DALLAS — HFF has brokered the sale of the 300-room DoubleTree Dallas – Campbell Centre. Constructed in 1980 and renovated in 2008, the full-service hotel includes 15,000 square feet of meeting space, a full-service restaurant, lobby lounge, fitness center, business center, gift shop and complimentary shuttle. Located at 8250 N. Central Expressway, the property is in proximity to the Dallas central business district, NorthPark Center Mall, the George W. Bush Presidential Library and Southern Methodist University. Bill Stadler and John Bourret led the HFF team representing the seller, a joint venture between GTIS Partners and Aimbridge Hospitality. Black Forest Ventures was the buyer.
Hospitality
MIDLAND, TEXAS — A new 118-suite Homewood Suites by Hilton has opened in Midland. The first Homewood suites property in the Midland/Odessa area, the four-story, extended-stay hotel is located at 1401 Tradewinds Blvd., in proximity to Midland International Airport and several major oil and gas company facilities. NewcrestImage LLC owns and manages the hotel.
WINSTON-SALEM, N.C. — Oak Coast Properties and The Harp Group have acquired the Marriott Residence Inn hotel in Winston-Salem for $5.9 million. The property features a fitness center, business center, outdoor pool and firepit. The 88-room hotel, which is within a mile of Wake Forest University’s campus, underwent a $2 million renovation between 2012 and 2013. Marriott Residence Inn is the first hospitality purchase for Oak Coast Properties. The Los Angeles-based firm plans to invest up to $125 million in new hotel acquisitions during the next two years.
NEW YORK CITY — Marx Development plans to develop an AC Hotel by Marriott at 112-24 Astoria Blvd. near LaGuardia Airport in New York. Construction for the 126-room hotel is expected to break ground in October. Designed by DSM Design Group and Andres Escobar, the six-story, 99,000-square-foot hotel will feature approximately 3,800 square feet of meeting space, fitness and business centers, a breakfast area, bar and lounge, and 72 parking spaces. Eastern Union Funding arranged a $3.75 million loan to purchase a 16,141-square-foot lot, which will be the future site of the hotel. Shaya Ackerman of Eastern Union Funding brokered an 18-month bridge loan provided by Maxim Capital Group for the development.
PAINTED POST, N.Y. — Erwin Hospitality Associates has opened a Hampton Inn in Painted Post. Located at 248 Town Center Road, the 98-room hotel is the only Hampton property in Painted Post and the 48th in the state. The hotel features Hampton’s Perfect Mix Lobby, designed with a variety of seating and lighting options for both leisure and business travelers, and well-equipped guestrooms with modern amenities, including microwaves, refrigerators and LCD, flat-screen televisions. Visions Hotels will manage the property, which is owned by Erwin Hospitality.
SAN DIEGO — Harrison Properties has acquired 0.75 acres of land in Encinitas that is occupied by Pacific Surf Inn for $4.2 million. The land is located at 1076 N. Coast Highway 101 in the San Diego submarket. Harrison was represented by Peter Curry of Cassidy Turley. The seller, Gili Investments, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of the same firm.
NEW YORK CITY — Hersha Hospitality Trust, an owner of upscale hotels in urban gateway markets, has closed on the sale of Hotel 373 in Midtown Manhattan. The hotel sold for $37 million or approximately $529,000 per key. The sales price valued the hotel at $1,680 per square foot and represented an economic capitalization rate of 5.2 percent based on the hotel’s net operating income for the year ending in December 2013. New York City-based Solid Rock Advisors East represented Hersha in the previously announced transaction.
BROOKS, KY. — Mumford Co. has brokered the sale of Baymont Inn-Louisville South in Brooks, a suburb of Louisville. Kishu Inc., a local investor group, purchased the 65-unit hotel from Supertel Hospitality. David Mumford and Burton Brooks of Mumford Co. represented the seller in the transaction. The hotel is the 49th disposition that Mumford Co. brokered on behalf of Supertel.
SANTA CRUZ, CALIF. – A 100-room Holiday Inn Express Hotel & Suites in Santa Cruz has sold to a joint venture between Trigild and Blu Hotel Investors for $16.5 million. The hotel is located at 1410 Ocean Street. Trigild will manage the property. The JV also purchased the 121-room Santa Ana Hampton Inn & Suites last year.
ATLANTA — PMZ Realty Capital LLC has closed an $81.5 million floating rate loan for the Embassy Suites Atlanta – At Centennial Olympic Park, a 321-suite hotel adjacent to the World of Coca-Cola and the Georgia Aquarium in Atlanta’s Luckie Marietta District. The hotel features 16,000 square feet of meeting space and an outdoor pool and spa. This is the third loan PMZ Realty Capital has closed on behalf of the hotel’s owner, Legacy Property Group, in the last six months. Legacy is planning on renovating the hotel during the next 12 months.