BEDFORD PARK, ILL. — Developer Weglarz Co. and general contractor William A. Randolph have completed the development of Hyatt Place Hotel at Midway Airport in Bedford Park, a Chicago suburb. Located at 6500 Cicero Ave., the six-story property features 148 rooms, an indoor swimming pool, fitness center, putting green, bar/café, lounge and meeting room facilities. Legat Architects provided architectural design services and Tech 3 Consulting served as civil engineer for the project.
WESTBOROUGH, MASS. — Ultima Hospitality has acquired the DoubleTree by Hilton Hotel Boston – Westborough in Westborough, approximately 35 miles form downtown Boston, for an undisclosed price. The 223-room hotel features 13,300 square feet of meeting space, a full bar and restaurants and an indoor pool. The property recently underwent a renovation of its common areas and Ultima plans to renovate the guestrooms. The name of the seller was not released.
CONCORD, N.H. — Cronheim Hotel Capital has secured $5.9 million in financing for Holiday Inn in Concord. Lisa McMahon and Andrew Stewart of Cronheim Hotel Capital arranged the 10-year loan, which features a 30-year amortization schedule, for the borrower, an affiliate of Chartwell Hotels. Renovated in 2010, the hotel features 122 rooms and 5,300 square feet of meeting space.
ATLANTA — A partnership led by Square Mile Capital Management LLC has sold the W Hotel Atlanta Downtown to Ashford Hospitality Trust for roughly $56.8 million. The 237-room hotel anchors the Allen Plaza mixed-use complex in downtown Atlanta and is within walking distance of the MARTA Civic Center Metro station, Georgia Aquarium and the World of Coca-Cola. The partnership acquired the W Hotel in 2010 via deed in lieu of foreclosure. Since 2010, the hotel’s net operating income has tripled, with average occupancy currently at 73 percent and the average daily room rate above $200. Concurrent with the completion of the acquisition, Ashford Hospitality Trust financed the hotel with a $40.5 million non-recourse mortgage loan. The hospitality REIT has also retained Starwood Hotels to manage the property.
WASHINGTON, D.C. — Hodges Ward Elliott has brokered the sale of the St. Regis Washington, D.C., a 182-room luxury hotel located at the intersection of 16th and K streets, roughly two miles from the White House. Mark Elliott and Rudy Reudelhuber of Hodges Ward Elliott represented the seller in the transaction. The firm also advised the buyer, Al Rayyan Tourism Investment Co. (ARTIC), on procuring acquisition financing from Goldman Sachs. St. Regis Washington, D.C., will continue to operate under the St. Regis brand. ARTIC’s purchase also includes an adjacent parcel that is zoned for 22,000 square feet of hotel, office, retail, parking and/or residential use. Qatar-based ARTIC is the international hospitality subsidiary of Al Faisal Holding Co. ARTIC owns 32 hotels in the Middle East, Africa, Europe and North America, including the Radisson Blu Chicago and The Manhattan at Times Square.
NEW YORK CITY — Being developed by Barone Management, the new Marriott Fairfield Inn & Suites in New York City is slated to top out in July. Located at 538 W. 58th St., the 86,000-square-foot hotel will feature 226 rooms in two seemingly separate structures, an 18-story tower and adjoining 10-story building. The property will feature a streetside plaza, an office center, a fitness center and a breakfast bar. Gene Kaufman Architect is serving as architect for the project.
WYOMISSING, PA. — Cronheim Hotel Capital has secured $15.2 million in financing for the acquisition of the 142-room Hampton Inn in Wyomissing. The borrowers were Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm. The 10-year, non-recourse loan was funded at 79 percent loan-to-cost and carries a 30-year amortization schedule. The buyers currently own and manage a portfolio of 10 hotels totaling more than 1,000 rooms. David Turley, Janet Proscia and Jeffrey Pacailler of Cronheim Hotel Capital arranged the financing for the borrowers. Cronheim Hotel Capital is an affiliate of Chatham, N.J.-based David Cronheim Mortgage Corp.
APPLETON, WIS. — HREC Investment Advisors has arranged the sale of Microtel Inn & Suites Hotel in Appleton, approximately 30 miles southwest of Green Bay, Wis. Wisconsin-based Rajshyamaji LLC acquired the 79-room hotel for an undisclosed price. The new owners plan to renovate the property. Ted Anka of HREC represented the seller, Inditel Property Management, in the transaction.
ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.
MINNEAPOLIS — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire two hotels in Minneapolis for a total of $101 million, or $349,000 per key. The hotels include the 229-room W Minneapolis Hotel – The Foshay and the 60-room Le Meridian Chambers Minneapolis. As part of the transaction, Ashford will assume approximately $56 million of mortgage debt on the W Minneapolis Hotel. The assumed debt matures in May 2023 and carries a fixed interest rate of 5.4 percent. After closing, both properties will continue to be managed by Starwood Hotels. W Minneapolis features 6,700 square feet of meeting space, the open-aired Foshay Tower Museum and Observation Deck, a FIT gym, 24-hour business center and Manny’s Steakhouse. Le Meridien Chambers Minneapolis offers 3,648 square foot of meeting space, a bar and restaurant, a fitness center, and more than 200 pieces of original contemporary artwork in the guestrooms and public areas.
