Hospitality

Sonnenblick-Eichner Arranges $65.2M Loan for Pair of Hyatt House Properties Near Seattle

by Nellie Day January 14, 2016

SEATTLE — Sonnenblick-Eichner Co. has arranged $65.2 million in first-mortgage financing for a pair of Hyatt House properties situated in the Pacific Northwest. The transaction includes the 149-room Hyatt House Seattle/Redmond and the 160-room Hyatt House Seattle/Bellevue. The non-recourse, 10-year fixed rate financing was priced in the low 4 percent range with interest-only payments for the first five years. The loans were not cross-collateralized. A life insurance company provided the capital.

January 14, 2016

Arizona Hospitality Western

MCR Development Completes Renovation of Homewood Suites by Hilton Yuma

by Nellie Day January 14, 2016

YUMA, ARIZ. — MCR Development LLC has completed the renovation of the 108-room Homewood Suites by Hilton Yuma. The hotel is located at 1955 E. 16th St. in Yuma. The renovation included an update to the hotel’s public gathering spaces and guest suites. Homewood now features modern furniture and décor in each guestroom, while the lobby was redesigned to provide open gathering space. Yuma is home to the U.S. Army Proving Ground, the principal demand testing facility for weapons and missile systems, which is one of the largest military installations in the world. The hotel is also situated near a variety of other government and healthcare demand generators. MCR Development owns and operates the property.

January 14, 2016

Ceda-Park-texas-riverside-resources-parmer-lane-presidio

Hospitality Mixed-Use Multifamily Office Retail Texas

Riverside Resources Begins Construction on Mixed-Use Development in Metro Austin

by Haisten Willis January 13, 2016

CEDAR PARK, TEXAS – Riverside Resources has begun construction on the first phase of a 100-acre mixed use campus on Parmer Lane in Cedar Park. The first phase of the campus, called Presidio, will feature 74,000 square feet of office space, a 100-room hotel, 320 urban lofts and 21,000 square feet of retail/restaurant space. The initial phase spans 26 acres off the southeast corner of Parmer Lane and Ranch Trails Court. The remaining 74 acres is on the other side of Ranch Trails Court. Presidio will be able to accommodate an office campus with upwards of 500,000 square feet, along with additional lofts, retail and restaurant space. The design’s intent is to bring a more urban, walkable mixed-use campus to Parmer Lane and Cedar Park, with a trail system, local restaurants, a park and a food trailer court. The Phase I office building has been 50 percent pre-leased to American Constructors and will be ready for occupancy in the fall of 2016. In early 2016, Riverside Resources will also move ahead with the other components of the first phase, including a 21,000-square-foot restaurant and retail component it’s developing in partnership with Chris Whitworth and Mauricio Gonzalez Kane of Cordova Real …

January 13, 2016

Hospitality Southeast Tennessee

CBRE Brokers $3.2M Land Sale in Downtown Memphis for New Cambria Hotel

by John Nelson January 11, 2016

MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.

January 11, 2016

Hospitality Texas

Central Texas Medical Investments Sells Medical Office Building in Waco

by Haisten Willis January 8, 2016

WACO, TEXAS — Central Texas Medical Investments, a physician-owned limited partnership, through a joint sale, has transferred ownership of two medical office buildings in Waco. The Class A assets are located at 601 W. Highway Six and 6600 Fish Pond Road and are known as the Six West and Fish Pond Medical office buildings. They were built in 2006 and 2000 and span 107,744 and 54,901 square feet, respectively. Six West is 100 percent occupied, while Fish Pond is 94 percent occupied. HP Waco Six Medical is the new owner. Triliji Group of Waco served as the listing broker and advisor to Central Texas Medical Investments, while Medical Real Estate, with cooperation from Stealth Realty Advisors of Houston, procured HP Waco.

January 8, 2016

pm-realty-first-texas-hospital-carrollton

Hospitality Texas

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

Hospitality Loans New Jersey Northeast

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

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