Hospitality

Grandbridge Arranges $25.6M Refinancing for Hotel in Downtown Tallahassee

by John Nelson July 7, 2015

TALLAHASSEE, FLA. — Grandbridge Real Estate Capital has closed a $25.6 million first mortgage refinancing on Doubletree by Hilton, a 243-room hotel in downtown Tallahassee. The property is located within walking distance to the Florida Capitol Building, Florida State University and Florida A&M University. The hotel features a full-service bar and restaurant, banquet and meeting rooms, fitness center, swimming pool and parking garage. Bill Mattice and Phillip Cox of Grandbridge’s Greenville, S.C., office arranged the loan through Goldman Sachs in a CMBS loan structure.

July 7, 2015

California Hospitality Western

Palisades Hospitality Group Buys the Colony Palms Hotel in Palm Springs

by Nellie Day July 6, 2015

PALM SPRINGS, CALIF. — Palisades Hospitality Group (PHG) has purchased the 57-room Colony Palms Hotel in Palm Springs for $24 million. The hotel is located at 572 North Indian Canyon Drive. Colony Palms is situated just one block off the city’s main downtown strip. It was built in the 1930s. Amenities include a full-service spa and the Purple Palm restaurant and bar. PHG plans to upgrade and enhance the property over the next several months. It will also create 1,200 square feet of meeting space for small groups and events that can accommodate up to 50 people. The hotel has a colored past, as it was allegedly once owned by mobster Al Westheimer. At the time, it featured a casino, speakeasy and brothel that attracted famous Hollywood guests like Clark Gable, Carole Lombard and Humphrey Bogart. The hotel was purchased in the 1940s by Robert and Amanda Leeds-Howard, the owners of famed racehorse Seabiscuit. It underwent a substantial $17 million renovation in 2008. That renovation was overseen by Martyn Bullard-Lawrence, who was named one of Architectural Digest’s top 100 interior designers. He is also known for his role on Bravo’s “Million Dollar Designers.” PHG will operate the Colony Palms under …

July 6, 2015

Hospitality Illinois Midwest

Weglarz Co., William A. Randolph Complete Hyatt Place at Midway Airport

by Amy Works July 2, 2015

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.

July 2, 2015

Hospitality Massachusetts Northeast

Ultima Hospitality Acquires DoubleTree Hotel Boston – Westborough

by Amy Works July 2, 2015

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.

July 2, 2015

Hospitality Loans New Hampshire Northeast

Cronheim Hotel Capital Secures $5.9M Loan for 122-Room Holiday Inn in New Hampshire

by Amy Works July 2, 2015

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.

July 2, 2015

Georgia Hospitality Southeast

Square Mile Capital-Led Partnership Sells W Hotel Atlanta Downtown to Ashford for $56.8M

by John Nelson July 2, 2015

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.

July 2, 2015

District of Columbia Hospitality Southeast

Hodges Ward Elliott Brokers Sale of St. Regis Washington, D.C.

by John Nelson July 1, 2015

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.

July 1, 2015

Hospitality New York Northeast

NYC’s New Marriott Fairfield Inn & Suites to Top Out in July

by Amy Works June 30, 2015

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.

June 30, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $15.2M Acquisition Financing for Hampton Inn Property

by Amy Works June 30, 2015

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.

June 30, 2015

Hospitality Midwest Wisconsin

HREC Arranges Sales of Microtel Inn & Suites in Wisconsin

by Amy Works June 30, 2015

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.

June 30, 2015

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