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.
Hospitality
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.
NEWARK, OHIO — DoubleTree by Hilton and Hilton Worldwide have opened a new DoubleTree by Hilton hotel in Newark, approximately 39 miles east of Columbus. The full-service hotel, located at 50 N. 2nd St., is within walking distance of downtown Newark and is a 35-mile drive from Columbus International Airport. The newly renovated six-floor, 117-room hotel includes a redesigned lobby featuring an expanded business center and work stations; guest rooms and suites equipped with modern furnishings and signature amenities; 5,000 square feet of flexible meeting and event space; a 24-hour fully-equipped fitness center, heated indoor pool, and an outside patio with fireplace. The Jerry McClain Co. will own and operate the hotel. Columbus Hospitality will manage the property. This is the third DoubleTree by Hilton property in the metropolitan Columbus area.
BECKER, MINN. — Marcus & Millichap has brokered the $2.4 million sale of a 68-room hotel in Becker, approximately 47 miles northwest of Minneapolis. Crossings by Grandstay Inn & Suites is located at 14435 Bank St. The hotel was built in 2004. Jon Ruzicka of Marcus & Millichap’s Minneapolis office represented the seller, a limited liability company. Ruzicka, with the cooperation of an outside brokerage, also represented the buyer, a private investor.
NEWARK, CALIF. – The 127-room TownePlace Suites by Marriott has sold to Moody National REIT 1 for $11.4 million. The hotel is located at 39802 Cedar Blvd., just off Interstate 880. It caters to extended-stay travelers in East Bay and Silicon Valley. TownePlace opened in 2000. The seller was MN Newark, LLC. The sale was executed by Scott Griemsmann of Paramount Lodging Advisors.
SAN DIEGO — Trigild has named Jeff Santoni as its new hospitality asset manager. He will oversee operational performances and monitor sales results for all of the firm’s hotel properties. Santoni will also review and analyze key data, including operating budgets, competitive markets, sales, site inspections, guest satisfaction and performance. Santoni most recently worked as a consultant. Prior to that, he was with Marriott Vacations Worldwide where he worked as a senior asset manager for the Western and Hawaii regions. The San Diego-based real estate firm specializes in property/asset management and fiduciary services.
OCEAN CITY, MD. — Vista Capital Co. has arranged $47 million in financing for a 210-room, 13-story Holiday Inn Hotel & Suites in Ocean City. The hotel features an oceanfront pool, an oceanfront children’s pool with a lazy river and water slides, a four-story atrium, three restaurants and approximately 1,000 square feet of meeting space. Vista Capital arranged the non-recourse, fixed-rate loan through a European investment bank. The borrower is using the loan to refinance an existing loan from 2007.
BLUFFTON, S.C. — Banyan Investment Group and Investra Investments have formed their second joint venture this year to purchase the 112-room Holiday Inn Express & Suites in Bluffton. The hotel features 1,250 square feet of meeting space, a business center and seasonal outdoor swimming pool. The hotel is located six miles from Hilton Head, 25 miles from Savannah and 90 miles from Charleston. The joint venture purchased the asset from Veritas Hospitality Group, a division of the Stafford Cos. Loxi Hospitality provided advisory services in the transaction.
WASHINGTON, D.C. — Marriott International last month opened its 4,000th hotel — the $520 million Marriott Marquis in Washington, D.C. The hotel, located adjacent to the Walter E. Washington Convention Center, is one of five Marriott Marquis hotels in the United States. International architecture firms Cooper Carry and tvsdesign collaborated on the hotel, which was designed to achieve LEED Silver certification. The 15-story, 1,175-room hotel is linked to the historic Samuel Gompers AFL-CIO headquarters, which features an upscale bar, fitness center and boutique guestrooms. The project team includes developers Quadrangle Development Corp. and Capstone Development.
NEW YORK CITY — Chesapeake Lodging Trust has received $60 million in refinancing for the 122-room Holiday Inn New York City Midtown – 31st Street and the 185-room Hyatt Place New York Midtown South. The term loan was refinanced with a new 10-year, $90 million fixed-rate mortgage loan secured by the two previously mentioned hotels. Provided by Goldman Sachs Mortgage Co., the loan carries a fixed interest rate of 4.3 percent per annum. Additionally, the loan features two years interest only and a 30-year amortization schedule.