Hospitality

Fairfield Inn & Suites by Marriott West Monroe

Hotel Equities to Manage Hotel Under Construction in Louisiana

by John Nelson April 21, 2015

WEST MONROE, LA. — Atlanta-based Hotel Equities has been selected to manage the Fairfield Inn & Suites by Marriott under construction in West Monroe. The hotel is slated to break ground this summer and open in the third quarter of 2016. The hotel will be located near the University of Louisiana-Monroe and the Ike Hamilton Expo Center. The ownership group for the new hotel includes Jon Patel and Kevin Patel of Monroe, La., and Nimesh Zaver of Lake Charles, La. The group has 26 Louisiana hotels in its portfolio.

April 21, 2015

Florida Hospitality Loans Southeast

Dockerty Romer & Co. Arranges $3.5M Loan for Holiday Inn Express

by John Nelson April 21, 2015

LANTANA, FLA. — Dockerty Romer & Co. has arranged $3.5 million in permanent mortgage financing for a 62-room Holiday Inn Express. The hotel is located on Hypoluxo Road in Lantana, a town in Palm Beach County. Michael McCleary of Delray Beach, Fla.-based Dockerty Romer arranged the 10-year loan with a fixed interest rate at 4.25 percent. McCleary arranged the loan through a South Florida-based bank on behalf of the borrower, Wahe Guru Group LLC.

April 21, 2015

Hospitality Loans Texas

Ashford Trust Secures $25.1M in Financing for Hotel in Austin

by Haisten Willis April 20, 2015

AUSTIN, TEXAS — Ashford Hospitality Trust Inc. has secured $25.1 million in property level debt financing for the previously-closed acquisition of the 168-room Lakeway Resort & Spa in Austin. The financing has a two-year term and three, one-year extension options, subject to the satisfaction of certain conditions. The interest-only loan provides for a floating interest rate 5.1 percent. Ashford Hospitality Trust is a real estate investment trust focused on investing in the hospitality industry across all segments.

April 20, 2015

Hospitality Loans Northeast Pennsylvania

Cronheim Hotel Capital Secures $7.5M Acquisition Loan for Two Lancaster Hotels

by Amy Works April 20, 2015

LANCASTER, PA. — Cronheim Hotel Capital (CHC) has secured a $7.5 million loan for the acquisition of Sleep Inn and Mainstay Suites in Lancaster. CHC financed the purchase at 75 percent of the acquisition price with a 10-year, fixed-rate loan featuring a 27-year amortization schedule locked at 4.39 percent. The two hotels, which are located adjacent to each other, were acquired for $10 million from a local owner/operator. The hotel total 151 keys and offer transient and extended-stay products. David Turley, Janet Proscia and Jeffrey Pacailler of CHC arranged the financing for the undisclosed borrower.

April 20, 2015

California Hospitality Western

Viejas Band of Kumeyaay Indians Adds Second Hotel Tower to Alpine Casino

by Nellie Day April 17, 2015

SAN DIEGO — The Viejas Band of Kumeyaay Indians has commenced construction on a second hotel tower for the Viejas Casino in Alpine. The casino is located at 5000 Willows Road, just northeast of San Diego. The four-star resort project features a new five-story, 109-room hotel tower that will include a top-floor technology suite. The project will also include additional space on the gaming floor, a specialty bar, ballroom, meeting and board rooms, resort-style pool and extensive multi-use grounds. The new tower is slated for completion in November. It is being built by Xpera CM. The locally based construction management consulting firm has worked on other resort and gaming projects throughout the West, including the Arizona Biltmore Hotel, Stowe Mountain Lodge, Trump National in Los Angeles and Sycuan Resort and Casino.

April 17, 2015

Delaware Hospitality Northeast

TKo Hospitality Launches as New Hospitality Management Company

by Amy Works April 16, 2015

NEWPORT, DEL. — Business partners E. Thomas Harvey III, Kostas Kalogeropoulous and Vince DiFonzo have partnered to form TKo Hospitality. As an affiliate of Harvey, Hanna & Associates, the new company will specialize in hotel and restaurant operations, third-party management, sales, marketing, food and beverage, and franchise relationship management. TKo currently operates and manages Lighthouse Cove Resort in Dewey Beach, Del., which consists of the Hyatt Place Hotel, The Residences of Lighthouse Cove Condominiums, The Lighthouse Restaurant, Que Pasa Mexican Restaurant, Crabbers Cove Restaurant and The Bay Center, an on-site large event venue. TKo plans to have 1,000 rooms in its portfolio. Additionally, the company has three development projects in the pipeline and plans to acquire existing third-party management contracts. Harvey will serve as chairman, Kalogeropoulous as president/CEO and DiFonzo as COO for the newly formed company.

April 16, 2015

Hospitality Illinois Midwest

Peak Begins Construction on Holiday Inn Express & Suites in Galesburg, Ill.

by Danielle Everson April 15, 2015

GALESBURG, ILL. — Peak Construction Corp. has begun construction on a new Holiday Inn Express & Suites in Galesburg for Janko Group. IHG is rolling out a new prototype design for the Holiday Inn Express & Suites brand and the three-story, 81-room hotel will be one of the first new prototype hotels. Design builder Peak Construction broke ground on the project in January. The new hotel is being built to replace an existing Holiday Inn Express & Suites in Galesburg. The wood-frame structure will feature a variety of room types, a fitness facility, an indoor pool, multiple meeting rooms and a lifestyle lounge and business center. Completion of the project is schedule for October. Ligthtowler Johnson Associates provided architectural services for the project. Janko Hospitality will provide hotel management services.

April 15, 2015

Georgia Hospitality Southeast

HDP, Hotel Equities Acquire a Portfolio of Marriott Hotels in Georgia

by John Nelson April 15, 2015

ATLANTA — Atlanta-based Hotel Development Partners (HDP) and its joint venture partner, Atlanta-based Hotel Equities, have acquired a portfolio of seven select-service Marriott hotels in metro Atlanta and Macon. The joint venture purchased the portfolio from Houston-based Moody National for an undisclosed price. The seven hotels are Fairfield Inn & Suites in Macon, Fairfield Inn & Suites Alpharetta, Fairfield Inn & Suites Buckhead, Fairfield Inn & Suites Perimeter Center, SpringHill Suites Alpharetta, TownePlace Alpharetta and TownePlace Suites Kennesaw. HDP and Hotel Equities plan to invest $17 million in the portfolio for capital improvements. Hotel Equities will manage the seven hotels.

April 15, 2015

Hospitality Illinois Midwest

Historic Boutique Drake Oak Brook hotel Reopens in Illinois

by Danielle Everson April 13, 2015

OAK BROOK, ILL. — Rosemont, Ill.-based First Hospitality Group Inc. has reopened The Drake Oak Brook hotel in Oak Brook. The boutique hotel recently underwent extensive renovations to the exterior, lobby, an 11,300-square-foot meeting space, a 2,000-square-foot outdoor patio, office space and its 84 guest rooms. Originally built in 1961 as the suburban counterpart to Chicago’s famous Drake Hotel, Jim Nagle and Tely Nagle own the independent hotel. First Hospitality Group manages the hotel. Unique details of the property include a piece of floral, floating artwork composed of 1,000 pieces of glass and a gold-leafed table in the lobby designed by an artist who’s work also appears in the Vatican, and original murals. The hotel is accessible to downtown Chicago and O’Hare International Airport via I-88 and I-294.

April 13, 2015

Hospitality New York Northeast

Muss Development Launches $43M Renovation of New York Marriott at the Brooklyn Bridge

by Amy Works April 10, 2015

NEW YORK CITY — Muss Development LLC has launched a $43 million renovation and repositioning program for the 667-unit New York Marriott at the Brooklyn Bridge, located at 333 Adams St. in downtown Brooklyn. The first phase of renovation, including The Bar, front desk and M Club Lounge, will be revealed in May. The renovation of the hotel’s ballroom and meeting rooms is slated for completion in September. Additionally, the redesign of the guestrooms will be revealed this spring, with renovations expected to be complete in 2016.

April 10, 2015

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