Hospitality

Britt-Scripps House in San Diego Sells for $2.9M

by Nellie Day November 13, 2014

SAN DIEGO – Britt-Scripps House, a 5,174-square-foot commercial property in San Diego, has sold to Neo Romax Inc. for $2.9 million. The property is located at 406 Maple Street. The original structure was built in 1887 as a three-story, nine-bedroom property. It received a historical site designation in 1971. Britt-Scripps House became a bed and breakfast after undergoing an extensive renovation between 2002 and 2005. The property features a lobby, parlor, dining room, commercial-grade kitchen, carriage house, garage storage, garden wedding and reception area, and the first-ever camphor tree to be planted in North America. The property has been closed for three years. The new buyer plans to re-open it as a bed and breakfast. Bud Marsh and Rita Lancaster-Hannah of Colliers International represented both the buyer and seller, Alec H. Esker Living Trust, in this transaction.

November 13, 2014

Hospitality Midwest Wisconsin

Paramount Lodging Advisors Arranges Sale of Country Inn & Suites Appleton

by Danielle Everson November 7, 2014

APPLETON, WIS. — Paramount Lodging Advisors has arranged the sale of a 106-room Country Inn & Suites in Appleton to an undisclosed buyer. The hotel is located at 355 N. Fox River Drive. Paramount Lodging Advisors represented the seller, LNR Partners. Adam Montufar, Brent Clemens and Bennett Webster of Paramount led the sale’s marketing efforts in conjunction with Auction.com.

November 7, 2014

Hospitality Texas

Homewood Suites Hospitality Property Opens in Odessa

by Haisten Willis November 6, 2014

ODESSA, TEXAS — Homewood Suites by Hilton has opened a new hospitality property in Odessa. The four-story hotel is owned by HWODS Property and features 121 suites. This is the 50th Homewood Suites in Texas. The property is located at 7221 Tres Hermanas Blvd. just off Highway 191 in Parks Legado Town Center. The hotel is located near the University of Texas of the Permian Basin, Midland International Airport and the Ector County Coliseum.

November 6, 2014

Hospitality Loans Massachusetts Northeast

CBRE/NE Arranges $12M Construction Financing for Hyannis Fairfield Inn & Suites

by Amy Works November 3, 2014

HYANNIS, MASS. —CBRE/New England’s Debt & Structured Finance team has secured $12 million in construction financing for the Fairfield Inn & Suites by Marriott in Hyannis. The loan from Cambridge Savings Bank allows the borrower, The Simon Konover Company, to redevelop a current two-story, 99-room Days Inn into a three-story, 125-room Fairfield Inn & Suites. Located at 867 Iyannough Road, the new hotel is expected to open in May 2015. Kyle Juszczyszyn, Carlos Febres-Mazzei, Chris Coutts and Taylor Shepard of CBRE/NE arranged the financing on behalf of the borrower.

November 3, 2014

Hospitality Texas

Dallas Cowboys and Omni Hotels to Build Hotel in Metro Dallas

by Haisten Willis October 31, 2014

FRISCO, TEXAS — The Dallas Cowboys and Omni Hotels & Resorts are partnering to develop a new hotel at the future site of the Cowboys’ headquarters in Frisco. The Omni property will be one of the only full-service hotels in the area and will serve as part of a mixed-use development anchored by the team headquarters and Frisco’s multi-use event center. The hotel will feature 300 guestrooms, meeting space, a ballroom and a rooftop pool deck. The Cowboys’ headquarters will be the home to the team’s entire football operations, including administrative offices, coaches’ offices and home of the team cheerleaders. The mixed-use development will span 66 acres of the 90-acre tract.

October 31, 2014

Hospitality Texas

NAI Wheeler Brokers $1.2M Sale of Hospitality Property in Beaumont

by Haisten Willis October 31, 2014

BEAUMONT, TEXAS — NAI Wheeler has brokered the sale of the Historic Hotel Beaumont. NAI represented the seller, the city of Beaumont. Garden Street Holdings LLC was the buyer. Hotel Beaumont was built in the “Beaux-Arts” architectural style in 1922 and received historical designation in 1978. The property was renovated in 2000 and is surrounded by museums and other historical buildings.

October 31, 2014

Hospitality Texas

Mark One Arranges Sale of Hospitality Property in Metro Dallas

by Haisten Willis October 30, 2014

DESOTO, TEXAS — Mark One Capital has arranged financing for the purchase of a four-story, 88-room Holiday Inn Express in Desoto, a suburb of Dallas. Chris Parker and Farhan Kabani of Mark One’s Dallas office arranged the financing. Chris Gomes of Marcus & Millichap’s Dallas office and Allan Miller of the firm’s San Antonio office represented the buyer and the seller in the transaction. The hotel was built in 2006 and renovated in 2012.

October 30, 2014

California Hospitality Western

The Pendry San Diego Receives $95M Construction Loan

by Nellie Day October 29, 2014

SAN DIEGO – The new 317-room Pendry San Diego has received $95 million in construction financing. The Montage-branded hotel will be located on 5th and J streets in Downtown San Diego’s Gaslamp Quarter. The hotel will be situated three blocks from the San Diego Convention Center. Pendry San Diego will mark the launch of the new Pendry hotel brand. The development site originally housed a condemned cigar store and parking lot. It was initially considered by another developer as the site for a new Marriott Renaissance hotel. Interest waned during the recession, however, and an eminent domain issue emerged with the site’s former cigar shop owner, according to Malcolm Davies of George Smith Partners, which arranged the construction loan. The Pendry San Diego will be a 12-story hotel with several restaurants and bars, an outdoor pool, spa, grill, fitness area, ballroom and various meeting rooms. It is scheduled for completion in summer 2016. Davies also notes the development partners were seeking financing that would provide 70 percent of the proceeds necessary for the construction of this luxury hotel. The non-recourse financing features a 36-month term. The capital stack includes both debt and equity. The structure allows the loan to subordinate …

October 29, 2014

Hospitality Northeast Pennsylvania

DoubleTree by Hilton Debuts New Philadelphia Airport Hotel

by Amy Works October 28, 2014

PHILADELPHIA — DoubleTree by Hilton and Hilton Worldwide have opened DoubleTree by Hilton Philadelphia Airport, located adjacent to the Philadelphia International Airport. Formerly a Hilton Hotel, the nine-story, 331-room hotel joins the DoubleTree by Hilton brand following a $3 million property-wide renovation that includes modern updates throughout the hotel’s lobby, guest rooms, restaurant and bar areas, banquet and meeting areas. The hotel features 12,000 square feet of meeting space, Players Sports Bar, Café Express and the Landing Restaurant. The hotel is owned by Sotherly Hotels and managed by Chesapeake Hospitality.

October 28, 2014

Hospitality New York Northeast

NYC’s First Cambria Suites Slated to Open in November

by Amy Works October 27, 2014

NEW YORK CITY — The 18-story, 56,500-square-foot Cambria Suites is slated to open in November. Located at 125 West 28th St., the property is the first Cambria Suites hotel in New York City. Designed by Gene Kaufman Architect (GKA), the property will feature 135 suites and a rooftop terrace. As this is the first Cambria Suites in the city, GKA was tasked with not only designing the outer shell of the building, but also designing and programming the hotel’s interior configuration, including the suites, lobby reception, concierge, lounge and dining areas, a ground-floor meeting room and a fitness facility. The design and solution created by GKA will serve as the model for all subsequent New York City Cambria Suites, including the 196-room property at 30 West 46th St. that is slated to top out later this year.

October 27, 2014

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