TUSCALOOSA, ALA. — The Memphis office of Financial Federal Bank has secured the $20 million refinancing of a 154-room Embassy Suites hotel in Tuscaloosa. Financial Federal Bank arranged the loan through an unnamed life insurance company on behalf of the borrower.
ALPHARETTA, GA. — A public-private partnership involving North American Properties (NAP), Long Wharf Real Estate Partners, Stormont Hospitality Group and the city of Alpharetta will break ground tomorrow on The Hotel at Avalon and the connecting 65,000-square-foot Alpharetta Conference Center. The $112 million project will anchor Phase II of the 86-acre Avalon mixed-use development. The 330-bed hotel will be part of Marriott International’s Autograph Collection and will feature a local chef-driven restaurant, 24-hour fitness center, upscale pool, valet service and Club Avalon Concierge. The conference center will feature a 12,500-square-foot exhibit hall, 10,000-square-foot ballroom with six salons, six meeting rooms, boardroom, reception area, pre-function space and outdoor venues. The hotel and conference center are set to open in January 2018. The design team includes architect Cooper Carry and general contractor Brasfield & Gorrie. SunTrust Bank is providing construction financing, and HEI Hotels & Resorts will serve as the manager of the new hotel.
ENNIS, TEXAS — Marcus & Millichap has negotiated the sale of Holiday Inn Express & Suites Ennis, a 68-room hotel located in the Dallas suburb of Ennis. Chris Gomes of Marcus & Millichap’s Dallas office, Allan Miller of the firm’s San Antonio office and Skyler Cooper of the firm’s Houston office marketed the property on behalf of the seller, a limited liability company. Gomes and Miller also procured the buyer, a private investor. Holiday Inn Express & Suites Ennis is located at 601 N. Sonoma Trail, near I-45 and Highway 34. Built in 2008, the four-story, limited service hotel is situated on 2.5 acres. Amenities at the hotel include an indoor swimming pool and hot tub.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of Chelsea Pines Inn, located at 317 W. 14th St. in Manhattan’s Chelsea neighborhood for $13.7 million. The five-story, 8,550-square-foot hotel features 23 rooms and an additional 8,625 buildable square feet of air rights. The hotel features movie-themed rooms, high-end luxury linens, bath amenities and WiFi. Brock Emmetsberger, Jonathan Hageman and Andy Posil of Cushman & Wakefield represented the sellers, Jay Lesiger and Tom Klebba, in the deal. The name of the buyer was not released.
HILLSBORO TEXAS — Marcus & Millichap has arranged the sale of Hampton Inn Hillsboro, a 70-room hotel in Hillsboro. Chris Gomes of Marcus & Millichap’s Dallas office, Allan Miller of the firm’s San Antonio office, and Skyler Cooper of the Houston office marketed the property on behalf of the seller, a private investor. Gomes and Miller also procured the buyer, also a private investor. Hampton Inn Hillsboro is located at 102 Dynasty Drive, just east of I-35 near Old Brandon Road. Built in 2007, the three-story hotel features a wood frame, stucco and brick exterior and a flat roof. Amenities include a fitness center, swimming pool, business center, complimentary breakfast bar and 691 square feet of meeting space. Rooms are equipped with a desk, microwave, refrigerator and flat-screen television with cable.
WASHINGTON, D.C. — Following a nine-year renovation process, The Watergate Hotel in Washington, D.C. has reopened its doors after $125 million in upgrades. New York-based developer Euro Capital Properties owns the famous hotel property, which had been closed for renovations since 2007. The hotel consists of 336 guestrooms, half of which include balconies, and 32 suites. Located on the banks of the Potomac River at 2650 Virginia Ave. N.W., The Watergate Hotel was originally designed by Italian architect Luigi Moretti in 1961 to look like a sail on the river. It opened in March 1967, and its name is synonymous with the political scandal that started with a break-in at the Democratic National Convention headquarters, which was located in an office complex connected to the hotel. The scandal would eventually lead to the 1974 resignation of President Richard Nixon. For the renovations, Ron Arad and Italian design firm Moroso added curves and mid-century modern design, while restoring some of the hotel’s original structures such as its staircase and indoor pool. Architectural and interior design firm BBGM was the architect for the project. “The Watergate is undoubtedly one of the most glamorous and illustrious hotels in the world,” says Rakel Cohen, …
WATERBURY, CONN. — HREC Investment Advisors and Ten-X Commercial have arranged the sale of CoCo Key Water Resort in Waterbury. JMDH Real Estate acquired the 284-guestroom hotel from T.J. Waterbury LLC for an undisclosed price. Mark von Dwingelo of HREC represented the seller in the deal.
ROUND ROCK, TEXAS — CBRE’s U.S. Healthcare Capital Markets Group has negotiated the sale of Forest Park Medical Center – Austin on behalf of FPMC Austin Realty Partners. St. David’s HealthCare purchased the 146,997-square-foot hospital, along with a 79,708-square-foot medical office building and 508-space parking garage, for $115 million. Scott Herbold, Chris Bodnar, Lee Asher and Greg Greene of CBRE, along with KOA Partners, marketed the asset on behalf of the seller. Forest Park Medical Center – Austin was planned to be a physician majority-owned and governed hospital. The seller filed for Chapter 11 bankruptcy protection in January, shortly after construction was completed. Built in 2015 on 8.5 acres in the Austin suburb of Round Rock, the hospital includes 40 private inpatient suites with 12 VIP/family suites, 10 operating rooms, two procedure rooms and six intensive care rooms. The common areas and restrooms of the four-story, on-campus medical office building have been completed, along with the parking garage.
GRAPEVINE, TEXAS — NewcrestImage has purchased the 125-room, six-floor Hyatt Place hotel in the Dallas suburb of Grapevine. This is the company’s fourth Hyatt Place, joining hotels owned and operated in San Antonio, Lubbock and Plano. The new property features two meeting rooms spanning 1,100 square feet and 400 square feet, a breakfast area, outdoor pool, cocktail and coffee bar, fitness center and a business center. The hotel is located near Legoland Discovery Center and the Grapevine Mills Mall. Dallas-based NewcrestImage now owns and operates 22 properties, with another 11 hotels under construction or in development. The company’s three divisions include real estate development, construction and hotel management.
FORT WORTH, TEXAS — Weis Builders has begun construction on a Hampton Inn & Suites in downtown Fort Worth at the former site of the Fort Worth United Way. Located across from Fort Worth Convention Center, the 245-key hotel will feature an indoor fitness area, swimming pool, business meeting and conference areas and a lounge with a bar.
