LITTLE ROCK, ARK. — Starwood Hotels & Resorts Worldwide Inc. has unveiled that its Aloft brand has begun an adaptive re-use project of the 12-story Boyle Building in downtown Little Rock. Aloft will convert the office building, which was first opened as the State National Bank Building in 1909, into a 140-room hotel by early 2016. The hotel, known as Aloft Little Rock Downtown, will be part of a mixed-use development that will include ground-floor retail, an upscale restaurant and a coffee shop. The hotel will be Starwood’s first hotel in Little Rock.
Hospitality
LOUISVILLE, KY. — HREC Investment Advisors has arranged the sale of the 271-room Holiday Inn Louisville East in Louisville. Lakshmi Narayan Hospitality Group Louisville LLC purchased the asset from a national special servicer for an undisclosed price. Monty Levy, Tom Sommer and Scott Stephens of HREC represented the seller in the transaction.
NORCROSS, ATLANTA AND MARIETTA, GA. — Merric Millwork and Seating has completed millwork renovations to the common areas of three Courtyard by Marriott hotels in Georgia. The work for each project was done simultaneously. The hotels include the Courtyard by Marriott Peachtree Corners in Norcross, Courtyard by Marriott Windy Hill in Atlanta and Courtyard by Marriott Marietta in Marietta. The millwork renovations included work on the focal wall, quick print station, library, business center and other common area features. The design team includes general contractor Artistic General Contracting and developer Sage Hospitality.
OGUNQUIT, MAINE — Rockbridge has acquired The Cliff House Resort & Spa, a historic 142-year-old 166-room resort situated on 70 oceanfront acres atop Bald Head Cliff in Ogunquit. Rockbridge, through a joint venture with Maine-based hoteliers Marc Dugas and Peter Anastos, purchased the resort with plans to complete a comprehensive renovation after the 2015 season. New Castle Hotels will manage The Cliff House for Rockbridge. Amenities at the resort include three dining options ranging from fine to casual, 13,000 square feet of meeting space with a 150-seat amphitheater, a 2,500-square-foot fitness center, vanishing edge swimming pool, 75-foot indoor lap pool, whirlpool, steam room and sauna.
HOUSTON — Developer Western International has purchased 5.2 acres of land in of Houston’s Energy Corridor submarket for the construction of two new hotels. The properties, one of which will be operated under the Courtyard by Marriott brand and the other under the Hampton Inn & Suites brand, will each include 135 rooms. Located within the Ten Oaks development, a project of Wolff Cos. that is situated at the intersection of Barker-Cypress Road and Park Row, the hotels will be in proximity to the Texas Medical Center – West Campus and Texas Children’s Hospital, as well as major employers Wood Group, Mustang Engineering and Sercel. Western International plans to break ground on the properties this summer.
CHAMBLEE, GA. — Construction is underway for a new four-story, 124-room Value Place hotel in Chamblee, about 14 miles north of downtown Atlanta. The hotel will be located at 2877 Dresden Drive, near the intersection of I-85 and Chamblee Tucker Road. EMJ Hospitality will manage the hotel upon completion, which is slated for February 2015.
NEW YORK CITY — Pembrook Capital Management has closed on a $24.8 million bridge loan to fund McSam Hotel Group’s purchase of a Manhattan development site. Located on West 37th Street between Eighth and Ninth avenues, the site currently features two parking lots that will be developed into a hotel property. The site is situated in close proximity to Hudson Yards and the Javits Center and will benefit from ongoing transportation improvements that are transforming the neighborhood.
WISCONSIN DELLS, WIS. — Marcus & Millichap has arranged the $1.2 million sale of a 228-room hospitality property in Wisconsin Dells, approximately 54 miles north of Madison. Dells Island Resort & Conference Center is located at 655 N. Frontage Road. Jon Ruzicka, Gordon Allred and Chris Gomes of Marcus & Millichap represented the seller, a bank/financial institution. Ruzicka and Allred also represented the buyer, a limited liability company. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
BOSTON — Boston Realty Advisors (BRA) has sold 40 Berkeley Street, located near the intersection of Berkeley and Tremont Street, in Boston’s South End Neighborhood, for $17.2 million. The seven-story, 80,000-square-foot building currently operates as a hotel geared toward young travelers, hostellers, and those looking for an alternative to Boston’s high-priced hospitality choices. It previously served as a YWCA housing facility. The property was purchased by The Mount Vernon Company, which is based in Boston. The new ownership company is considering various options for the property but will not release any information until it begins its dialog with the neighborhood. Cornerstone Realty Capital arranged acquisition and improvement financing from a local bank.
AUSTIN, TEXAS — HFF has arranged a $33 million loan for the construction of Hotel Granduca, a 194-room boutique hotel in Austin. The project, located at the corner of Bee Cave Road and Loop 360, will stand nine stories and include a library, ballroom, game room, fitness center, swimming pool and restaurant. A joint venture between The Interfin Companies and Riverside Resources, the property is slated for completion in late 2015. Doug Opalka, John Bourret and Casey Wenzel of HFF worked on behalf of the joint venture to arrange the loan through IBC Bank.