Hospitality

Hospitality Properties Trust Purchases 300-Room Hotel in Charlotte for $44M

by Camren Skelton September 21, 2017

CHARLOTTE, N.C. — Hospitality Properties Trust has purchased Crowne Plaza Charlotte Executive Park, a 300-room hotel in south Charlotte, for $44 million. Chris Lingerfelt, Cyrus Vazifdar and Brent Bowman of HFF represented the undisclosed seller in the transaction. Constructed in 1983, Crowne Plaza Charlotte Executive Park underwent a renovation in 2014, which included upgrades to guestrooms, public areas and meeting space, as well as the hotel’s restaurant and bar. The hotel features a fitness center, swimming pool, business center and a sand volleyball court. Located at 5700 Westpark Drive, the hotel is roughly eight miles from the Charlotte Douglas International Airport and features a complimentary airport shuttle. Hospitality Properties Trust will keep the Crowne Plaza brand affiliation, and Intercontinental Hotels Group will manage the property.

September 21, 2017

Hospitality Midwest Ohio

Home2 Suites by Hilton Opens in Dublin, Ohio

by Kristin Harlow September 18, 2017

DUBLIN, OHIO — Home2 Suites by Hilton Columbus Dublin has opened in suburban Columbus. The 126-room, extended-stay hotel is owned by Dublin-based Crawford Hoying and operated by Shaner Hotels. Located at 5000 Upper Metro Place, the property features an indoor pool and two outdoor patio areas. The hotel also features a laundry and fitness area and complimentary breakfast. The chain is aggressively expanding throughout the Midwest and the rest of the country.

September 18, 2017

Hospitality Texas

NewcrestImage Opens 226-Room Embassy Suites Hotel in Downtown Amarillo

by Taylor Williams September 18, 2017

AMARILLO, TEXAS — NewcrestImage has opened a 226-room Embassy Suites hotel in downtown Amarillo. The property features a mix of one-bedroom and studio suites; 18,000 square feet of meeting space, including a 10,000-square-foot ballroom; an indoor pool; and a restaurant and lounge. A 750-space parking garage was also delivered as part of the project. Construction began in October 2015.

September 18, 2017

Hospitality Midwest Wisconsin

PHG Purchases 135-Room Hotel in Green Bay

by Kristin Harlow September 14, 2017

GREEN BAY, WIS. — Peachtree Hotel Group has acquired the Hampton Inn Green Bay Downtown in Green Bay for an undisclosed price. The 135-room hotel is located at 201 Main St. near Lambeau Field, home of the National Football League’s Green Bay Packers. Amenities include an indoor pool, fitness center, business center and meeting space. The seller was not disclosed.

September 14, 2017

Alabama Hospitality Southeast

Apple Hospitality REIT Buys Dual-Branded Hilton Hotel in Downtown Birmingham for $38.4M

by Camren Skelton September 14, 2017

BIRMINGHAM, ALA. — Apple Hospitality REIT Inc. has purchased a newly constructed, dual-branded Hilton Garden Inn and Home2 Suites by Hilton property in downtown Birmingham for $38.4 million. Located at 250 18th St. S., the new hotel has a combined total of 210 rooms. The property features two distinct lobbies and dining areas — each catering to the needs of the brands’ respective guests — and shares one registration desk, fitness center and an outdoor swimming pool. Following this acquisition, Apple Hospitality now owns 237 hotels located throughout 33 states.

September 14, 2017

Hospitality Illinois Loans Midwest

Associated Bank Provides $7.3M Refinancing for 104-Room Hotel in Deer Park, Illinois

by Kristin Harlow September 13, 2017

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.

September 13, 2017

Hospitality Texas

NewQuest Properties Sells Two Adjacent Tracts in Metro Austin for Future Hotels

by Camren Skelton September 12, 2017

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.

September 12, 2017

Hospitality Massachusetts Northeast

Boston Marriott Newton Completes Multi-Million Dollar Renovation

by Amy Works September 12, 2017

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.

September 12, 2017

Hospitality Loans New York Northeast

Cottonwood Group, CCBI Secure $55M in Refinancing for Aloft Hotel at Hudson Yards in Manhattan

by Amy Works September 11, 2017

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.

September 11, 2017

Hospitality New York Northeast

Cushman & Wakefield Arranges $44M in Acquisition Financing for Dual-Branded Marriott Hotel in Queens

by Amy Works September 11, 2017

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.

September 11, 2017

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