BALTIMORE — HREC Investment Advisors has brokered the sale of the 104-room Wyndham Baltimore in Baltimore’s Mt. Vernon district. Kevin Hanley, Ketan Patel and Geoff Davis of HREC represented the seller, Mt. Vernon Square Inc., in the transaction. The property is situated adjacent to the Walters Art Museum, Peabody Institute of Music at The John Hopkins University and the Washington Monument.
DENVER — A joint venture between AB Real Estate Group and Sage Hospitality has acquired the TownePlace Suites Denver Portfolio for an undisclosed sum. The portfolio contains five properties throughout the Denver metro region, for a total of 584 rooms. Properties included in this acquisition are the TownePlace Suites Denver Downtown, the TownePlace Suites Denver West Federal Center, the TownePlace Suites Denver Southeast, the TownePlace Suites Denver Tech Center and the TownePlace Suites Boulder Broomfield. The hotels’ guestrooms and public spaces underwent significant renovations in 2013. The TownePlace Suites-branded properties are members of the Marriott franchise system. They will continue to be managed by Sage Hospitality. The sale was executed by JLL’s Mark Fair, Mark Fraioli and Chris Dewey.
PORTLAND, ORE. — NBP Capital and Provenance Hotels have teamed up to develop a new hotel in Downtown Portland. The duo plan to invest $30 million to renovate two adjacent historic buildings they recently purchased on the corner of SW Alder and SW Park. The acquisition included the Woodlark Building, which was built in 1912, and the former Cornelius Hotel, built in 1908. The adaptive reuse will connect the two buildings, which have spaces for two food and beverage outlets. Both properties are listed on the National Register of Historic Places. The new lifestyle hotel will include 150 rooms. This is the first joint acquisition by NBP Capital and Provenance Hotels. NBP is the majority partner in the project. Developer Arthur Mutal has also invested alongside NBP and Provenance Hotels. This is Provenance’s fifth hotel project in Portland. The company owns the Westin Portland. It also owns and manages Portland’s Hotel Lucia, Hotel deLuxe and Sentinel, as well as Hotel Max and Hotel 1000 in Seattle, and Hotel Murano in Tacoma, Wash. Provenance will also manage this hotel when it opens in 2016. The new project will be designed by R&A Architecture & Design, Freier Architekt and MCA Architects.
KNOXVILLE, TENN. — Knoxville-based Wood Properties has brokered the sale of The Historic Farragut Hotel in downtown Knoxville for $3.7 million. The 135,000-square-foot former hotel is located on Gay Street. The buyer, Knoxville-based Family Pride Corp., is planning to implement a mixed-use renovation of the building. George Brown and Brad Blackwell of Wood Properties Inc. represented the undisclosed seller in the transaction.
DALLAS — DoubleTree by Hilton Dallas — Love Field, located one-quarter mile from Dallas Love Field Airport, is now open. The 244-room property, formerly a Wyndham hotel, recently underwent a $2 million renovation that includes upgrades to the north entrance, parking lot and various public areas of the hotel. DoubleTree by Hilton Dallas – Love Field is owned by Mockingbird Partners LP and managed by Viceroy Investments LLC. Amenities include Wi-Fi throughout the hotel’s public areas and guest rooms, laundry and valet services, a 24-hour fitness center, outdoor pool and complimentary 24-hour shuttle service to Love Field Airport. The hotel also features 14,000 square feet of flexible meeting space. DoubleTree by Hilton Dallas — Love Field is located at 3300 W. Mockingbird Lane.
TULSA, OKLAHOMA — TGC Development Group of Wichita, Kan., has broken ground on a four-story, 124-unit Value Place extended stay hotel at 11000 E. 45th St. in Tulsa near Broken Arrow Expressway and U.S. Highway 169. This will be the second extended stay hotel for TGC in the Tulsa area. The hotel will feature three room layouts with modified kitchens. Amenities include on-site laundry, vending and Wi-Fi. Wichita-based Ink Construction will begin construction immediately on the 45,000-square-foot hotel, which is slated to be completed in the fall.
FORT LAUDERDALE, FLA. — Newgard Development Group and Menin Hospitality have launched Gale Boutique Hotel & Residences located at 2900 Riomar St. in Fort Lauderdale. The $120 million project will include the restoration of a historic 96-room hotel and the construction of an adjacent 128-unit condominium building. Newgard and Menin have partnered with Dev Motwani’s Merrimac Ventures in a joint venture arrangement for the development, which is slated to open in late 2016. Units are now available for reservation and priced from $385,000, with Newgard Realty overseeing the project’s sales and marketing efforts. The development will feature a roof-top sky deck, private lobby, fitness center and spa, concierge service, 24-hour valet parking and multiple resort-style pools. Individual condos will range in size from 780 square feet to nearly 2,000 square feet. All units will be delivered fully-finished, with gourmet kitchens, designer fixtures and cabinetry, spa-style bathrooms, customized flooring and walls and walk-in closets. Each residence will have floor-to-ceiling, impact-resistant glass doors and balcony space.
MIDLAND, TEXAS — Home2 Suites by Hilton has opened its 46th hotel, Home2 Suites by Hilton Midland. The 93-suite hotel is located at 1401 Catalina Drive and is the seventh property for the brand in Texas. Home2 Suites Midland is located near Midland International Airport, Loop 250 and Highway 191 and Scharbauer Sports Complex. TMI Hospitality Inc. manages the hotel.
SCOTTSDALE, ARIZ. – Holiday Inn has debuted the new 117-room Holiday Inn Hotel & Suites Scottsdale North-Airpark. The 75,000 square-foot hotel is located at 14255 N. 87th Street. The property was formerly a Wingate by Wyndham. The new hotel is owned by Northsight Hospitality and managed by Henderson Hospitality Management. The hotel is franchised by an affiliate of IHG.
LITTLE ROCK, ARK. — HFF has brokered the sale of the 288-room DoubleTree by Hilton Downtown Little Rock hotel in downtown Little Rock. The 14-story hotel has recently undergone $10 million in capital improvements and features the Plaza Grille and Lounge, a business center, swimming pool, fitness center and 12,000 square feet of meeting space. The hotel, located at 424 W. Markham St., is attached to the Robinson Center Music Hall, which is undergoing a $68.6 million reconstruction. The hotel is located within walking distance to the River Market Entertainment District, the William J. Clinton Presidential Center and Library and Highway 167. Denny Meikleham, John Bourret and Alan Suzuki of HFF represented the seller, a joint venture between Trinity Hotel Investors LLC and BayNorth Capital LLC. An affiliate of New York-based Fifth Avenue Capital LLC and Waterford Hotel Group purchased the hotel for an undisclosed amount.
