Hospitality

Marcus & Millichap Brokers $3.5M Sale of Hotel Property in Wisconsin Dells

by Christina Cannon September 18, 2015

WISCONSIN DELLS — Marcus & Millichap has brokered the sale of the Ramada Wisconsin Dells, a 71-room hotel. The Ramada sold for $3.5 million and is located at 1073 Frontage Road East in the Wisconsin Dells, a popular tourist destination along the Wisconsin River in the south central part of the state.The property is 37,909 square feet. Jon Ruzicka of Marcus & Millichap represented the undisclosed seller. Ruzicka, along with Matthew Fitzgerald, also represented the unidentified buyer. The deal marks the second hotel property sale that Ruzicka has brokered in the Wisconsin Dells over the past year.

September 18, 2015

Hospitality Texas

M&M Arranges Sale of 60-Room Hospitality Property in East Texas

by Haisten Willis September 17, 2015

PALESTINE, TEXAS — Marcus & Millichap has arranged the sale of La Quinta Inn & Suites Palestine, a 60-room hospitality property located in Palestine. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Gomes, Cooper and Miller also procured the buyer, a private investor. La Quinta Inn & Suites Palestine is located at 3000 S. Loop 256, just west of Palestine Regional Medical Center. The property is a 60-room, interior corridor, midscale hotel situated on approximately three acres. The three-story hotel was built in 2007 with a wood frame and stucco exterior. The property features a fitness center, a 324-square-foot meeting room, outdoor pool with spa and breakfast/dining area. Guest rooms offer amenities such as a pillow top bed, microwave, refrigerator and work desk.

September 17, 2015

Hospitality Loans Western

Sonnenblick-Eichner Arranges $153M in Financing for Pacifica Hotel Portfolio

by Nellie Day September 16, 2015

LOS ANGELES — Sonnenblick-Eichner Company has arranged $153 million in first-mortgage financing for The Pacifica Hotel Portfolio. The mostly California-based portfolio contains 10 hotel properties that total 739 rooms. A majority of the properties are oceanfront hotels situated on California’s central coast. Additional properties are located in the Los Angeles submarkets of Venice, Marina del Rey and Manhattan Beach. One property is also located in Port St. Lucie, Fla. The non-recourse loans were not cross-collateralized and feature 10-year, fixed-rate financing.

September 16, 2015

Arizona Hospitality Western

Holiday Inn Express Hotel & Suites in Tempe Sells for $11M

by Nellie Day September 15, 2015

TEMPE, ARIZ. — A 128-room Holiday Inn Express Hotel & Suites in Tempe has sold for $11 million. The buyer and seller were not disclosed. The hotel is located at 1520 W. Baseline Road. It was built in 1997. The hotel sits six miles from Phoenix Sky Harbor International Airport and 20 miles from Scottsdale Airport. Jon Grantham and James Meng of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer.

September 15, 2015

Hospitality Midwest Ohio

HREC Arranges Sale Of The Sheraton Cleveland Airport Hotel

by Katie Sloan September 14, 2015

CLEVELAND, OHIO — HREC Investment Advisors has arranged the sale of the 242-room Sheraton Cleveland Airport Hotel at 5300 Riverside Drive for an undisclosed price. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, advised the buyer, Lakshmi Narayan Hospitality Group LLC. Anka also advised the seller, Hopkins Partners. The property contains over 16,000 square feet of meeting and banquet space.

September 14, 2015

Alabama Hospitality Southeast

IHG, Chance Partners Break Ground on Hotel Indigo Tuscaloosa Downtown

by John Nelson September 14, 2015

TUSCALOOSA, ALA. — InterContinental Hotels Group (IHG) and Chance Partners have broken ground on Hotel Indigo Tuscaloosa Downtown, a 91-room hotel located at 120 Greensboro Ave. within Riverfront Village, a $60 million mixed-use development. Riverfront Village fronts Black Warrior River in downtown Tuscaloosa. The new hotel will be the first LEED-certified hotel in Alabama and Tuscaloosa’s first riverfront hotel. IHG and Chance Partners expect to open the hotel in winter 2016. Upon completion, the hotel will feature 1,000 square feet of executive meeting space, a fitness center, restaurant, rooftop bar, business center and a 2,500-square-foot outdoor terrace. Interstate Hotels & Resorts will manage the hotel upon completion.

September 14, 2015

Holiday Inn Express & Suites 1917 Bladensburg Road

District of Columbia Hospitality Loans Southeast

HFF Arranges $36.2M Financing for Two Hotels in D.C.

by John Nelson September 14, 2015

WASHINGTON, D.C. — HFF has arranged two loans totaling $36.2 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites in Washington, D.C. The two adjacent hotels each have 126 guest rooms and feature a breakfast area, lobby, fitness center, swimming pool, business center and between 600 and 800 square feet of meeting space. The Holiday Inn Express & Suites (1917 Bladensburg Road) and the Fairfield Inn & Suites (2305 New York Ave. N.E.) share 251 parking spaces on approximately 3.6 acres at the intersection of Bladensburg Road and New York Avenue. Mark Remington of HFF arranged the $19.3 million loan for Holiday Inn Express & Suites and the $16.9 million loan for Fairfield inn & Suites through Burke & Herbert Bank on behalf of the borrower, Rocks Engineering Co. The fixed-rate loans each have a term of 10 years.

September 14, 2015

Hospitality Kansas Midwest

Condor Hospitality Trust Sells Super 8 in Kansas for $3.2M

by Amy Works September 10, 2015

MANHATTAN, KAN. — Condor Hospitality Trust Inc. has completed the disposition of a Super 8 property located at 200 Tuttle Creek Blvd. in Manhattan. The 85-room hotel sold for $3.2 million to an undisclosed buyer. Condor will use the net proceeds of the sale for general corporate purposes, including future acquisitions.

September 10, 2015

Hospitality Texas

HFF Secures $14.4 Million Financing for Hilton Garden Inn El Paso/University

by Katie Sloan September 10, 2015

EL PASO, TEXAS — Holliday Fenoglio Fowler (HFF) has secured $14.4 million in first mortgage financing for Hilton Garden Inn El Paso/University, a 153-room, full-service hotel in El Paso. Jason Bond and Michael Cosby worked on behalf of the borrower, TVO Groupe, to place the 10-year, fixed-rate loan with Cantor Commercial Real Estate. Loan proceeds will be used to refinance existing debt and fund future property improvement plans. The hotel is located at 111 West University Ave. adjacent to the University of Texas at El Paso.

September 10, 2015

Hospitality Texas

Sam Moon Group Breaks Ground on New Renaissance Hotel

by Katie Sloan September 3, 2015

PLANO, TEXAS — Developer Sam Moon Group has broken ground on a new 15-story, 304-guestroom Renaissance hotel in Plano. Part of the new 250-acre Legacy West master development, the hotel will include more than 100,000 square feet of conference and meeting space, restaurants, an outdoor bar terrace and a third-floor amenity deck with a swimming pool, bar, spa and fitness center. An attached parking garage will provide 470 parking spaces for guests. Brasfield & Gorrie will serve as general contractor and HKS Hospitality Group will serve as architect on the project. Other project team members include Looney & Associates, Blum Engineering, Brockett/Davis/Drake Inc., Bancorp South and Jones Lang LaSalle. Construction of the hotel is expected to be complete in spring 2017.

September 3, 2015

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