STORRS, CONN. — HREC Investment Advisors has arranged the sale of the Nathan Hale Inn & Conference Center in Storrs. The University of Connecticut (UCONN) purchased the property for an undisclosed sum. Situated on the campus of UCONN, the property features 98 guestrooms. Ketan Patel and Geoff Davis of HREC represented the undisclosed seller in the transaction.
RICHMOND, VA. — Hunter Hotel Advisors has brokered the $11 million sale of Homewood Suites Richmond West End, a 123-room hotel in Richmond. A global private equity firm sold the four-story hotel to a Virginia-based hotel company. Teague Hunter and Trey Scott of Hunter Hotel Advisors brokered the transaction.
KATY, TEXAS — Ascension Group Architects recently completed Oceans Behavioral Hospital Katy at 455 Park Grove Drive in Katy. The hospital opened to patients in the spring. The 48-bed, 34,274-square-foot behavioral health hospital provides care to adults 55 and older who require inpatient hospitalizations for psychiatric illnesses. The property is located just south of I-10 and Mason Road and is a joint venture between Dallas-based real estate investment and development company SRP Medical and Plano, Texas-based Oceans Healthcare. The property is Oceans’ seventh hospital in Texas and fourth in partnership with SRP. Dallas-based Rogers-O’Brien Construction was the general contractor.
ORLANDO, FLA. — Auction.com LLC and HREC Investment Advisors have arranged the $87 million sale of a five-property hotel portfolio in Florida, New Jersey and Illinois. The seller was Orlando, Fla.-based Alena Hospitality. The transactions included the $30.1 million sale of the 246-room DoubleTree Orlando East at 12125 High Tech Ave. in Orlando; the $27.9 million sale of a 246-room hotel at 12490 Apopka Vineland Road in Orlando; the $12.6 million sale of a 290-room hotel at 400 W. Livingston St. in downtown Orlando; the $10.5 million sale of a 148-room hotel at 50 Kenny Place in Saddle Brook, N.J.; and the $5.8 million sale of a 272-room hotel at 500 Hamilton Blvd. in Peoria, Ill.
INDIANAPOLIS — Arbor Lodging Partners, through an affiliate, has acquired two select-service, extended-stay hotels in Indianapolis: the TownePlace Suites Indianapolis Keystone, an 82-room hotel; and the TownePlace Suites Indianapolis Park 100, a 94-room property. The terms of the transaction were undisclosed. The two hotels are part of the TownePlace Suites by Marriott brand and offer an all-suites concept that caters to business travelers. The residential-style suites come in studio, one-bedroom and two-bedroom unit sizes, and offer amenities such as ample workspace and living areas and full-sized, fully equipped kitchens. Arbor Lodging Partners is a Chicago-based national owner and operator of hotels. Individuals who represented the buyer and seller were undisclosed.
FORT WASHINGTON, PA. — Laurus Corp. has completed the repositioning of Hilton Garden Inn Philadelphia/Fort Washington, located at 530 W. Pennsylvania Ave. in Fort Washington. The renovation included upgrading guestrooms, enhancing the lobby, and renovating the 3,350 square feet of meeting space and the outdoor courtyard with ample seating areas and an outdoor fire pit. Guestroom upgrades included new carpets, modern furniture and fixtures and new beds. The company acquired the 146-room hotel in 2013.
IRVINE, CALIF. — CBRE Global Investors has acquired the 487-room Irvine Marriott Hotel for an undisclosed sum. The hotel is located at 18000 Von Karman Ave. Irvine Marriott Hotel features a newly renovated lobby, restaurants and a lounge, 27,000 square feet of meeting space, a fitness center and swimming pool. CBRE plans to reposition the asset through a significant capital program. This will include renovations to room finishes and improvements to the fitness center, pool area, common areas and landscaping. The CBRE Strategic Partners U.S. Value 7 fund purchased the property.
WASHINGTON, D.C. — Atlanta-based Songy Highroads LLC has sold the 164-room Hyatt Place D.C./Downtown/K Street hotel in Washington, D.C., to RLJ Lodging Trust for $68 million. The 11-story hotel is located at 1522 K St. N.W. and is within walking distance of three Metro stations and the White House. The hotel, which was formerly a 91,000-square-foot office building, opened in late April. The hotel features the 24-hour Gallery Restaurant, a 24-hour fitness center and a rooftop event space.
CHICAGO — Geller Investment Co. has closed on its acquisition of the iconic Waldorf Astoria hotel on Chicago’s Gold Coast. Sam Zell’s Zell Equity Group Investments completed the sale, but will maintain a minority stake in Waldorf. The 189-room hotel at 11 E. Walton St. sold for a record-breaking $111.9 million, according to a Cook County transfer tax form. The purchase equals just over $592,000 per room, well above the previously held record of $505,000 per room paid by Zell for the Elysian hotel. Geller plans to add 26 hotel rooms in the 60-story tower, which also features 52 private residences. The new owners also plan changes to the hotel’s food, drink and public areas.
ALBANY, MINN. — Marcus & Millichap (NYSE: MMI) has arranged the sale of Norwood Inn & Suites, a 48-room hospitality property located in Albany, 22 miles northwest of St. Cloud, for $945,000. Norwood Inn & Suites is a two-story building built in 1998 and is located at 820 Shamrock Lane in Albany. It features 48 guestrooms and an indoor swimming pool and hot tub. Jon Ruzicka of Marcus & Millichap’s Minneapolis office represented the seller, an individual/personal trust. Ruzicka also represented the buyer, a limited liability company.
