Hospitality

HFF Arranges Sale, Secures Financing for Westin Dallas Park Central Hotel

by Haisten Willis March 25, 2015

DALLAS — HFF has arranged the sale of and secured acquisition financing for the Westin Dallas Park Central, a 536-key hotel in central Dallas. HFF marketed the property on behalf of the seller, a joint venture between FelCor Lodging Trust Inc. and Starwood Hotels & Resorts Worldwide Inc. A partnership between Building and Land Technology and AWH Partners LLC purchased the offering. Additionally, working on behalf of the buyers, HFF secured floating-rate financing for the acquisition and renovation of the property. The 20-story hotel is situated on 3.6 acres at 12720 Merit Drive within the Park Central mixed-use development, which includes three LEED Gold-certified office towers and more than 845,000 square feet of Class A office space. The Westin-branded hotel features 42,000 square feet of flexible indoor function space that includes a 15,050-square-foot grand ballroom, 5,745-square-foot penthouse venue, Café on the Park restaurant, a gym, 24-hour business center, heated rooftop pool and sundeck. Brian Carlton led the HFF debt placement team representing the buyer.

March 25, 2015

First Haven Hotel to Open in Metro Dallas

by Haisten Willis March 25, 2015

DUNCANVILLE, TEXAS — Hospitality Lodging Systems (HLS) has signed an agreement with RevMax Management of Carrollton, Texas to open Haven Hotel in the Dallas suburb of Duncanville. The two-floor property, which is set to open April 1, features 123 rooms, including six suites. Amenities at the property include an outdoor pool, 24-hour fitness center, onsite restaurant and a 6,000-square-foot ballroom with another 700 square feet of meeting room space. The Haven brand was introduced in December as a “soft” companion to HLS’s Budgetel brand. The hotel, formerly a Ramada Inn, is located along I-20. It is 12 miles from downtown Dallas and midway between DFW International Airport and Love Field. HLS, which currently manages a system of 22 Budgetel properties, expects to double its portfolio within six months.

March 25, 2015

Florida Hospitality Loans Southeast

Meridian Capital Group Arranges Financing for DoubleTree Hotel in Orlando

by John Nelson March 25, 2015

ORLANDO, FLA. — Meridian Capital Group has arranged permanent financing for the recapitalization of the DoubleTree by Hilton Orlando Downtown in Orlando. The 342-room hotel is located at 60 S. Ivanhoe Blvd. Tal Bar-Or of Meridian’s New York City office arranged the balance sheet loan on behalf of the borrower, Glenmont Capital Management LLC.

March 25, 2015

Hospitality Midwest Ohio

Aries Capital Arranges $11.5M Loan for Hotel Portfolio in Ohio

by Danielle Everson March 23, 2015

COLUMBUS, OHIO — Aries Capital has arranged an $11.5 million, non-recourse, CMBS loan for a portfolio of three limited-service hotels in the Columbus, Ohio area. Borrower, Andy Vasani, CEO of Ohio-based Innvite Hospitality Group, used the proceeds to refinance two hotels with a total of 188-rooms, and to acquire a 79-room Hampton Inn. Rushi Shah of Aries Capital’s Chicago office arranged the loan for the borrower. The loan features a 10-year fixed rate and a 25-year amortization schedule.

March 23, 2015

Hospitality Kansas Midwest

Carter Validus Mission Critical REIT II Inc. Acquires Hospital in Overland Park, Kan. for $24.5M

by Danielle Everson March 20, 2015

OVERLAND PARK, KAN. — Carter Validus Mission Critical REIT II Inc. has acquired the Heartland Rehabilitation Hospital in Overland Park for $24.5 million. The newly built, 45-bed in-patient rehabilitation facility is located on more than four acres and measures approximately 54,568 square feet in net rentable area. The facility will provide physical, psychological, social and vocational rehabilitation services to patients. The property is fully leased to Heartland Rehabilitation Hospital LLC, which is a newly formed operating subsidiary of Post-Acute Medical LLC, an owner/operator of eight in-patient rehabilitation facilities and long-term acute care hospitals in Texas and Louisiana. PAM is an affiliate of Vibra Healthcare LLC.

March 20, 2015

Hospitality Nevada Western

Solstar Investments Buys Two Marriott Properties Near Las Vegas

by Nellie Day March 20, 2015

LAS VEGAS — Solstar Investments has acquired two Marriott-flagged properties near Las Vegas for an undisclosed sum. The acquisition includes the 120-room Marriott SpringHill Suites Hotel and the 108-room Marriott TownePlace Suites Hotel in the submarket of Henderson. Both hotels were built in 2009. They will be managed by Twenty Four Seven Hotels. The hotels were purchased from Campbell Lodging, the original owner and developer. Financing was provided by GE Capital Franchise Finance, while Sklar Kirsh served as legal advisors.

March 20, 2015

Hospitality New Jersey Northeast

HREC Arranges Sale of 239-Room DoubleTree Princeton in New Jersey

by Amy Works March 19, 2015

PRINCETON, N.J. — HREC Investment Advisors has brokered the sale of a DoubleTree by Hilton hotel in Princeton. Located at 4355 U.S. Route 1, the 239-room hotel sold for an undisclosed price. Ketan Patel and Geoff David of HREC represented the undisclosed seller in the transaction. The name of the buyer was not released.

March 19, 2015

Hospitality Texas

FelCor Sells Embassy Suites Hotel in San Antonio

by Haisten Willis March 18, 2015

SAN ANTONIO — FelCor Lodging Trust Inc. has sold its 261-room Embassy Suites Hotel – San Antonio Airport for $29.5 million. FelCor will use the proceeds from selling this hotel to repay outstanding debt. Since 2010, FelCor has sold 35 non-strategic hotels for aggregate gross proceeds of $794 million.

March 18, 2015

Hospitality Illinois Midwest

The Dow Hotel Co. Completes Renovations on The Hilton Orrington/Evanston Hotel

by Danielle Everson March 18, 2015

EVANSTON, ILL. — The Dow Hotel Co. (DHC) has completed the $8.6 million renovation of the 269-room, Hilton Orrington/Evanston. The hotel is located at 1710 Orrington Ave., just north of Chicago in the North Shore district. All guest rooms and baths were completely renovated to include new carpeting, televisions, furniture, lighting, beds, bedding, showers and tiling. The hotel’s 12,000-square-foot conference center, as well as its additional 20,000 square feet of meeting space, which includes the famous Grand Orrington Ballroom, were also upgraded with new furniture, art and carpeting. The hotel public space also was reconfigured to create new private dining areas as well as new carpeting and lighting. DHC and The Carlyle Group’s Carlyle Realty Partners VI own the hotel. DHC will also operate the property. DHC is a hotel owner/investor and operator.

March 18, 2015

Hospitality Loans Midwest Ohio

NorthMarq Capital Arranges $2.7M Loan for Holiday Inn Express & Suites in Bucyrus, Ohio

by Danielle Everson March 17, 2015

BUCYRUS, OHIO — NorthMarq Capital has arranged $2.7 million in acquisition financing for the purchase of a Holiday Inn Express & Suites in Bucyrus. The 40,380-square-foot hospitality property is located at 1575 N. Sandusky Ave. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Matt Marshall of NorthMarq Capital’s Boston regional office arranged the loan for the undisclosed borrower.

March 17, 2015

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