GREENSBORO, N.C. — Atlanta-based Hospitality Ventures Management Group (HVMG) has acquired the 299-room Greensboro-High Point Airport Marriott in Greensboro for an undisclosed amount. The company will manage the hotel, bringing its management portfolio to 38 hotels in 15 states. The hotel is located at One Marriott Drive, adjacent to the Piedmont Triad International Airport. HVMG will implement an $11 million renovation to update the hotel’s meeting space and guest rooms. The hotel underwent a $6 million renovation in 2012.
NEW YORK CITY — HFF has arranged $32 million in non-recourse financing for the development of a 200-key boutique hotel in Manhattan’s Bowery neighborhood. Located at 223-225 Broadway, the hotel will include rooftop amenity space and restaurant and music space with entrances on Bowery and Freeman Alley. The hotel is slated for completion in 2015/2016. HFF worked on behalf of the borrower, a joint venture between Omnia Group and Northwind Group, to secure the loan through a global asset management company. Jay Marshall, Christopher Peck and Sam Nidenberg of HFF represented the borrower in the transaction.
MYRTLE BEACH, S.C. — KBS Strategic Opportunity REIT II has acquired Springmaid Beach Resort, a 30-acre hotel and campground property in Myrtle Beach, for $40 million. KBS purchased the asset in a joint venture partnership with an affiliate of Integrated Capital LLC. The resort features 491 hotel rooms, a 36,000-square-foot conference center, 187-unit recreational vehicle campground and a 1,060-foot pier. The property’s primary hotel towers were built in 1992, 1995 and 2001. The new owners will operate the property as an independent resort until Hilton Worldwide repositions the asset into a DoubleTree Resort, which is expected to occur in 2016.
OAHU, HAWAII — Hampton Hotels has announced plans to open its first property in Hawaii. The 175-key Hampton Inn & Suites hotel will be developed as part of the new Ka Makana Ali‘I mixed-use center in West Oahu. The hotel will break ground mid-year. Ka Makana Ali‘I will be a 1.4-million-square-foot regional shopping center with more than 150 new shops and restaurants, a movie theater and LEED-certified office space. Phase I is expected to open next year. Both the new hotel and the shopping center are being developed by DeBartolo Development. Hampton Hotels operates 2,000 locations worldwide. It will also boast locations in all 50 states, as well as the District of Columbia and Puerto Rico, once this project is completed. Hilton Worldwide currently operates six hotels and seven timeshare properties in Hawaii.
NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.
HAMILTON, N.J. — Homewood Suites by Hilton has opened its first hotel in Hamilton. Located at 960 US Highway 130, the four-story hotel features 110 suites and is the tenth Homewood Suites property in New Jersey. The property features complimentary Internet, free hot breakfast and light evening dinner and drinks Monday through Thursday, fully equipped kitchens, separate living and sleeping spaces, a complimentary grocery shopping service and recreational options. The property is owned and operated by Kuser & 130 Associates LLC. Homewood Suites by Hilton is Hilton Worldwide’s international brand of upscale, all-suite, and extended-stay hotels.
MIAMI BEACH, FLA. — Nakash Holdings, an investment firm controlled by founders of jean designer Jordache Enterprises, has purchased The Setai Hotel in Miami Beach’s South Beach neighborhood for an undisclosed price. Nakash Holdings will own and operate 130 guest rooms in the historic Art Deco building, as well as units in the tower portion of the hotel. The hotel’s amenity package includes three infinity pools, four food and beverage outlets, an upscale spa and fitness center and more than 45,000 square feet of indoor and outdoor function space. The hotel’s Art Deco portion was built in the 1930s, and in 2004 Jean Michel Gathy and Jaya Ibrahim developed the hotel’s tower portion. The Art Deco building was redesigned in 2004 as well.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its subsidiary, The Woodlands Development Co., have broken ground on a new Embassy Suites at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Hughes Landing is located on Lake Woodlands and is designed as a live/work/play community with a blend of retailers, dining, entertainment, multifamily residences and Class A office space. The 205-room, full-service hotel is set for completion in late 2015. When finished, it will span 172,000 square feet with 3,000 feet of meeting and event space, a business center, restaurant, rooftop pool deck and 24-hour gym.
CINCINNATI — Hyde Park Commercial Group has arranged a $12.3 million acquisition and renovation loan for a 220-key Wyndham Garden Inn hotel. An undisclosed buyer acquired the hotel and will implement extensive property improvements. Cincinnati-based Hyde Park advised and arranged a non-recourse loan facility, which includes a three-year interest-only term with two, one-year extension options. Hyde Park was able to arrange the full request through an East Coast collateralized debt obligation.
TRINITY, FLA. — The new Holiday Inn Express in Trinity, a town in west Florida roughly 33 miles northwest of Tampa, will be the first-ever hotel in the city. The 86-room hotel will feature a swimming pool available 24 hours, fitness center and 46-inch TVs and Wi-Fi in every room. Berkshire Hathaway HomeServices Florida Porperties Group brokered the sale of the hotel, which will be delivered in fall 2015. MPH Hotels will operate the new Holiday Inn Express upon completion.