ATLANTA — Natixis has provided a $43 million loan to refinance the Crowne Plaza Midtown and Staybridge Suites Atlanta Midtown, a dual-branded hotel development in Midtown Atlanta totaling 462 rooms. The borrower, AWH Partners, is using the floating-rate financing to refinance an existing renovation loan following the property’s multimillion-dollar renovation. The property features 31,000 square feet of meeting and banquet space, an outdoor pool and sundeck, fitness center, locker rooms, business center, on-site dining options and a Thrive coffee bar. Peter Dannemiller of Hodges Ward Elliott arranged the loan.
PHOENIX — Columbia Sussex Corp. has acquired the 353-room Phoenix Marriott Tempe at the Buttes hotel for an undisclosed sum. The recently renovated hotel is located at 2000 W. Westcourt Way. The property contains four dining facilities and 40,000 square feet of indoor meeting space, including a 25,000 square-foot conference space. The complex also includes a resort-style pool, lighted tennis courts, spa, fitness center, volleyball court and helipad. Mark Elliott and Bill Hodges of Hodges Ward Elliott represented the seller in this transaction.
AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Super 8 Austin Airport South, a 37-room hotel located at 3120 Montopolis Drive in Austin. Allan Miller and Chris Gomes of Marcus & Millichap’s San Antonio and Dallas offices marketed the property on behalf of the seller, a partnership. Miller also secured the buyers, a limited liability company and private investor from New York. Michael Laurencelle and Tom Laurencelle of Marcus & Millichap Capital Corp.’s Austin office originated acquisition financing on behalf of the buyer.
ARLINGTON, TEXAS — Goodstar JV has sold a two-suite medical office building in central Arlington to a private investor. The 4,800-square-foot building is located on nearly a half acre at 1022 W. Mitchell St., just west of the University of Texas at Arlington. Wayne Burgdorf of Coldwell Banker Commercial Advisors DFW represented Goodstar JV, an entity owned by a group of retired dentists. Dr. Chia-Ming Lee, a dentist, occupies the smaller of the two suites. The larger space, totaling 2,700 square feet, is vacant and will be retooled to become general office space. The single-story building, developed in 1974, features 30 parking spaces. David Keal of Aubrey Keal Commercial Real Estate represented the local buyer.
NEW YORK CITY — Denihan Investments has completed a redemption agreement with Pebblebrook Hotel Trust for the transfer of ownership of six jointly-owned hotels in Manhattan at a total value of $820 million. Through the agreement, Denihan becomes the sole owner of four of the assets, totaling 917 rooms — The Benjamin, Fifty NYC, Gardens NYC, and Shelburne NYC, while Pebblebrook assumes full ownership of Dumont NYC and Manhattan NYC, totaling 870 rooms. The portfolio is a subset of Denihan’s portfolio, which also includes The James hotels in New York, Chicago and the to-be-built West Hollywood location, as well as The Surrey and The Carlton in New York City. Carl Schwartz and Anthony Bonan of Hunton & Williams LLP advised Pebblebrook in the transaction.
SYRACUSE, N.Y. — The Pyramid Companies, owners of Destiny USA, has partnered with Hilton to open Embassy Suites by Hilton Syracuse – Destiny USA as the first hotel within the 2.4 million-square-foot shopping complex in Syracuse. The $48 million hotel will feature Embassy Suites’ Design Option III, a concept that allows developers the flexibility to customize a property’s design while remaining true to the brand’s pillars. Additionally, the all-suites hotel will feature an on-site restaurant and pool. Upon completion in fall 2017, the hotel will be operated by Aimbridge Hospitality. The project was financed by a M&T Bank, Berkshire Bank and Tompkins Trust Co.
NEW YORK CITY — Barone Management, as developer, has opened a Marriott Fairfield Inn & Suites, located at 538 W. 58th St. in New York City. Designed by Gene Kaufman Architect, the 85,000-square-foot hotel features 226 rooms in two seemingly separate structures — an 18-story tower and an adjoining 10-story building, which are recessed from the street at different depths. The hotel features a below-grade ground floor and lobby, an office center, fitness center, breakfast bar and a sunken entryway with a 2,300-square-foot landscaped plaza.
BRYAN, TEXAS — The Stella, a 176-key hotel slated to open in March 2017, will anchor Lake Walk Town Center in Bryan. Lake Walk is a 180,000 square-foot development under construction near Texas A&M University. The property will feature a restaurant, cocktail bar and coffee shop, as well as an outdoor pool and over 10,000 square feet of meeting and event space. Designed by Dallas-based FAB Studios and Design DMU, The Stella will be operated by Trust Hospitality. Lake Walk includes a five-acre lake, waterfront park, pavilion and observation tower, along with more than two miles of hiking trails.
DENVER — Columbia Sussex Corp. has received a $70 million loan to finance the 451-room Hyatt Regency Denver Tech Center. The hotel is located at 7800 E. Tufts Ave. in the Technological Center submarket of Southeast Denver. The area is home to about 11 million square feet of office space and about 1,000 companies. Hyatt Regency Denver Tech Center features 29,600 square feet of function space, a 533-space parking garage, the Root25 Taphouse & Kitchen, Perks coffee shop, Hyatt StayFit fitness center and an indoor swimming pool with outdoor sun deck. The hotel has operated as a Hyatt Regency since it was built in 1985. It recently underwent a $12.5 million renovation to transform the lobby, upgrade the common areas and introduce the signature restaurant and lounge. Rob Rubano and Greg Stampley of Eastdil Secured arranged the financing. Square Mile Capital Management LLC originated the transaction, and brought in Natixis to acquire the $52.5 million senior mortgage component of the debt. Columbia Sussex acquired the asset from JMI Realty.
PROVIDENCE, R.I. — The Omni Provident Hotel has completed a $15 million renovation program to its West tower. Renovations at the 564-room hotel, located at 1 W. Exchange St. in Providence, include guest rooms, landings and public spaces receiving fresh designs that complement elements of local New England flair. Each guest room features new vinyl wallcoverings and carpeting, custom bedding and drapery, plush seating, artwork and modern decorative lighting. Upgrades to the guest room bathrooms include new vanities, wallcoverings, illuminated mirrors, and new finishes and materials. Additionally, the guest corridors and elevator lobbies received new carpeting, furnishing, wallcoverings, paint, contemporary light fixtures and artwork.