaurant with an outdoor terrace and 3,000 square feet of meeting space. White Lodging Services will manage the hotel, which is slated for a fall 2018 completion
ORLANDO, FLA. — Walker & Dunlop Inc. (NYSE: WD) has arranged $218.2 million in construction financing for JW Marriott Bonnet Creek, a 516-room luxury hotel and resort project in Orlando. The non-recourse financing represents 77.3 percent of the total project cost of $282 million, and comprises both senior and mezzanine debt. A partnership between Walker & Dunlop’s Miami capital markets team and SRF Ventures Inc., a New York-based real estate investment and advisory firm, provided the funds. The hotel will be situated on 10 acres near the Epcot section of the Walt Disney World Resort complex, with close proximity to local attractions such as Magic Kingdom and Universal Studios, as well as the Orlando International Airport. Designed by Dallas-based architecture and engineering firm Huitt-Zollars Inc., the project will also deliver a 1,000-space parking garage. Hotel amenities will include 50,000 square feet of meeting and banquet space, a business center, luxury spa and fitness area and a lazy river with guest pools. “This was a very marketable deal with a great sponsor,” says Kevin O’Grady, managing director of Walker & Dunlop’s Miami capital markets team. “Structuring transactions like this is right in the bull’s-eye of our expertise, and we’re very pleased …
BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.