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.
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.
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.
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.
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.
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.
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.
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.
FAIRFIELD, CONN. — Colliers has brokered the sale of a hotel/retail property located at 417 Post Road in Fairfield for an undisclosed price. The property consists of an 80-room hotel, The Fairfield Inn, and a 6,800-square-foot retail space, which is triple-net leased to The Circle Diner. The new owner, a group of local investors, plans to reposition the property. Louis Zuckerman, Michael Siegel and Enzennio Mallozzi of Colliers represented the seller, Fairfield Motor Inn Associates LLC, and procured the buyer in the deal.
BEND, ORE. — A joint venture between Tryperion Partners and Vesta Hospitality has acquired the Riverhouse Hotel & Convention Center, a 220-room hotel in Bend, for an undisclosed sum. The full-service hotel is located at 3075 US-97 BUS, along the Deschutes River. The acquisition includes a 53,000-square-foot convention center. The joint venture plans to upgrade the guest rooms and food and beverage outlets. The hotel also has prime access to walking and hiking trails along the river.
