Hospitality

Wigwam Resort Near Phoenix Receives $29M Loan

by Nellie Day July 22, 2015

PHOENIX — The 331-room Wigwam Resort in the Phoenix submarket of Litchfield Park has received a $29 million loan. The hotel is located at 300 E. Wigwam Blvd. The resort features 45,000 square feet of indoor meeting space, 55,000 square feet of outdoor meeting space, an Elizabeth Arden Spa, four food and beverage venues, four swimming pools and three 18-hole golf courses. JLL’s Dustin Stolly, Mike Huth and Aaron Niedermayer secured the floating-rate loan. East West Bank provided the funds to JDM Holdings.

July 22, 2015

California Hospitality Western

Ultima, Argosy Divest Holiday Inn Express in Marin County

by Nellie Day July 22, 2015

MILL VALLEY, CALIF. — Ultima Hospitality and Argosy Real Estate have sold the 100-room Holiday Inn Express in Mill Valley, a submarket in Marin County that is just north of San Francisco. The hotel is located at 160 Shoreline Highway. The price was not disclosed. The hotel was formerly known as the Larkspur Mill Valley Hotel until the partners rebranded it in fall 2012. The property’s guestrooms, common areas and exteriors were also renovated at this time.

July 22, 2015

Hospitality Indiana Midwest

Oak Coast Properties, Harp Group Acquire Residence Inn Hotel in South Bend for $8M

by Jonathan Mehall July 21, 2015

SOUTH BEND, IND. — Oak Coast Properties and Harp Group have acquired the 80-room Residence Inn hotel in South Bend for $8 million. The new owners plan to complete approximately $2 million in extensive renovations to the property. The value-add investment strategy is aimed at maximizing revenue per available room (RevPAR). As Indiana’s fourth largest city, South Bend boasts four higher education institutions in the area. The apartment-style hotel rooms include full kitchens with ovens. The average size of the rooms is approximately 50 percent larger than traditional hotel rooms. The property appeals to both families and business travelers seeking extended-stay options. The seller was RLJ Lodging Trust.

July 21, 2015

Hospitality Loans Texas

HFF Arranges Sale, Acquisition Financing for Le Méridien Hotel in Dallas

by Haisten Willis July 21, 2015

DALLAS — HFF has arranged the sale of and acquisition financing for Le Méridien Dallas by the Galleria, a 258-suite hotel in Dallas. HFF marketed the property on behalf of the seller, a partnership between Arden Group Inc. and HEI Hotels & Resorts. NB Holdings purchased the asset for an undisclosed amount. Additionally, HFF worked on behalf of the new owner to place the 10-year, fixed-rate acquisition loan with Principal Commercial Capital. Le Méridien Dallas by the Galleria is an all-suite, 11-story hotel with a European aesthetic. Originally constructed in 2002, the hotel was renovated in 2009 when it was converted into a Le Méridien. Hotel amenities include the recently renovated fitness center, 5,079 square feet of meeting space, indoor heated swimming pool, 24-hour business center and concierge service. Le Méridien Dallas by the Galleria is situated on 2.9 acres in the North Dallas Galleria market, a retail, office and entertainment district. Located at 13402 Noel Road, the hotel is across the street from the Dallas Galleria, a 1.8 million-square-foot mall that is the second most popular tourist attraction in North Texas with approximately 19 million visitors a year. Additionally, the hotel is surrounded by Class A office space serving as …

July 21, 2015

Hospitality New York Northeast

McSam Hotel Group to Break Ground for Marriott TownePlace Suite in Times Square

by Amy Works July 17, 2015

NEW YORK CITY — McSam Hotel Group plans to break ground this August on TownePlace Suites by Marriott at 324 W. 44th St. in New York City’s Times Square. Designed by Gene Kaufman Architect, the 44,500-square-foot hotel will feature 114 rooms in two seven-story wings connected by a landscaped courtyard. Hotel amenities will include a fitness center and meeting space. VLDG Inc. is designing the interiors of the hotel.

July 17, 2015

Hospitality Loans Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $42M Acquisition Loan for Development Site in Queens

by Amy Works July 15, 2015

NEW YORK CITY — Eastern Consolidated has arranged a $42 million bridge loan for the acquisition of a development site located at 131-01 39th Ave. in the Flushing neighborhood of Queens. The borrower, Triple Star Realty, acquired the former Assi Plaza supermarket location for more than $90 million. Triple Star Realty plans to raze the existing structures and develop a 631,752-square-foot mixed-use complex. The waterfront property will feature a 360-unit residential space, a 200-room hotel, retail space, a supermarket, general and medical office space and parking. Jonathan Aghravi, Charles Han, Ben Tapper and Tripp Lyons of Eastern Consolidated arranged the financing for the borrower.

July 15, 2015

Hospitality North Carolina Southeast

Hilton Worldwide Opens Embassy Suites Hotel in Charlotte

by John Nelson July 14, 2015

CHARLOTTE, N.C. — Hilton Worldwide has opened Embassy Suites Charlotte/Ayrsley, a 170-room hotel located at 1917 Ayrsley Town Blvd. in southwest Charlotte. The six-story hotel is located within walking distance of shopping, dining and a movie theater, and is also 11 miles from Charlotte Douglas International Airport. The hotel features 13,000 square feet of meeting space, a Brickstones Grill dining venue, heated indoor pool, 24-hour fitness center, complimentary Wi-Fi and a 24-hour business center. Griffin Stafford Hospitality manages the new hotel.

July 14, 2015

Hospitality Illinois Midwest

First Hospitality Group Completes Renovation of Hampton Inn & Suites in Central Illinois

by Jonathan Mehall July 13, 2015

NORMAL, ILL. — First Hospitality Group Inc. has completed the renovation of Hampton Inn & Suites of Bloomington-Normal in Normal. Located at 320 S. Towanda Ave., the hotel is within the Shoppes at College Hills, minutes north of downtown Bloomington, Illinois State University, Illinois Wesleyan University and Mitsubishi Motors North American Headquarters. During the six-month renovation project that began late last year, interior features were updated throughout the property, including new carpet and wall vinyl. All of the 128 guestrooms were appointed with new sofas, desk chairs, mattresses, box springs and bedding. Starwood Capital Group owns the hotel, which is managed by First Hospitality Group.

July 13, 2015

Alabama Hospitality Southeast

Winter Construction to Build New SpringHill Hotel in Alabama

by John Nelson July 13, 2015

ORANGE BEACH, ALA. — Winter Construction will build the new SpringHill Suites hotel at The Wharf in Orange Beach. The Wharf is an entertainment, retail and marina complex adjacent to the Gulf Intracoastal Waterway in Orange Beach, near the Florida-Alabama border. The five-story building will include 132 guest suites, meeting space, restaurant space and an exterior amenity area with a swimming pool. The architect of record for the new SpringHill Suites project is Rule Joy Trammel + Rubio. Winter Construction has built and renovated other Marriott-brand hotels across the Southeast. Winter is currently building the new AC Hotel by Marriott at Phipps Plaza in Atlanta.

July 13, 2015

Hospitality Illinois Midwest

Hostmark Hospitality Will Operate Dual-Branded Hotel in Chicago

by Jonathan Mehall July 10, 2015

CHICAGO — Hostmark Hospitality Group has been selected to operate a Hilton dual-branded hotel in Chicago’s West Loop neighborhood at 118 N. Jefferson St. The 210-room Hampton Inn and 126-room Homewood Suites, which are currently under construction, will open in the fall of 2016. Each hotel will have its own lobby. The Hampton Inn/Homewood Suites will be within close distance of the Illinois Medical District and offers easy access to I-90/94.

July 10, 2015

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