Hospitality

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PM Realty Group Completes Development of Hospital in Metro Dallas

by Haisten Willis January 7, 2016

CARROLLTON, TEXAS — PM Realty Group (PMRG) has completed First Texas Hospital in Carrollton on behalf of Adeptus Health. Located at 1401 E. Trinity Mills Road, First Texas Hospital totals 76,500 square feet and includes 50 inpatient beds, three operating rooms, an emergency department and an imaging department. Along with PMRG as the developer, the First Texas Hospital team included architect Ascension Group Architects, civil engineer Bury Partners and general contractor Hill & Wilkinson Construction Group.

January 7, 2016

PMZ Arranges $26.5M Construction Loan for Autograph by Marriott in New Jersey

by Amy Works January 7, 2016

MONTCLAIR, N.J. — PMZ Realty Capital has arranged a $26.5 million construction loan for The MC Hotel, an Autograph by Marriott property, in Montclair. Situated within the CentroVerde development, the 150-room hotel will feature 7,500 square feet of office space, a farm-to-table restaurant, rooftop bar, lobby and outdoor plaza. The hotel is slated to open in third quarter 2017.

January 7, 2016

Hospitality Northeast Pennsylvania

HREC Arranges Sale of Yorktowne Hotel in Pennsylvania

by Amy Works December 24, 2015

YORK, PA. — HREC Investment Advisors has arranged the sale of Yorktowne Hotel, a historic, full-service hotel in York. York County Industrial Development Authority acquired the property for an undisclosed price. First opened in 1925, the hotel features 124 guest rooms. The buyer has substantial renovations and improvements planned for the property. Ketan Patel, Kevin Hanley and Geoff Davis of HREC represented the seller, VIII-Hotel II P Loan Portfolio – Yorktowne LLC, in the transaction.

December 24, 2015

Hospitality Northeast Rhode Island

Linchris Hotel Corp. Acquires Hotel Providence in Rhode Island

by Amy Works December 22, 2015

PROVIDENCE, R.I. — Hanover, Mass.-based Linchris Hotel Corp. has acquired Hotel Providence, an 80-room boutique hotel in Providence, for an undisclosed price. Located at 139 Mathewson St., the hotel was originally built in 1882 and is listed on the National Register for Historic Places. The new ownership plans to reposition the hotel’s 96-seat restaurant in January when restaurateurs Alethia and Massimiliano Mariotta transform the restaurant into a chef-drive European brasserie concept. A recipient of AAA’s Four Diamond Award for 10 consecutive years, the hotel features more than 5,000 square feet of meeting and event space, including a tented rooftop and courtyard.

December 22, 2015

Hospitality Texas

Transwestern Arranges Sale of Property in Fort Worth for Marriott Hotel

by Haisten Willis December 22, 2015

FORT WORTH, TEXAS — Transwestern’s retail group has arranged the sale of a 95,132-square-foot property at the southwest corner of Royalty and Northwest Centre drives in Fort Worth for the construction of a Marriott-branded hotel. Transwestern’s Steve Williamson and Mason Bishop represented the seller, LQ Development, in the transaction. Ryan Patterson and Phil Patterson of Texas Hotel Brokers LLC represented the buyer.

December 22, 2015

Hospitality Louisiana Southeast

Hodges Ward Elliott Brokers Sale of Q&C Hotel in New Orleans

by John Nelson December 22, 2015

NEW ORLEANS — Hodges Ward Elliott has arranged the sale of the Q&C Hotel and Bar in downtown New Orleans. KBS SOR II Q&C Property LLC, a joint venture between KBS Strategic Opportunity REIT II and Dallas-based Encore Hospitality LLC, purchased the 196-room hotel for an undisclosed price. Fully renovated in 2014, the boutique hotel features 2,600 square feet of flexible meeting space, a restaurant and bar, valet and self-parking and a 24-hour fitness center. Currently an independent hotel, the property will be franchised under the Marriott Autograph brand. Following the sale, Encore Hospitality will manage the hotel.

December 22, 2015

Hospitality Massachusetts Northeast

Hodges Ward Elliott Negotiates Sale of Godfrey Hotel Boston

by Amy Works December 21, 2015

BOSTON — Hodges Ward Elliott has negotiated the sale of the Godfrey Hotel Boston, a luxury boutique hotel located in Boston. Union Investments acquired the 242-room hotel for an undisclosed price. Located at 505 Washington St., the hotel, which is currently under construction, is slated to open in January 2016. The hotel will feature a chef-driven restaurant, local coffee house, lobby bar, 24-hour fitness center, complimentary WiFi, and digital technology. Oxford Hotels and Resorts, an affiliate of Oxford Capital Group, will operate the hotel on behalf of the new owner.

December 21, 2015

Hospitality New York Northeast

Maefield Development Acquires Times Square Hotel as Part of Redevelopment Project

by Amy Works December 21, 2015

NEW YORK CITY — Maefield Development has acquired the leasehold interest in the DoubleTree Hotel, located at 1568 Broadway in Times Square. Sunstone Hotel Investors sold the 468-room asset for an undisclosed price. The acquisition is part of a planned redevelopment of the property into a premier cultural, entertainment, retail and hospitality experience. The redevelopment will include a renovated luxury hotel, prime street-front retail and entertainment space, a large high-resolution LED screen, and the restoration and enhancement of the Palace Theatre. Construction is slated to begin in the first half of 2017.

December 21, 2015

Hospitality Loans New Hampshire Northeast

HFF Arranges $35.5M in Refinancing for 180-Room Hotel in New Hampshire

by Amy Works December 16, 2015

PORTSMOUTH, N.H. — HFF has arranged $35.5 million in refinancing for Sheraton Portsmouth Harborside Hotel, a 180-room hotel located at 250 Market St. in Portsmouth. The borrower, Lodgesys, will use the loan proceeds to refinance existing debt on the property. The 10-year, fixed-rate loan was provided by Bank of America. The hotel features a two-level underground parking garage, 13,500 square feet of meeting space, a fitness center, indoor pool, sauna, Link@Sheraton Internet café and Two-Fifty Market, restaurant and lodge. Anthony Cutone of HFF secured the financing for the borrower.

December 16, 2015

California Hospitality Western

CBRE Global Investors Fund Acquires Sofitel Hotel in San Francisco Bay Area

by Nellie Day December 10, 2015

SAN FRANCISCO — The CBRE Strategic Partners U.S. Value 7 fund has acquired the 421-room Sofitel San Francisco Bay in Redwood City submarket of San Francisco for an undisclosed sum. The hotel is located at 223 Twin Dolphin Drive. The eight-story, full-service hotel sits adjacent to Highway 101. It includes more than 20,000 square feet of meeting space, a full-service restaurant, fitness center, and outdoor pool and event patio. The fund is exploring value-add options, which may include upgrading the unit interiors, creating additional meeting space and guestrooms, and expanding food and beverage service.

December 10, 2015

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