NEW YORK CITY — Being developed by Barone Management, the new Marriott Fairfield Inn & Suites in New York City is slated to top out in July. Located at 538 W. 58th St., the 86,000-square-foot hotel will feature 226 rooms in two seemingly separate structures, an 18-story tower and adjoining 10-story building. The property will feature a streetside plaza, an office center, a fitness center and a breakfast bar. Gene Kaufman Architect is serving as architect for the project.
WYOMISSING, PA. — Cronheim Hotel Capital has secured $15.2 million in financing for the acquisition of the 142-room Hampton Inn in Wyomissing. The borrowers were Ayer Capital Advisors, an investment firm, and The Wankawala Organization, a hotel owner and management firm. The 10-year, non-recourse loan was funded at 79 percent loan-to-cost and carries a 30-year amortization schedule. The buyers currently own and manage a portfolio of 10 hotels totaling more than 1,000 rooms. David Turley, Janet Proscia and Jeffrey Pacailler of Cronheim Hotel Capital arranged the financing for the borrowers. Cronheim Hotel Capital is an affiliate of Chatham, N.J.-based David Cronheim Mortgage Corp.
APPLETON, WIS. — HREC Investment Advisors has arranged the sale of Microtel Inn & Suites Hotel in Appleton, approximately 30 miles southwest of Green Bay, Wis. Wisconsin-based Rajshyamaji LLC acquired the 79-room hotel for an undisclosed price. The new owners plan to renovate the property. Ted Anka of HREC represented the seller, Inditel Property Management, in the transaction.
ORLANDO, FLA. — Los Angeles-based Thorofare Capital has provided a $12 million acquisition loan for Four Points by Sheraton Orlando Studio City. The 301-room hotel is located on International Drive in Orlando and is directly across from Universal Orlando Resort. The seller, a New York City-based asset management firm, previously bought the defaulted CMBS note in a large pool and subsequently foreclosed on the prior owner. The non-recourse, fixed-rate bridge loan was sized to 80 percent of the purchase price. Thorofare capitalizes its transactions through a series of private closed-end funds on behalf of high-net-worth and institutional investors. Thorofare has funded in excess of $500 million across 26 states since 2011.
MINNEAPOLIS — Ashford Hospitality Trust Inc. has signed a definitive agreement to acquire two hotels in Minneapolis for a total of $101 million, or $349,000 per key. The hotels include the 229-room W Minneapolis Hotel – The Foshay and the 60-room Le Meridian Chambers Minneapolis. As part of the transaction, Ashford will assume approximately $56 million of mortgage debt on the W Minneapolis Hotel. The assumed debt matures in May 2023 and carries a fixed interest rate of 5.4 percent. After closing, both properties will continue to be managed by Starwood Hotels. W Minneapolis features 6,700 square feet of meeting space, the open-aired Foshay Tower Museum and Observation Deck, a FIT gym, 24-hour business center and Manny’s Steakhouse. Le Meridien Chambers Minneapolis offers 3,648 square foot of meeting space, a bar and restaurant, a fitness center, and more than 200 pieces of original contemporary artwork in the guestrooms and public areas.
HARTFORD, CONN. — Westport Capital Partners has acquired Goodwin Square, which includes a 30-story office tower and the Goodwin Hotel, in downtown Hartford for an undisclosed price. Bordered by Asylum Street, Ann Street, Pearl Street and Haynes Street, the 330,901-square-foot office tower is built over an eight-story, 302-car garage. The property was designed by Skidmore, Owings & Merrill and built in 1989. The 124-room Goodwin Hotel, which has been closed since 2009, totals 110,000 square feet and includes 24 suites, conference areas, a restaurant and a bar. The office tower and hotel are connected by a multi-story atrium. The name of the seller and the acquisition price were not disclosed.
ST. PETERSBURG BEACH, FLA. — HFF has arranged $26.1 million in post-acquisition financing for Postcard Inn, a 196-room boutique resort located on the beach at 6300 Gulf Blvd. in St. Petersburg Beach near St. Petersburg. Located on an 8.5-acre site along the Gulf of Mexico, the hotel features a junior Olympic-sized pool with towel service, more than 16,000 square feet of indoor and outdoor meeting space, outdoor pool, table tennis, fire pit, arcade games, on-site parking, two fitness centers and three dining options including PCI Beach Bar & Snack Shack. The hotel was originally built in 1935 and underwent significant renovations in 2009. Dan Peek, Scott Wadler, Max Comess and Preston Reid of HFF arranged the five-year, floating rate loan through BankUnited on behalf of the borrower, CRP 6300 Gulf LLC.
NASHVILLE, TENN. — The Memphis office of Financial Federal Bank has arranged the $20 million refinancing of The Courtyard by Marriott in Nashville’s Green Hills neighborhood. Built in 2014, the hotel features 123 rooms. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year fixed rate loan with a 30-year amortization schedule through an unnamed national CMBS lender.
COLUMBUS, OHIO — Kaufman Development plans to redevelop 78 residential units in the top 24 floors of LeVeque Tower in Columbus. Tower 10, a local investment group principally owned by Don Casto and Robert Meyers, purchased the 46-story building in 2011 and began immediate renovation work on the lower floors and exterior including facility upgrades, a lobby redesign and streetscape improvements. Kaufman’s residential units will include marble flooring, updated appliance packages, stone and quartz countertops, spa-like bathrooms, high-efficiency home technology and large closets with extensive shelving. Residents will also have access to a full floor of storage. The rental units will offer one-bedroom options ranging from 750 to 1,150 square feet, and two bedroom options ranging from 1,250 to 2,400 square feet. The condominiums will include both flat and duplex units. Occupancy is set to begin in the spring-summer season of 2016
HOUSTON — HREC Investment Advisors has arranged the sale of the 294-room Crowne Plaza Houston Northwest Brookhollow located in Houston. The buyer, Unique Hotel Management Group, is a regional hotel investor. The seller is a special servicer that acquired the hotel through foreclosure. Mike Armstrong and Hank Wolpert of HREC represented the seller during the transaction. The hotel is located in Brookhollow in northwest Houston on U.S. Highway 290 and is within a short drive to Houston’s Energy Corridor. The hotel is located near major shopping, sports and entertainment venues in Houston.
