THE WOODLANDS, TEXAS — Thind Hotels LLC will develop two new hospitality properties on a 10-acre site in The Woodlands for approximately $25 million. The project includes a six-story, 152-room full-service Holiday Inn and a four-story, 120-room extended-stay Staybridge Suites. The Holiday Inn will feature a restaurant, swimming pool, spa and 5,500-square-foot ballroom. The Staybridge Suites will feature an outdoor fire pit, patio with covered trellis and indoor movie lounge. The Mathis Group Inc. is serving as project manager, and Arch-Con Construction is working as the general contractor. The project will break ground in May and is slated for completion in the summer of 2015.
Hospitality
BELLINGHAM, WASH. – The 68-room Bellwether Hotel in Bellingham has received a $10.5-million refinance. The hotel is located at 1 Bellwether Way within the Bellwether on the Bay development. The mixed-use development also includes office buildings, a park, promenade and restaurants. The 10-year loan features a 27-year amortization schedule. It was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s relationship with a CMBS lender.
CHARLESTON, S.C. — The Mumford Co. has brokered the sale of the 107-room Homewood Suites-Mt. Pleasant located on the Isle of Palms Connector at Seaside Farms in Charleston. Rupa LLC purchased the hotel from The Suites at Seaside LLC, the hotel’s developer, for an undisclosed price. Rupa has retained Chattanooga, Tenn.-based Vision Hotel Group to manage the asset and oversee the property’s renovation. David Mumford of The Mumford Co. represented the seller in the transaction.
CHARLESTON, S.C. — HREC Investment Advisors has arranged the sale of the 289-room InnPlace Hotel in Charleston. The hotel was formerly a Sheraton Charleston Airport Hotel. Monty Levy, Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller, an affiliate of LNR Partners LLC, in the transaction.
NEWPORT BEACH, CALIF. – A 16-room boutique hotel in Newport Beach has received $3.5 million in acquisition financing. The hotel features a ground-floor restaurant, a quadruplex and beachside cottages. This asset was purchased as part of a pool of properties for a total of $7.1 million. The hotel’s first trust deed was provided by Lone Oak Fund at 8.3 percent interest-only. The firm also sought out a second trust deed with an established junior lender. A private equity investor completed the capital stack with a third trust deed.
ROANOKE, VA. — The 126-room Hampton Inn & Suites Roanoke Airport has opened at 5033 Valley View Blvd. North N.W. in Roanoke. The hotel is the third Hampton hotel in the Roanoke area and the 59th in Virginia. DSA Roanoke LLC owns the hotel, which is located near Roanoke Airport, Virginia Tech and the Roanoke and Salem civic centers.
BEDFORD, TEXAS — Boxer Resorts has acquired the DFW Airport West Holiday Inn, a 245-room hotel in the Metroplex suburb of Bedford. Located in close proximity to the Dallas/Fort Worth International Airport, the property offers a fitness center, swimming pool, conference facilities and complimentary shuttle service to the airport. This is the fourth acquisition for Boxer Resorts, a sister company of Houston-based investment and management company Boxer Property. Hank Wolpert of HREC represented the unnamed seller in the transaction.
TUCSON, ARIZ. — Starwood Hotels & Resorts has sold the 154-room Aloft Tucson University Hotel to Lightstone Value Plus Real Estate Investment Trust II for $19 million. The hotel is located at 1900 E. Speedway Blvd., next to the University of Arizona in Tucson. The hotel will remain under the Aloft Hotels flag. It will be managed by Island Hospitality Management. The public, non-traded REIT is sponsored by The Lightstone Group. Starwood was represented by Bill Murney and Mike Cahill of HREC Investment Advisors.
MIAMI — Swire Hotels is set to open EAST, Miami, the company's first hotel in the United States. The hotel, which will feature 263 guestrooms and 89 apartment units, is set to open in 2015 at Brickell City Centre, Swire Properties Inc.'s $1.05 billion mixed-use development in Miami's Brickell neighborhood. The hotel will feature two restaurants, a poolside bar and lounge, rooftop bar, meeting rooms, banquet halls, outdoor pool deck and a 24-hour fitness center. The property is Swire Hotels' third hotel, with the other two being EAST, Hong Kong and EAST, Beijing. The design team includes architect Arquitectonica and interior designer Clodagh Design.
ATLANTA — PCCP LLC has provided a senior loan to Atlanta-based Portman Holdings for the acquisition and partial repositioning of a 27-story office building located at 230 Peachtree St. in downtown Atlanta. Portman Holdings plans to convert floors two through nine into a 200-room Hotel Indigo, an Intercontinental Hotel Group brand hotel. The rest of the 414,768-square-foot building will remain office space. The property was 46 percent occupied at the time of the sale. Hospitality Ventures Management will manage the Hotel Indigo upon completion.