Hospitality

Arbor Lodging Partners Acquires Two Hotels in Indianapolis

by Jonathan Mehall July 24, 2015

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.

July 24, 2015

Hospitality Northeast Pennsylvania

Laurus Corp. Completes Hilton Garden Inn Renovation in Suburban Philadelphia

by Amy Works July 24, 2015

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.

July 24, 2015

California Hospitality Western

CBRE Global Investors Fund Buys Irvine Marriott Hotel

by Nellie Day July 24, 2015

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.

July 24, 2015

District of Columbia Hospitality Southeast

Songy Highroads Sells Hyatt Place D.C. Hotel to RLJ Lodging Trust for $68M

by John Nelson July 24, 2015

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.

July 24, 2015

Hospitality Illinois Midwest

Geller Investment Co. Acquires Waldorf Astoria in Chicago for $111.9M

by Jonathan Mehall July 22, 2015

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.

July 22, 2015

Hospitality Midwest Minnesota

Marcus & Millichap Arranges Sale of 48-Room Hospitality Property in Albany, Minn.

by Jonathan Mehall July 22, 2015

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.

July 22, 2015

Arizona Hospitality Loans Western

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

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