GREENVILLE, N.C. — KeyBank Real Estate Capital has arranged a $14.3 million CMBS loan for The Hilton Greenville, a 141-room hotel located at 207 Greenville Blvd. S.W. in Greenville. The hotel is situated on the 32-acre Greenville Convention Center campus and is within two miles of East Carolina University. Scott Bois of KeyBank’s commercial mortgage group arranged the non-recourse loan on behalf of the undisclosed borrower.
NEW YORK CITY — HREC Investment Advisors has arranged a $7.1 million loan for the acquisition of Comfort Inn Red Hook in Brooklyn. Located one block from the Brooklyn Cruise Terminal and Battery Tunnel, the hotel features 81 rooms. A bridge lender provided the capital. Geoff Davis and Mike Armstrong of HREC represented the investment group that purchased the hotel in the financing deal.
BERKELEY, CALIF. — AJ Capital has received $31.5 million in financing to acquire and reposition the 144-unit Hotel Durant in Berkeley. The hotel is located at 2600 Durant Ave. AJ Capital plans to rebrand the property as the Graduate Hotel. The Graduate brand is the first to cater exclusively to college- and university-anchored markets. It is targeted toward alumni and other college visitors. The Graduate portfolio was launched in 2014. It currently contains 1,355 rooms in nine university-anchored markets across the country. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoar of Mission Capital Advisors’ Debt & Equity Finance Group arranged the financing.
NEW YORK CITY — Devli Group has topped out the construction of a 44,000-square-foot boutique hotel located at 44 W. 29th St. in New York City’s Madison Square Park area. Designed by Gene Kaufman Architect, the 18-story hotel will feature 109 rooms. The property will include a sunken garden, a multi-level restaurant and lounge, a 740-square-foot rooftop salon and a total of 2,700 square feet of bar and lounge space. Studio Mai is designing the hotel’s interior spaces.
WISCONSIN DELLS — Marcus & Millichap has brokered the sale of the Ramada Wisconsin Dells, a 71-room hotel. The Ramada sold for $3.5 million and is located at 1073 Frontage Road East in the Wisconsin Dells, a popular tourist destination along the Wisconsin River in the south central part of the state.The property is 37,909 square feet. Jon Ruzicka of Marcus & Millichap represented the undisclosed seller. Ruzicka, along with Matthew Fitzgerald, also represented the unidentified buyer. The deal marks the second hotel property sale that Ruzicka has brokered in the Wisconsin Dells over the past year.
PALESTINE, TEXAS — Marcus & Millichap has arranged the sale of La Quinta Inn & Suites Palestine, a 60-room hospitality property located in Palestine. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Gomes, Cooper and Miller also procured the buyer, a private investor. La Quinta Inn & Suites Palestine is located at 3000 S. Loop 256, just west of Palestine Regional Medical Center. The property is a 60-room, interior corridor, midscale hotel situated on approximately three acres. The three-story hotel was built in 2007 with a wood frame and stucco exterior. The property features a fitness center, a 324-square-foot meeting room, outdoor pool with spa and breakfast/dining area. Guest rooms offer amenities such as a pillow top bed, microwave, refrigerator and work desk.
LOS ANGELES — Sonnenblick-Eichner Company has arranged $153 million in first-mortgage financing for The Pacifica Hotel Portfolio. The mostly California-based portfolio contains 10 hotel properties that total 739 rooms. A majority of the properties are oceanfront hotels situated on California’s central coast. Additional properties are located in the Los Angeles submarkets of Venice, Marina del Rey and Manhattan Beach. One property is also located in Port St. Lucie, Fla. The non-recourse loans were not cross-collateralized and feature 10-year, fixed-rate financing.
TEMPE, ARIZ. — A 128-room Holiday Inn Express Hotel & Suites in Tempe has sold for $11 million. The buyer and seller were not disclosed. The hotel is located at 1520 W. Baseline Road. It was built in 1997. The hotel sits six miles from Phoenix Sky Harbor International Airport and 20 miles from Scottsdale Airport. Jon Grantham and James Meng of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer.
CLEVELAND, OHIO — HREC Investment Advisors has arranged the sale of the 242-room Sheraton Cleveland Airport Hotel at 5300 Riverside Drive for an undisclosed price. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, advised the buyer, Lakshmi Narayan Hospitality Group LLC. Anka also advised the seller, Hopkins Partners. The property contains over 16,000 square feet of meeting and banquet space.
TUSCALOOSA, ALA. — InterContinental Hotels Group (IHG) and Chance Partners have broken ground on Hotel Indigo Tuscaloosa Downtown, a 91-room hotel located at 120 Greensboro Ave. within Riverfront Village, a $60 million mixed-use development. Riverfront Village fronts Black Warrior River in downtown Tuscaloosa. The new hotel will be the first LEED-certified hotel in Alabama and Tuscaloosa’s first riverfront hotel. IHG and Chance Partners expect to open the hotel in winter 2016. Upon completion, the hotel will feature 1,000 square feet of executive meeting space, a fitness center, restaurant, rooftop bar, business center and a 2,500-square-foot outdoor terrace. Interstate Hotels & Resorts will manage the hotel upon completion.
