NEW ORLEANS — HREC Investment Advisors has brokered the portfolio sale of three Hampton Inn & Suites hotels and one parking garage in downtown New Orleans. The hotel portfolio includes the 288-unit Hampton Inn & Suites – Convention Center; the 210-unit Hampton Inn & Suites – Downtown/French Quarter Area; the 100-unit Hampton Inn – Garden District/St. Charles Avenue; and the 529-space EZ Park Garage. Paul Sexton, Geoff Davis, Scott Stephens and Mike Cahill of HREC, along with Hayden Wren of New Orleans-based Corporate Realty Inc., represented the seller in the transaction. Highpointe Hotel Corp. will continue to operate the three hotels. The buyer was an entity related to an unnamed major international equity fund.
MESA, ARIZ. – The 126-room Country Inn & Suites Mesa has sold to KCS Investment for $10.9 million. The hotel is located at 6650 East Superstition Springs Blvd. It is situated at the crossroads of U.S. Route 60 and East Superstition Springs Boulevard, just five miles west of Phoenix-Mesa Gateway Airport. The Country Inn was built in 1998. Gordon Allred, David Greenberg and James Meng of Marcus & Millichap represented both the buyer and seller, Suites of Arizona, in this transaction.
NEW YORK CITY — HKS Capital Partners has arranged $39 million in refinancing for Giraffe Hotel, which is located at 365 Park Avenue South in New York City’s Flatiron district. The 10-year loan features a 4.3 percent interest rate. Cantor Commercial Real Estate (CCRE) provided the CMBS loan. Jerry Swartz and Ayush Kapahi of HKS Capital negotiated the refinancing for the borrower. Henry Kallan owns the 39-key hotel, which is part of the Library Hotels Collection.
SPARTANBURG, S.C. — MCR Development LLC has completed an extensive renovation of the 88-room Residence Inn Spartanburg. The hotel is located at 9011 Fairforest Road in Spartanburg. The renovation includes upgrades to the lobby and guestrooms, as well as enhancements to the hotel’s exterior. The hotel’s guestroom suites were outfitted with brand new bedding, couches, dining chairs and carpeting, as well as a new wall pattern accompanied with new curtains and window treatments. Vinyl flooring was also installed in the kitchen of each suite. MCR Development is one of the 15 largest hotel owner-operators in the United States and manages a portfolio of 70 hotel properties with approximately 8,300 rooms in 17 states.
URBANCREST, OHIO — Value Place, an extended-stay hotel brand, has opened a newly constructed hotel in Urbancrest, Ohio. Value Place partnered with VP Columbus LLC to open the new hotel. The hotel is located at 3205 Centerpoint Drive and is within 10 miles of Columbus. The four-story, 124-room hotel features laundry facilities, high-speed wireless Internet and modified kitchens. The opening of this hotel brings the brand’s hotel count in Ohio to 13, with locations in Dayton, Cincinnati and Cleveland.
PARIS, TEXAS — Construction will begin this summer on a new addition to the campus of Paris Regional Medical Center (PRMC). The groundbreaking for the Paris Regional Medical Pavilion, a 40,000-square-foot medical office building, is slated for this summer. The new facility, which will connect to the main hospital, is designed to expand the range of services and improve accessibility for patients of northeast Texas and southeast Oklahoma. PRMC plans to occupy 60 percent of the new facility. Once complete, patients will have access to primary care, specialty care, laboratory and other services. Rendina Healthcare Real Estate will develop the project. Construction is expected to last approximately 10 months. The first phase of construction will coincide with the demolition of two vacant hospital buildings, which is a part of PRMC’s overall goal to enhance the campus environment and free up space for future expansion.
NEW YORK CITY — HFF has brokered the $22.4 million sale/leaseback and arranged $21 million in financing for Holiday Inn Manhattan View, a full-service hotel located in Long Island City in Queens. A New York-based private investor purchased the land under the hotel and then leased it back to the seller, Queens Plaza North LLC, for 99 years. HFF secured the fixed-rate loan through Cantor Commercial Real Estate (CCRE for Queens Plaza North LLC. Located at 39-05 29th St., the 16-story, 136-key hotel features a full-service restaurant, lounge with patio space, state-of-the-art fitness center, business center, 800 square feet of meeting space, concierge services, on-site parking and views of Manhattan. Robert Delitsky, KC Patel, Jackie Ferrer and Cindy True of HFF represented the seller in the transaction.
ORLANDO, FLA. — HFF has arranged financing for a three-property, 414-room hotel portfolio in Orlando. The properties include the 124-room Residence Inn Orlando Convention Center at 8800 Universal Blvd.; the 167-room SpringHill Suites Orlando Convention Center at 8840 Universal Blvd.; and the 123-room Hampton Inn Orlando International Airport at 5767 T.G. Lee Blvd. Each of the hotel properties were either renovated in 2013 or 2014. Michael Weinberg and Anthony Frogameni of HFF arranged the financing on behalf of the borrower, JHM Hotels.
HOUSTON — HFF has arranged the sale of the Aloft Houston Galleria, a 152-key boutique hotel near the Galleria in Houston. HFF marketed the property on behalf of the seller, HEI Hotels & Resorts (HEI). HEI will continue to manage the property. The select-service hotel is situated on nearly an acre at 5415 Westheimer Road, less than one mile from I-610. Built in 2009, the five-story Aloft by Starwood-branded hotel has 112 king, 30 double queen, five accessible king and five accessible queen guest rooms. The pet-friendly hotel features an indoor heated pool, a 24-hour fitness center, the camp Aloft program for kids aged two to 12, and 500 square feet of meeting space. Dan Peek, John Bourret, Colby Mueck and Austin Brooks of HFF represented HEI.
CHICAGO — The Virgin Group has opened its first property, Virgin Hotels Chicago. The new hotel brand will join a portfolio of hospitality companies led by Virgin Group and its founder, Sir Richard Branson. Virgin Hotels Chicago is located in Chicago’s Loop district in the historic Old Dearborn Bank Building at 203 N. Wasbash Ave. The 26-story Art Deco building includes 250 guestrooms, including 40 one-bedroom suites and two penthouse suites. All guestrooms are divided into two spaces by sliding doors. The dressing rooms include a full vanity, make-up desk and mirror, an extra-large shower with a bench and his and hers closets. Several of the building’s original features remain intact and are showcased throughout. Some of those include a 1920s oak cigar bar that serves as the hotel’s front desk, ornate brass elevator doors and an original mail slot and chute. Virgin Hotels plans to open a second location in Nashville in the summer of 2016 and a third property in New York City in 2017. The team will announce two additional locations by the end of 2016, with the brand planning to open 20 locations by 2025.