DESOTO, TEXAS — Mark One Capital has arranged financing for the purchase of a four-story, 88-room Holiday Inn Express in Desoto, a suburb of Dallas. Chris Parker and Farhan Kabani of Mark One’s Dallas office arranged the financing. Chris Gomes of Marcus & Millichap’s Dallas office and Allan Miller of the firm’s San Antonio office represented the buyer and the seller in the transaction. The hotel was built in 2006 and renovated in 2012.
SAN DIEGO – The new 317-room Pendry San Diego has received $95 million in construction financing. The Montage-branded hotel will be located on 5th and J streets in Downtown San Diego’s Gaslamp Quarter. The hotel will be situated three blocks from the San Diego Convention Center. Pendry San Diego will mark the launch of the new Pendry hotel brand. The development site originally housed a condemned cigar store and parking lot. It was initially considered by another developer as the site for a new Marriott Renaissance hotel. Interest waned during the recession, however, and an eminent domain issue emerged with the site’s former cigar shop owner, according to Malcolm Davies of George Smith Partners, which arranged the construction loan. The Pendry San Diego will be a 12-story hotel with several restaurants and bars, an outdoor pool, spa, grill, fitness area, ballroom and various meeting rooms. It is scheduled for completion in summer 2016. Davies also notes the development partners were seeking financing that would provide 70 percent of the proceeds necessary for the construction of this luxury hotel. The non-recourse financing features a 36-month term. The capital stack includes both debt and equity. The structure allows the loan to subordinate …
PHILADELPHIA — DoubleTree by Hilton and Hilton Worldwide have opened DoubleTree by Hilton Philadelphia Airport, located adjacent to the Philadelphia International Airport. Formerly a Hilton Hotel, the nine-story, 331-room hotel joins the DoubleTree by Hilton brand following a $3 million property-wide renovation that includes modern updates throughout the hotel’s lobby, guest rooms, restaurant and bar areas, banquet and meeting areas. The hotel features 12,000 square feet of meeting space, Players Sports Bar, Café Express and the Landing Restaurant. The hotel is owned by Sotherly Hotels and managed by Chesapeake Hospitality.
NEW YORK CITY — The 18-story, 56,500-square-foot Cambria Suites is slated to open in November. Located at 125 West 28th St., the property is the first Cambria Suites hotel in New York City. Designed by Gene Kaufman Architect (GKA), the property will feature 135 suites and a rooftop terrace. As this is the first Cambria Suites in the city, GKA was tasked with not only designing the outer shell of the building, but also designing and programming the hotel’s interior configuration, including the suites, lobby reception, concierge, lounge and dining areas, a ground-floor meeting room and a fitness facility. The design and solution created by GKA will serve as the model for all subsequent New York City Cambria Suites, including the 196-room property at 30 West 46th St. that is slated to top out later this year.
SAN ANTONIO — Cleveland Construction Inc. has completed a new Candlewood Suites hotel at Fort Sam Houston in San Antonio. The 153,685-square-foot, 310-unit hotel is the largest Candlewood Suites hotel in the world. It is part of the Privatization of Army Lodging (PAL) program, an Army-led program aimed at revitalizing on-post lodging facilities for soldiers, their families and other government travelers. The new hotel is five stories tall with amenities including a swimming pool, patio pavilion, business and fitness centers, guest laundry facilities, a breakfast bar and on-post shuttle services.
SAN ANGELO, TEXAS — Marcus & Millichap has arranged the sale of Holiday Inn Express San Angelo, a 68-room hotel. Chris Gomes and Allan Miller of Marcus & Millichap’s San Antonio office marketed the property on behalf of the seller, a limited liability company. Gomes procured the buyer, a private investor. The property is located at 4613 Houston Harte Expressway, near Highway 67. Amenities include a business center, gym, pool and spa.
PITTSBURGH — Oxford Development Corp. has acquired Crowne Plaza Pittsburgh South, located at 164 Fort Couch Road in Pittsburgh’s South Hills area. Situated on 5.4 acres, the 179-room hotel sold for $6.1 million. The hotel features 13 suites, 13 extended-stay suites, an outdoor pool, fitness center, business center and 15,000 square feet of meeting space throughout 10 rooms. HFF marketed the property on behalf of the SageCrest Liquidating Trust, which was represented by its liquidating trustee, Jack Huber, and portfolio director Christopher Brown, both of SOLIC Capital LLC. Denny Meikleham, Mark Popovich and Alan Suzuki of HFF represented the seller in the transaction.
THOUSAND OAKS AND SAN LUIS OBISPO, CALIF. — BRE Atlas Property Owner LLC recently picked up three Marriott hotel properties in Thousand Oaks and San Luis Obispo through a receivership sale. The sales price was not disclosed. The three properties included in the receivership sale are: the 139-room Courtyard Marriott at 1605 Calle Joaquin in San Luis Obispo; the 93-room TownePlace Suites by Marriott at 1712 Newbury Road in Thousand Oaks; and the 120-room Courtyard Marriott at 1710 Newbury Road, also in Thousand Oaks. Trigild was appointed receiver of the properties in 2013 after a long legal dispute between certain members of the family trust that owned the three properties, in addition to the Best Western Valencia and Holiday Inn Express Valencia. The court directed Trigild to oversee property management and the operations of the properties. The firm completed the receivership sale of the Holiday Inn Express and Best Western properties in Valencia this past August. The remaining three properties were sold after a Monterey California Superior Court judge ruled in favor of the sale, overruling the objections of some of the trust beneficiaries. The receiver’s counsel was Fernando Landa of Crosbie Gliner Schiffman Southard & Swanson LLP. Alan Reay …
SCOTTSDALE, ARIZ. – The 101-room Hampton Inn & Suites Scottsdale-Riverwalk has received $7 million in acquisition financing. The hotel is located at 9550 E. Indian Bend Road. Indian Bend Hotel Group LLC, an affiliate of Caliber Companies, recently acquired the hotel for $10.4 million. The hotel is part of the 187-acre, $400-million Riverwalk Arizona master development. The bridge loan was funded by Thorofare Capital. The transaction was structured and negotiated by the firm’s Felix Gutnikov.
ATLANTA — HREC Investment Advisors has brokered the sale of the Sheraton Atlanta Airport Hotel, a 395-room property located one mile from Hartsfield-Jackson Atlanta International Airport. Monty Levy, Bill Murney and Scott Stephens of HREC represented the seller, FelCor Lodging Trust Inc., in the transaction. The buyer, an affiliate of Hotel Capital LLC, has selected Expotel Hospitality to manage the hotel.