Hospitality

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

Hospitality Loans Texas

KeyBank Provides $8.5M in CMBS Financing for Texas Hotel Portfolio

by Haisten Willis February 10, 2016

BEAUMONT AND LUMBERTON, TEXAS — KeyBank Real Estate Capital has secured an $8.5 million, non-recourse CMBS first mortgage loan for a two-property hospitality portfolio. The portfolio consists of a Comfort Inn located in Beaumont and a La Quinta Inn and Suites located in Lumberton. Both properties are located near major interstates and highly traveled state highways. Randy Martin of Key’s Commercial Mortgage Group secured the financing.

February 10, 2016

Hospitality Texas

Hilton Worldwide Opens Embassy Suites by Hilton El Paso

by Haisten Willis February 9, 2016

EL PASO, TEXAS — Hilton Worldwide has opened the Embassy Suites by Hilton El Paso. The 187-room hotel, formerly the El Paso Suites, debuts following a multimillion-dollar renovation. TRS El Paso Property LLC owns the hotel and has selected Spire Hospitality to manage it. Two-room suites include a separate living area, private bedroom, two televisions, wet bar, microwave and mini-fridge. Amenities include a free breakfast, heated indoor pool, fitness center, business center and free Wi-Fi. The hotel features more than 5,400 square feet of flexible meeting space and can accommodate events of up to 200 guests. Located less than three miles from El Paso International Airport at 6100 Gateway Blvd. East, Embassy Suites by Hilton provides a free shuttle for arriving and departing guests.

February 9, 2016

Hospitality Nevada Western

Best Western Plus Hotel in North Las Vegas Sells for $6.2M

by Nellie Day February 5, 2016

NORTH LAS VEGAS — An unnamed buyer has purchased a 74-room Best Western Plus in North Las Vegas for $6.2 million. The hotel is located at 4540 Donavan Way. It was built in 2000. Aseem Tandon of Marcus & Millichap’s Ontario office represented the seller, a limited liability company, in this transaction.

February 5, 2016

Hospitality Massachusetts Mixed-Use Multifamily Northeast

Related Beal Breaks Ground on Mixed-Use Development in Boston

by Amy Works February 5, 2016

BOSTON — Related Beal has broken ground for Parcel 1B, a mixed-use, transit-oriented development across the street from Lovejoy Wharf in Boston. Designed by CBT Architects, the project will include a 14-story residential building totaling 484,000 square feet with street-level retail and on-site parking, and a 220-room Courtyard Marriott hotel with 2,500 square feet of meeting space, which will be operated by Turnberry Associates. The residential building will feature 239 affordable units that will be restricted to individuals, couples and families with qualified incomes ranging from 30 percent area median income (AMI) to up to 165 percent AMI. The project is slated for delivery in 2018.

February 5, 2016

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