Hospitality

Carter Validus Mission Critical REIT II Inc. Acquires Hospital in Overland Park, Kan. for $24.5M

by Danielle Everson March 20, 2015

OVERLAND PARK, KAN. — Carter Validus Mission Critical REIT II Inc. has acquired the Heartland Rehabilitation Hospital in Overland Park for $24.5 million. The newly built, 45-bed in-patient rehabilitation facility is located on more than four acres and measures approximately 54,568 square feet in net rentable area. The facility will provide physical, psychological, social and vocational rehabilitation services to patients. The property is fully leased to Heartland Rehabilitation Hospital LLC, which is a newly formed operating subsidiary of Post-Acute Medical LLC, an owner/operator of eight in-patient rehabilitation facilities and long-term acute care hospitals in Texas and Louisiana. PAM is an affiliate of Vibra Healthcare LLC.

March 20, 2015

Hospitality Nevada Western

Solstar Investments Buys Two Marriott Properties Near Las Vegas

by Nellie Day March 20, 2015

LAS VEGAS — Solstar Investments has acquired two Marriott-flagged properties near Las Vegas for an undisclosed sum. The acquisition includes the 120-room Marriott SpringHill Suites Hotel and the 108-room Marriott TownePlace Suites Hotel in the submarket of Henderson. Both hotels were built in 2009. They will be managed by Twenty Four Seven Hotels. The hotels were purchased from Campbell Lodging, the original owner and developer. Financing was provided by GE Capital Franchise Finance, while Sklar Kirsh served as legal advisors.

March 20, 2015

Hospitality New Jersey Northeast

HREC Arranges Sale of 239-Room DoubleTree Princeton in New Jersey

by Amy Works March 19, 2015

PRINCETON, N.J. — HREC Investment Advisors has brokered the sale of a DoubleTree by Hilton hotel in Princeton. Located at 4355 U.S. Route 1, the 239-room hotel sold for an undisclosed price. Ketan Patel and Geoff David of HREC represented the undisclosed seller in the transaction. The name of the buyer was not released.

March 19, 2015

Hospitality Texas

FelCor Sells Embassy Suites Hotel in San Antonio

by Haisten Willis March 18, 2015

SAN ANTONIO — FelCor Lodging Trust Inc. has sold its 261-room Embassy Suites Hotel – San Antonio Airport for $29.5 million. FelCor will use the proceeds from selling this hotel to repay outstanding debt. Since 2010, FelCor has sold 35 non-strategic hotels for aggregate gross proceeds of $794 million.

March 18, 2015

Hospitality Illinois Midwest

The Dow Hotel Co. Completes Renovations on The Hilton Orrington/Evanston Hotel

by Danielle Everson March 18, 2015

EVANSTON, ILL. — The Dow Hotel Co. (DHC) has completed the $8.6 million renovation of the 269-room, Hilton Orrington/Evanston. The hotel is located at 1710 Orrington Ave., just north of Chicago in the North Shore district. All guest rooms and baths were completely renovated to include new carpeting, televisions, furniture, lighting, beds, bedding, showers and tiling. The hotel’s 12,000-square-foot conference center, as well as its additional 20,000 square feet of meeting space, which includes the famous Grand Orrington Ballroom, were also upgraded with new furniture, art and carpeting. The hotel public space also was reconfigured to create new private dining areas as well as new carpeting and lighting. DHC and The Carlyle Group’s Carlyle Realty Partners VI own the hotel. DHC will also operate the property. DHC is a hotel owner/investor and operator.

March 18, 2015

Hospitality Loans Midwest Ohio

NorthMarq Capital Arranges $2.7M Loan for Holiday Inn Express & Suites in Bucyrus, Ohio

by Danielle Everson March 17, 2015

BUCYRUS, OHIO — NorthMarq Capital has arranged $2.7 million in acquisition financing for the purchase of a Holiday Inn Express & Suites in Bucyrus. The 40,380-square-foot hospitality property is located at 1575 N. Sandusky Ave. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Matt Marshall of NorthMarq Capital’s Boston regional office arranged the loan for the undisclosed borrower.

March 17, 2015

Hospitality Massachusetts Northeast

Starwood Hotels Opens Third Four Points Hotel in Metro Boston

by Amy Works March 17, 2015

WAKEFIELD, MASS. — Starwood Hotels & Resorts Worldwide has opened its third Four Points hotel in the metro Boston area. Located at 1 Audubon Road in Wakefield, newly converted Four Points by Sheraton Wakefield Boston Hotel & Conference features 280 guestrooms, an 18,000-square-foot conference center, full-service dining and an indoor pool. The hotel is owned and operated by Meera LLC, an entity of Jamsan Hotel Management. Additionally, the hotel is scheduled to complete a $5 million renovation to upgrade all guestrooms and public areas by early next year.

March 17, 2015

Florida Hospitality Loans Southeast

HFF Arranges $40M Construction Loan for Art Deco Hotel in Miami Beach

by John Nelson March 17, 2015

MIAMI BEACH, FLA. — HFF has arranged a $40 million construction loan for the redevelopment of Park Central Hotel, a 1939 Art Deco hotel located at 620-650 Ocean Drive in Miami Beach. The loan will be used to take three existing Art Deco buildings — the Park Central Hotel, the Imperial Hotel and Heathcoat Apartments — and a 0.2-acre development site and turn them into the new Park Central Hotel. The new 135-room boutique hotel will feature three restaurants totaling 8,100 square feet, a rooftop glass bottom pool, ground-floor pool with ocean views from the deck, 24 suites and 1,380 square feet of meeting space. Jim Dockerty, Scott Wadler and Marc Roth led HFF’s debt placement team to secure a three-year, floating rate loan through BB&T Real Estate Funding on behalf of the borrower, Park Central Partners LLC, an entity controlled by Optimum Asset Management.

March 17, 2015

Hospitality Iowa Midwest

Lightstone Value Plus REIT III Acquires Hampton Inn in Des Moines, Iowa

by Danielle Everson March 10, 2015

DES MOINES, IOWA — Lightstone Value Plus REIT III Inc. has acquired a 120-room Hampton Inn located at Des Moines International Airport for $10.9 million. The Hampton Inn is in close proximity to downtown Des Moines. The property will be placed under new management, which will be overseen by Lightstone’s hospitality division. This is the first acquisition for the public, non-traded REIT. The purchase further increases Lightstone’s footprint in Des Moines, adding to its 2013 purchase of SpringHill Suites by Marriott and Fairfield Inn & Suites by Marriott.

March 10, 2015

Hospitality Loans Northeast Pennsylvania

NorthStar Income II Originates $42M Loan for Marriott Hotel in Pennsylvania

by Amy Works March 10, 2015

CORAOPOLIS, PA. — NorthStar Real Estate Income II Inc. has originated a $42 million senior loan for a Marriott-branded hotel located in Coraopolis. The 318-room was recently renovated and the borrower plans to complete $4 million in capital improvements using the proceeds from the loan, for a total of $8.3 million in capital expenditures.

March 10, 2015

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