NORTH CHARLESTON, S.C. — CBRE Hotels has brokered the sale of the 166-room Crowne Plaza in North Charleston. Arpit Shah of CBRE Hotels’ Charlotte office represented the seller, Inland American Lodging Management LLC, in the transaction. This is the 10th hotel in the Carolinas that CBRE Hotels has brokered on behalf of Inland since 2010. Atlanta-based Peachtree Hotel Group purchased the asset for an undisclosed amount.
Hospitality
ATLANTA — Starwood Hotels & Resorts and DeBartolo Development have opened Aloft Downtown Atlanta, a 10-story, 254-room hotel in downtown Atlanta immediately adjacent to the Atlanta Merchandise Mart. Banyan Investment Group manages the hotel, which includes a bar, lounge, swimming pool, 24-hour fitness center and 2,500 square feet of meeting space. The new hotel is Starwood’s largest Aloft hotel in the Southeast.
COUNTRYSIDE, ILL. — HREC Investment Advisors has arranged the sale of the 174-room Holiday Inn Chicago Southwest Countryside Conference Center in Countryside, approximately 17 miles southwest of Chicago. Schaumburg, Ill.-based Pearlshire Capital Group, which specializes in distressed investments, purchased the property for an undisclosed price. The hotel is situated near the intersection of I-294 and I-55 and is approximately 10 miles from Midway International Airport. Pearlshire Capital Group will invest $8 million in capital improvements to reposition the property. Scott Kaniewski and Scott Stephens of HREC Investment Advisors represented the seller in the transaction.
MAHWAH, N.J. — HREC Investment Advisors has brokered the sale of a Sheraton in Mahwah. Located in the Crossroads Corporate Center, the 225-room hotel is on the border of New York and New Jersey. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction.
SEATTLE – A joint venture between Provenance Hotels and Thayer Lodging Group has acquired the 120-room Hotel 1000 in Downtown Seattle for a reported $63 million. The Forbes Four Star-rated hotel is located at the intersection of 1000 First Avenue and Madison Street, near the waterfront along Elliott Bay. There are 10 floors of upscale condominiums that sit atop the 14-story hotel. The hotel portion also features a 100-seat restaurant, spa, state-of-the-art golf simulator, and 9,100 square feet of conference and event space. This is the joint venture’s first acquisition. It is Thayer’s third acquisition through its $300-million Thayer Fund VI. Provenance will manage the hotel.
ORLANDO, FLA. — HFF has brokered the sale of the Holiday Inn Resort Lake Buena Vista, a 503-room hotel located at 13351 S. Apopka Vineland Road in Orlando. The transaction is the largest hotel sale brokered in Orlando this year, according to Real Capital Analytics. The hotel is a Walt Disney Good Neighbor Hotel, with 7,000 square feet of meeting space, a resort-style outdoor swimming pool, a new Applebee’s Neighborhood Grill & Bar, a fitness center, basketball court, children’s club, gift shop and business center. ROCH Capital purchased the asset from Vista Hospitality Co. free and clear of debt. Michael Weinberg and Max Comess of HFF represented Vista in the transaction. The hotel is part of a three-property portfolio that HFF is marketing on behalf of Vista; the other properties include Crowne Plaza Orlando Downtown and the Holiday Inn Express & Suites Fort Lauderdale. Portfolio Hotels will manage the asset on behalf of ROCH Capital.
NORWALK, CONN. — InterContinental Hotels Group (IHG) has opened its first EVEN Hotels property for the recently launched EVEN brand. Located at 426 Main Ave. in Norwalk, the 129-room hotel is designed to meet guests’ desire to maintain a healthy lifestyle while traveling. The hotel features a three-zone Athletic Studio, including a flex room for spinning and yoga classes, and healthy food and beverage options from its Cork & Kale Market and Bar. The EVEN Hotel Norwalk is owned and managed by IHG. The brand currently has four hotels in the pipeline: one in Rockville, Md.; one in Brooklyn, N.Y.; and two properties in midtown Manhattan.
BALTIMORE — The Mount Vernon Hotel located at 24 W. Franklin St. in Baltimore will soon be repositioned as the city’s first Hotel Indigo. Marc Tropp and Barry Dollman of Eastern Union Funding arranged roughly $14 million in acquisition and redevelopment financing through Virginia Heritage Bank for the conversion. EB5-investment firm Oriental Dolphins Investments provided an additional $6 million for the project. The development team for the 170-room hotel includes developer Shaffin Jetha of MVH Baltimore Hotel and general contractor Kinsley Construction. The project’s estimated completion date is spring 2015.
RICHMOND, VA. — Lingerfelt CommonWealth Partners has acquired Richmond Marriott West, a 242-room hotel located in Richmond’s affluent Glen Allen suburb. The hotel is part of Innsbrook Corporate Center, a mixed-use park with more than 8 million square feet of office space, stores, restaurants and multifamily housing. Lingerfelt’s affiliate, CommonWealth Lodging, will manage the hotel and oversee its multi-million renovation, which will wrap up by summer 2015. The hotel will remain open during the planned renovations. Lingerfelt, which is headquartered in the Innsbrook Corporate Center, owns roughly 1 million square feet of office space in close proximity to the hotel.
RALEIGH, N.C. — HFF has secured a $16.6 million construction loan for the development of Aloft Raleigh, a 135-room hotel at 2100 Hillsborough St. near North Carolina State University in Raleigh. Upon completion in fall 2015, the hotel will feature a fitness center, swimming pool, outdoor deck and WXYZ Bar, in addition to the brand’s Re:Mix lounge, Re:Fuel dining area and In-Touch business center. Mark Remington of HFF arranged the five-year construction loan through First Tennessee Bank on behalf of the borrower, a partnership between The Bernstein Cos., TME Investments and Michael Sandman.