CINCINNATI — Hyde Park Commercial Group, a Cincinnati-based advisory firm, has arranged a $1.8 million refinance loan for a 60-room Quality Inn hotel in Illinois. Refinancing for the limited-service hotel was arranged through a regional bank. The hotel was facing a loan maturity. The owners wanted to improve the terms of existing financing. Hyde Park CG underwrote, packaged and shopped the loan to multiple community, regional and national banks.
Hospitality
PLEASANTON, CALIF. – The 292-room DoubleTree by Hilton Pleasanton at the Club has opened in Pleasanton. The hotel is located at the crossroads of highways 580 and 680. The property was formerly a Hilton Hotels & Resorts-branded property. It is owned and operated by Johnson Hotel Company and managed by Pacific Pearl Hotels. The DoubleTree also contains 10,000 square feet of flexible meeting and event space, a restaurant and lounge, fitness center, outdoor pool and a 24-hour business center.
MARIETTA, GA. — The Radisson Atlanta Northwest has opened in Marietta, an Atlanta suburb, following a comprehensive renovation. San Diego-based LLJ Frontera Atlanta Ventures owns the 218-room, 10-story hotel. Dallas-based Frontera Hotel Group manages the property. The Radisson Atlanta Northwest features 6,600 square feet of flexible meeting space, a full-service restaurant, lobby bar with 12 large-screen TVs, fitness center and a seasonal outdoor swimming pool.
COLUMBIA, S.C. — Hilton Worldwide is bringing Columbia its first dual-branded hotel at 1615 Gervais St., the site of the current Clarion Hotel Downtown. Franchisee Gervais Street Hotel LLC and development and management firm CN Hotels Inc. will rebrand and convert the Clarion into a 110-room Hilton Garden Inn and 100-room Home2 Suites by Hilton. The new hotel property will open in 2016 and will join Hilton’s existing 16 dual-branded hotels. The two hotels will share amenities, including 5,500 square feet of meeting space, an outdoor pool, indoor pool, outdoor garden, firepit and Carolina’s Restaurant.
CHICAGO — Sonnenblick-Eichner Co. has arranged a $265 million first mortgage loan for the refinancing of the 610-room JW Marriott Chicago hotel. The property is located at 151 W. Adams St.The hotel is part of a 1.1 million square-foot mixed-use property, which occupies a full city block in the financial district of downtown Chicago. A Wall Street investment bank provided a non-recourse, LIBOR-based floating-rate loan. The hotel occupies the lower floors of an iconic Daniel Burnham designed building, originally completed in 1914. The building is designated as a historic landmark and on the National Register of Historic Places. In 2008, the lower 12 floors were fully renovated and converted into the 610-room JW Marriott Chicago. Marriott International operates the hotel.
FREMONT, OHIO — Marcus & Millichap has brokered the $1.8 million sale of Clarion Inn and Conference Center, a 157-room hospitality property located in Fremont, approximately 40 miles southeast of Toledo. The hotel is located at 3422 Port Clinton Road. The hotel sits alongside I-80/I-90, just two miles from downtown Fremont. Nearby attractions include the Fremont Speedway, the Sandusky County Fairgrounds and the Rutherford B. Hayes Presidential Center, which are all less than five miles from the hotel. Scott Brash of Marcus & Millichap’s Chicago downtown office represented the seller, a bank/financial institution. Lili Gewargis and Justin Westad of Marcus & Millichap’s Chicago downtown office represented the buyer, an Ohio-based private investor. Michael Glass of Marcus & Millichap’s Ohio office assisted in closing the transaction.
NEW YORK CITY AND NEWARK, DEL. — PM Hospitality Strategies has closed the second quarter with two hotel additions to its third-party management portfolio. The company entered the Manhattan market with the addition of Homewood Suites New York Midtown Manhattan Times Square South, which is located at 312 West 37th St. The 22-story property is the brand’s largest hotel featuring 293 over-sized suites, a two-story lobby waterfall and a seasonal rootftop deck and garden terrace. West 37th Street Operator LLC, a joint venture between The Buccini/Pollin Group, Albanese Development Corp. and Rockwood Capital, owns the property. Additionally, PM Hospitality added the 136-room Hampton Inn & Suites Wilmington Christiana to its portfolio. Located at 1008 Old Churchmans Road in Newark, the hotel is the company’s second new build to open in Delaware in the second quarter of 2014 and its first Hampton Inn & Suites property in the market. Both hotels are owned by The Buccini/Pollin Group.
THE WOODLANDS, TEXAS — Starwood Hotels & Resorts Worldwide Inc. and The Howard Hughes Corp. have announced the Westin brand will open a fifth hotel in the Houston area. The Westin, The Woodlands will open in late 2015 inside The Woodlands, a master planned community 27 miles north of downtown Houston. The hotel will have 302 rooms, more than 15,000 square feet of meeting and pre-function space, an outdoor pool, gym, restaurant, lobby bar, pool and business center. It will be located in The Woodlands’ Waterway Development Square.
ATLANTA — RLJ Lodging Trust has acquired the 194-room Hyatt Atlanta Midtown for $49.5 million. The hotel, which opened in 1987 as a Wyndham, underwent a $23 million renovation and conversion to the Hyatt brand in 2013. Hodges Ward Elliott Inc. represented the undisclosed seller in the transaction. RLJ Lodging Trust now owns 147 hotels and two planned hotel conversions in 21 states and Washington, D.C.
FARIBAULT, MINN. — The Opus Group has began construction on the renovation and expansion of an 18,500-square-foot project for Shattuck-St. Mary, an Episcopal boarding and day school in Faribault, approximately 50 miles south of Minneapolis. The project, which upon completion will be known as The Inn at Shattuck-St. Mary’s, will repurpose the historic Phelps Infirmary building into an on-campus inn. The new facility will include meeting and conference space for the school and community. The project will include a complete remodel of the 147-year-old building and will add 10,200 square feet of new space to the two-story complex. The first floor of the building will feature a large meeting room with adjustable partitions, a catering kitchen, bar and lounge area that can be used for meetings and events. The second floor will provide a total of 12 guest suites. Opus Design Build LLC is the general contractor on this project. Construction is scheduled for completion this fall.