NEW YORK CITY — HFF has arranged $126.6 million in refinancing for Mondrian Park Avenue, a luxury lifestyle hotel located at 444 Park Ave. in Manhattan. The sponsor was David Moinian of Moin Development Corp. Provided by JPMorgan Chase Bank, the proceeds of the floating-rate loan were used to refinance the construction loan. Designed by Philippe Starck, the 190-room hotel opened in October 2017 and features a rooftop lounge, Cleo Restaurant and Never Never night club. Evan Pariser and KC Patel of HFF secured the financing for the borrower.
STOW, OHIO — Home2 Suites by Hilton Stow Akron has opened in Stow, just north of Akron. The 85-suite hotel features fully equipped kitchens, complimentary Internet, a laundry and fitness area, indoor pool, outdoor patio and complimentary breakfast. The property, located at 4097 Bridgewater Parkway, is owned by Dave Patel and managed by Shree Dav Partnership LLC.
WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.
OKLAHOMA CITY — NewcrestImage has opened a five-story, 142-room AC Hotel in Oklahoma City’s historic Bricktown neighborhood. NewcrestImage used modular construction to build the new AC Hotel, a first for both the Dallas-based company and Oklahoma City’s hotel market. Modular construction is a building technique where a project is constructed in sections off-site and assembled together on-site. The new hotel features 800 square feet of meeting space, a fitness center, business center, fine dining restaurant and a European-style bar and lounge. The hotel is located adjacent to the 13,000-seat Chickasaw Bricktown Ballpark — home of the Oklahoma City Dodgers baseball team — and within a few blocks of the Cox Convention Center.
MACEDONIA, OHIO — Mumford Co. has arranged the sale of the Motel 6 in Macedonia, about 23 miles southeast of Cleveland. The sales price was not disclosed. Built in 1990, the 121-room hotel features Wi-Fi and guest laundry. George Arvanitis and Steve Kirby of Mumford Co. represented the seller, Shahil LLC. Macedonia Hospitality LLC purchased the property.
SAN DIEGO — KASHL Corp. has purchased the 178-unit Radisson Hotel San Diego-Rancho Bernardo in the San Diego submarket of Rancho Bernardo for an undisclosed sum. The hotel is located at 11520 W. Bernardo Court. The Radisson opened in 1989. It features about 4,000 square feet of meeting space, an outdoor pool in an interior courtyard, and C3 Restaurant and Bar. RAR Hospitality will manage the hotel. KASHL represented itself in the transaction, while CBRE Hotels represented the seller, an affiliate of Pinnacle Hotels USA Inc.
WICHITA, KAN. — Choice Hotels International Inc. (NYSE: CHH) has reached a definitive agreement to acquire the brand and franchise business of WoodSpring Suites from WoodSpring Hotels Holdings LLC, a portfolio company of Lindsay Goldberg, for approximately $231 million. The acquisition will add nearly 240 extended-stay hotels in 35 states to the Choice Hotels portfolio, creating an extended-stay portfolio of more than 350 properties with existing brands MainStay Suites and Suburban Extended Stay. Wichita, Kansas-based WoodSpring Hotels is an extended-stay hotel company, with nearly 240 properties in 35 states nationwide. Over the past few years, the company has executed a brand relaunch and repositioning, resulting in WoodSpring Suites unit growth of more than 25 percent and franchise fee revenue growth of 45 percent in the last three years, according to Choice Hotels. More than 25 Woodspring hotels are expected to open in 2018. The transaction is expected to close in the first quarter of 2018. Moelis & Co. LLC is serving as financial advisor to Choice Hotels on the transaction, while Willkie Farr & Gallagher is serving as legal advisor. Morgan Stanley & Co. LLC is serving as financial advisor to WoodSpring, while Weil, Gotshal & Manges LLP is serving as legal advisor. Lindsay …
LAS VEGAS — Penn National Gaming Inc. (NASDAQ: PENN) has agreed to purchase fellow gaming property owner Pinnacle Entertainment Inc. (NASDAQ: PNK) in a cash and stock transaction valued at $2.8 billion. The deal has been approved by the boards of directors of both companies and is expected to close in the second half of 2018 following an approvals process involving the two companies’ shareholders and applicable gaming authorities. Pinnacle employs roughly 16,000 team members and owns and operates 16 gaming and entertainment facilities located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio and Pennsylvania. The Las Vegas-based company is also a manager and majority owner of Retama Park Racetrack near San Antonio. As part of the transaction, Wyomissing, Pa.-based Penn National will sell four of the newly acquired assets to Las Vegas-based Boyd Gaming Corp. (NYSE: BYD) for $575 million. The properties include Ameristar St. Charles and Ameristar Kansas City in Missouri; Belterra Casino Resort in Florence, Ind.; and Belterra Park in Cincinnati. Penn National has also negotiated with Gaming and Leisure Properties (NASDAQ: GLPI), the landlord for Penn National and Pinnacle’s master lease agreements, to sell and lease back the real estate associated with Belterra Park and …
OKLAHOMA CITY — Home2Suites by Hilton has opened a 115-room hotel located off Interstates 40 and 44 near Will Rogers Airport in Oklahoma City. The pet-friendly property features amenities such as a combined fitness and laundry area, an indoor saltwater pool and a fire pit and grill area. Suites offer fully equipped kitchens and modular furniture. Nashville-based Platinum Hospitality LLC will manage the property.
BOSTON — RLJ Lodging Trust (NYSE: RLJ) has sold Fairmont Copley Plaza, a 383-room hotel located in the Back Bay area of Boston, for $170 million, or approximately $444,000 per room. Maryland-based RLJ, which merged with Texas-based FelCor Lodging Trust Inc. in September, intends to use the proceeds from the sale to cover general corporate expenses, with an emphasis on paying down debt. The sales price represents a capitalization rate of roughly 4.6 percent on the hotel’s projected net operating income (NOI) for 2017. The buyer of Fairmont Copley Plaza was not disclosed. The hotel, which is situated within walking distance of Boston Common as well as a variety of shopping and dining destinations on nearby Newbury Street, opened in 1912. Amenities for guests include laundry services, safety deposit boxes, a 3,000-square-foot rooftop health club and on-site restaurant OAK Long Bar + Kitchen. The property also features 23,000 square feet of meeting and conference space. “The disposition of this asset is consistent with our objectives of selling non-core assets and unlocking shareholder value,” says Ross Bierkan, president and CEO of RLJ. Following the sale of Fairmont Copley Plaza, RLJ’s hospitality portfolio consists of 157 hotels totaling 30,800 rooms across 26 states …