Hospitality

HFF Arranges $110M Loan for Multi-State Hotel Portfolio

by John Nelson February 26, 2015

ORLANDO, FLA. — HFF has arranged $110 million in mortgage financing for a seven-property, 2,566-room hotel portfolio in Florida, California, Virginia, Ohio and New Mexico. The hotels include the 266-room Sheraton Tampa East in Tampa; the 382-room Sheraton Orlando North in Orlando; the 718-room Radisson Orlando Celebration in Orlando; the 329-room Hilton Concord in Concord, Calif.; the 295-room DoubleTree Williamsburg in Williamsburg, Va.; the 300-room Crowne Plaza Columbus North in Columbus, Ohio; and the 276-room Sheraton Albuquerque Airport in Albuquerque, N.M. Michael Weinberg, Dan Peek, Trey Morsbach and Preston Reid of HFF arranged the five-year, floating-rate laon through CCRE on behalf of the borrower, a joint venture between Varde Partners Inc., Interstate Hotels & Resorts and Waramaug Hospitality Management. Loan proceeds will be used to refinance existing debt on the properties.

February 26, 2015

Arizona Hospitality Western

Quality Inn & Suites Tucson Airport North Sells for $2.3M

by Nellie Day February 23, 2015

TUCSON, ARIZ. – The 172-unit Quality Inn & Suites Tucson Airport North has sold to a partnership for $2.3 million. The hotel is located at 5251 South Julian Drive. The buyer was represented by Sam Hanna and Evan Taylor of Marcus & Millichap. The seller, a limited liability company, was represented by James I. Meng of the same firm.

February 23, 2015

Hospitality Loans Midwest Minnesota

Dougherty Arranges $18.5M Construction Loan for Pier B Hotel in Duluth, Minn.

by John Nelson February 20, 2015

DULUTH, MINN. — Dougherty Funding has arranged an $18.5 million construction loan for Pier B hotel in Duluth. The 140-room full-service waterfront hotel will be located in the Canal Park area. The site includes four 90-by-90 foot cement silos that are nearly 100 years old that will provide an iconic image for the development. The hotel complex will include a spa, banquet center, a pool overlooking Duluth’s harbor, and outdoor patios near bars and restaurants. Dougherty Funding served as the lead lender and servicer for the loan, which was arranged for the borrower, Pier B Holding LLC.

February 20, 2015

Hospitality New Mexico Western

WR Management Debuts GuestHouse International Inn & Suites Albuquerque Airport

by Nellie Day February 20, 2015

ALBUQUERQUE, N. MEX. — WR Management Co. has opened the new 80-room GuestHouse International Inn & Suites Albuquerque Airport. The hotel is located at 2601 Mulberry South East. The property has been recently upgraded and renovated. The hotel is situated near the University of New Mexico, Old Town Albuquerque and Albuquerque International Sunport Airport. The hotel also offers complimentary shuttles to the airport. The hotel features free wireless Internet access, complimentary hot breakfast and a kids-stay-free policy. GuestHouse International is part of the Boomerang Hotels property group.

February 20, 2015

Hospitality Texas

AWH Partners Buys 536-Room Westin Dallas Park Central Hotel

by Haisten Willis February 19, 2015

DALLAS — AWH Partners LLC, a privately held real estate investment, development and management firm, has acquired the Westin Dallas Park Central. AWH Partners’ plans to complete more than $20 million in renovations to the 536 rooms and 42,000 square feet of meeting and event space. Spire Hospitality will oversee the renovation of the property and manage operations under a franchise agreement with Starwood Hotels & Resorts. The Westin Dallas Park Central is near two, premier Dallas shopping destinations, NorthPark Center and The Galleria Dallas, and the Dallas Arts District. Dallas/Fort Worth International Airport and Dallas Love Field Airport are within 30 miles. The hotel features 42,000 square feet of event space within a total of 30 flexible meeting rooms. Amenities include a fitness center, an outdoor pool, complimentary transportation within a five-mile radius, a Café In The Park restaurant and a lobby bar.

February 19, 2015

Hospitality Oklahoma Texas

Embassy Suites Opens New Hotel in Oklahoma City

by Haisten Willis February 18, 2015

OKLAHOMA CITY — Embassy Suites Oklahoma City Downtown/Medical Center is now open in Oklahoma City. The new hotel is the third Embassy Suites property in Oklahoma. The full-service hotel includes 195 two-room guest suites and more than 10,000 square feet of meeting space. There is an on-site restaurant, E.S. Founders, led by chef Andrew Black. OU E. Suites LLC own Embassy Suites Oklahoma City Downtown/Medical Center and Prism Hotels & Resorts manages the property. The hotel’s amenities include free made-to-order breakfast, a 24-hour fitness center and a business center. The hotel is located at 741 N. Phillips Ave. near downtown Oklahoma City.

February 18, 2015

Hospitality Northeast Pennsylvania

Optimum Hotel Brokerage Brokers Sale of 77-Unit Best Western Genetti Inn & Suites

by Amy Works February 18, 2015

HAZLETON, PA. — Optimum Hotel Brokerage has brokered the sale of the Best Western Genetti Inn & Suites, located at 1341 N. Church St. in Hazleton. A local hotel owner and operator purchased the 77-unit property for an undisclosed price. The hotel features wireless Internet in public areas, a heated outdoor pool, a 24-hour front desk staff, banquet and meeting facilities, a ballroom and business center. Joe McCann and Sabena Arora of Optimum Hotel Brokerage represented the seller in the transaction.

February 18, 2015

Hospitality Washington Western

Provenance Hotels, NBP Capital to Buy the Roosevelt Hotel in Seattle

by Nellie Day February 18, 2015

SEATTLE — Provenance Hotels and partner NBP Capital have agreed to purchase the 151-room Roosevelt Hotel in Seattle for an undisclosed sum. The hotel is located at intersection of 7th Avenue and Pine Street in the city’s Downtown region. The Roosevelt Hotel is situated across from the Washington State Convention Center, near the Central Business District, Pike Place Market and the waterfront. Provenance Hotels had owned the property with the seller, North Coast Washington LLC, since 1985. The property will continue to be affiliated with Coast Hotels for the next 60 days until Provenance Hotels assumes management. Provenance Hotels and NBP Capital are both headquartered in Portland, Ore. They are equal partners in the acquisition. The partners plan to bring a marquee restaurant to the Roosevelt Hotel, which originally opened in 1930. The pair also purchased the historic Woodlark and Cornelius buildings in Downtown Portland earlier this month.

February 18, 2015

Hospitality Midwest Minnesota

Carey Watermark Investors Acquires Westin Minneapolis for $66.4 Million

by Danielle Everson February 17, 2015

MINNEAPOLIS — Carey Watermark Investors Inc. has acquired the Westin Minneapolis hotel for $66.4 million. The full-service hotel includes 214 guestrooms and is located in downtown Minneapolis. The acquisition was financed with $43.5 million of debt. The Westin Minneapolis, originally built as the Farmers & Mechanics Bank building in 1942, formerly served as a bank hall and was repurposed in 2007 as the hotel’s lobby. The hotel features 34-foot vaulted ceilings, a marble staircase and wood-carved emblems signifying the leading industries of the World War II era. As part of the 2007 redevelopment, the adjoining office building was fully reconfigured to house the hotel’s guestrooms and meeting space. The hotel will continue to be managed by HEI Hotels & Resorts, a hospitality owner/operator that owns and manages 41 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the U.S.

February 17, 2015

Hospitality New York Northeast

ARTIC Buys Majority Interest of The Manhattan at Times Square Hotel for $535M

by Amy Works February 16, 2015

NEW YORK CITY — Al Rayyan Tourism Investment Co. (ARTIC), the hospitality subsidiary of Al Faisal Holding Co., has purchased a 97 percent interest in The Manhattan at Times Square Hotel. Rockpoint Group, Highgate Hotels and a Goldman Sachs fund sold the interest for $535 million. Built in 1962, the 22-story hotel features 689 rooms and suites and commercial space. Situated at 790 Seventh Ave., the hotel covers an entire block and offers 900,000 square feet of potential development rights. Hodges Ward Elliott (HWE) represented the sellers in the deal. Additionally, HWE procured the acquisition financing, which was provided by Goldman Sachs, for ARTIC. Highgate Hotels will continue to manage the property.

February 16, 2015

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