Hospitality

Triangle Equities Breaks Ground on Lighthouse Point in Staten Island

by Amy Works February 24, 2016

NEW YORK CITY — Triangle Equities has broken ground on Lighthouse Point, a $200 million mixed-used project on the St. George waterfront in Staten Island. Triangle, along with its partner, Lubert Adler LLP, secured construction financing for the first phase of development. The project is being financed through a partnership of private and public sector groups, including $30 million of construction loans and tax credit equity from the Goldman Sachs Urban Investment Group, $29 million of construction loans from Citizens Bank, $16.5 million from Empire State Development, $6.2 million of capital from New York City, and joint venture equity from Triangle and Lubert Adler. The first phase, which is slated for completion in 2017, will feature 65,000 square feet of retail and office space, as well as restaurant space, entertainment space and a 12-story residential tower with 116 apartment units. Regus, a shared workspace provider, has signed a 15-year lease to occupy 30,000 square feet of space at the first phase. Following completion of the first phase, Triangle will rehabilitate and repurpose the four historic structures, historic wall and multiple underground vaults currently situated on the site. This repurposing will allow for additional restaurant, office and hospitality space, including a …

February 24, 2016

Hospitality Illinois Midwest

Waramaug Hospitality, Sidra Real Estate Acquire 184-Room Marriott Hotel in Chicago Suburb

by Christina Cannon February 23, 2016

BURR RIDGE, ILL. — Waramaug Hospitality III LLC and Sidra Real Estate Inc. have acquired the Chicago Marriott Southwest at Burr Ridge for an undisclosed price. The 184-room, full-service hotel, located in Burr Ridge, approximately 20 miles southwest of Chicago, features over 10,000 square feet of meeting and event space that can accommodate up to 900 guests. Amenities include an indoor swimming pool, fitness center and business center. The hotel also includes Ciazza Restaurant & Bar. Waramaug is planning to renovate all public areas, guestrooms, meeting spaces and the restaurant. Interstate Hotels & Resorts will manage the property. The seller in the transaction was undisclosed.

February 23, 2016

Hilton University of Florida Conference Center Gainesville

Florida Hospitality Southeast

PCCP Provides $35.5M Acquisition Loan for Hilton Hotel in Gainesville

by John Nelson February 22, 2016

GAINESVILLE, FLA. — PCCP has provided a $35.5 million senior loan to Arden Group for the acquisition of the leasehold interest in the Hilton University of Florida Conference Center. Arden Group purchased the interest from Xenia Hotels & Resorts. The new ownership plans to upgrade the hotel’s guestrooms, common areas, dining areas and meeting space. The 248-room, seven-story hotel is located at 1714 S.W. 34th St. in Gainesville. The hotel features two restaurant/bar venues, an outdoor pool, fitness center and 25,000 square feet of meeting space.

February 22, 2016

Hospitality Midwest Ohio

Embassy Suites by Hilton Opens New 150-Room Hotel in North Canton, Ohio

by Christina Cannon February 19, 2016

NORTH CANTON, OHIO — Embassy Suites by Hilton has opened a new 150-room hotel in North Canton, approximately 55 miles south of Cleveland. CPX Canton Airport LLC owns the Embassy Suites by Hilton Akron Canton Airport, and Commonwealth Hotel Collection is managing the property. The hotel includes a heated indoor swimming pool, fitness facility, business center, gift shop and a complimentary shuttle service within a 10-mile radius. All suites are equipped with two 42-inch LCD TVs, microwave, refrigerator, wet bar and Wi-Fi service. The hotel also features a ballroom, conference room and professional boardroom, which collectively make up over 6,000 square feet and can accommodate up to 500 guests.

February 19, 2016

Arizona Hospitality Western

Grossman Co. Properties Buys FireSky Resort & Spa in Scottsdale for $62.5M

by Nellie Day February 19, 2016

SCOTTSDALE, ARIZ. — Grossman Co. Properties has purchased the 204-room FireSky Resort & Spa in Scottsdale for $62.5 million. The resort is located at the intersection of Camelback and Scottsdale roads. It is situated across from Scottsdale Fashion Square Mall. FireSky will undergo an extensive renovation to the guestrooms and public spaces over the next 18 months. Classic Hotels & Resorts will manage the hotel. Bill Murney of HREC Investment Advisors’ Phoenix office represented the seller, KHP Capital Partners, in this transaction.

February 19, 2016

Florida Hospitality Southeast

Marriott Vacation Club Buys The Edgewater Hotel in South Beach for $23.5M

by John Nelson February 18, 2016

MIAMI BEACH, FLA. — Marriott Vacation Club, a brand segment of Marriott Vacations Worldwide, has purchased The Edgewater Hotel in Miami Beach’s South Beach neighborhood for $23.5 million. The company will rebrand the hotel as Marriott Vacation Club, South Beach and adopt the property into the Marriott Vacation Club Destinations Exchange Program. Located on the 1400 block on the north end of Ocean Drive, the hotel is within walking distance of South Beach and Lincoln Road, Miami’s high street retail destination. The hotel was originally built in 1936 and offers 49 studios and suites. The hotel will undergo renovations through 2016.

February 18, 2016

Colorado Hospitality Top Stories Washington Western

ARC Hospitality Buys Six Summit Hotels in Washington, Colorado for $108.3M

by Nellie Day February 17, 2016

NEW YORK CITY — Affiliates of American Realty Capital (ARC) Hospitality Trust have purchased a six-property hotel portfolio from Summit Hotel Properties (NYSE: INN) for $108.3 million. The portfolio contains a total of 707 Marriott- and Hilton-branded rooms throughout the states of Washington and Colorado. Properties included in the transaction are the 84-room Fairfield Inn & Suites in Spokane and the 144-room Fairfield Inn & Suites in Bellevue, Wash.; the 120-room Hilton Garden Inn and 75-room Hampton Inn in Fort Collins, Colo.; and the 160-room Fairfield Inn & Suites and 124-room SpringHill Suites in Denver. The latest six-property portfolio acquisition brings ARC’s lodging holdings to 142 hotels totaling 17,351 rooms across 32 states. Crestline Hotels and Resorts and Interstate Hotels & Resorts will manage the new acquisitions. ARC drew on its term loan facility to finance the transaction. Deutsche Bank AG New York Branch and Deutsche Bank Securities arranged that portion of the financing. Summit also provided a $27.5 million loan to ARC, which included $7.5 million for earnest money. The remaining balance was applied toward the six-hotel purchase price. The loan has an initial maturity date of Feb. 11, 2017, with two, one-year extension options. Proceeds from the latest sale …

February 17, 2016

Hospitality Illinois Midwest

Marcus & Millichap Brokers $2.4M Sale of Country Inn & Suites in Illinois

by Christina Cannon February 15, 2016

GALESBURG, ILL. — Marcus & Millichap has brokered the sale of a 61-room Country Inn & Suites in Galesburg, 45 miles northwest of Peoria, for $2.4 million. Both the buyer and seller in the transaction were undisclosed limited liability companies. The Country Inn & Suites is located at 2284 Promenade Court and within proximity to Sandburg Mall, Carl Sandburg College and the Galesburg historic district. Lili Gewargis and Scott Brash of Marcus & Millichap listed the property on behalf of the seller and secured the buyer.

February 15, 2016

Hospitality Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Switzenbaum & Associates Funds $15.5M Loan for Mixed-Use Development in State College

by Amy Works February 12, 2016

STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.

February 12, 2016

Hospitality Loans New York Northeast

Thorofare Capital Funds $7.5M Bridge Loan for Brooklyn Hotel

by Amy Works February 11, 2016

NEW YORK CITY — Thorofare Capital has funded a $7.5 million bridge loan for a hotel located in Brooklyn. The fixed-rate loan has a 65 percent loan-to-value ratio. Proceeds of the loan will be used to refinance the 56-room hotel. The name of the borrower was not released.

February 11, 2016

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