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.
Hospitality
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.
AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of the 115-room Quality Inn Amarillo East, a hospitality property located at 1515 I-40 East in Amarillo. Constructed in 1985, the hotel offers free wireless internet, a business center, truck parking and free breakfast. The property is in close proximity to Rick Husband Amarillo International Airport, Amarillo Junior College and West Texas State University. Chris Gomes, Skyler Cooper and Jake Gaddy of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Cooper also procured the buyer, another private investor.
REDONDO BEACH, CALIF. – Construction has commenced on the new 54-room Shade hotel in Redondo Beach. The luxury boutique hotel will be located at 655 North Harbor Drive, just steps from the harbor. The project will include the three-story, 50,700-square-foot hotel, as well as a separate 11,600-square-foot event building. Construction is scheduled for completion early next year. The new Shade hotel is being developed by Michael Zislis, built by Summit DCK and designed by Ware Malcomb. This will be the hotel’s second location. The original Shade is located in nearby Manhattan Beach. It is the city’s only luxury boutique hotel.
ANN ARBOR, MICH. — Colliers International will lease restaurant and retail space at 116 and 120 W. Huron St. in downtown Ann Arbor. The site will be redeveloped by Ann Arbor-based First Martin Corp. as an upscale 110-room hotel and will feature retail and restaurant opportunities. The hotel brand will be announced at a later date. Colliers will lease space ranging from 5,870 square feet on the main level up to 8,805 square feet, including a mezzanine. Jim Chaconas and Brendan Cavender of Colliers will list the available retail and restaurant spaces.
WASHINGTON, D.C. — The Embassy Row Hotel in Washington, D.C., is slated to undergo a $15 million renovation to its guest rooms and common areas. Phase I of the project includes renovations to the hotel’s rooftop terrace and pool, which is slated to wrap up in June. Phase II will feature renovations to all nine floors and 231 guest rooms. Phase II will also include a new lobby, bar, barista station, meeting space and fitness studio. The entire renovation project is expected to be complete in March 2015.
OLATHE, KAN. — Block & Co. has arranged the sale of La Quinta Inn & Suites in Olathe, Kan., to Champion Hotels, an Oklahoma City-based hotel investment and development firm for an undisclosed price. The three-story hotel is located on the site of the Great Mall of the Great Plains at 20570 W. 151st St. The 106-room hotel features 58,000 square feet of space and sits on 3.5 acres. Max Kosoglad and David Block of Block & Co. represented the seller, TAO-OKSLQ LP.
LOS ANGELES – Blackstone has acquired the National Upscale Select Service Portfolio, which includes 15 hotels along the east and west coastlines, for an undisclosed sum. The portfolio contains seven California-based hotels, including the 125-roomHampton Inn & Suites Thousand Oaks; the 143-room Hyatt Place Los Angeles/LAX/El Segundo; the 128-room Residence Inn Camarillo; the 132-room SpringHill Suites Irvine John Wayne Airport Irvine/Orange County; the 112-room Residence Inn San Diego North /San Marcos; the 119-room Homewood Suites Fresno and the 118-room SpringHill Suites Fresno. It also contains hotels in Alabama, Florida, Virginia, Connecticut, Pennsylvania and Maryland. All hotels are under the Hilton, Hyatt or Marriott branding. Most are less than five years old, and many feature amenities like sundry shops, fitness centers, outdoor patios and business centers. The seller, OTO Development LLC, was represented by Mark Fair, Al Calhoun and Samantha Fisher of JLL’s Hotels & Hospitality Group.
APPLETON, WIS. — Marcus & Millichap has arranged the sale of the 80-room GrandStay Hotel & Suites in Appleton for $4.4 million. The hotel is located at 300 Mall Drive near the City Center Plaza. Hotel amenities include a fitness center, lobby bar, wellness pool, shuttle service, business center, cable and wireless Internet. Some of the guest rooms include fireplaces, spa tubs and luxury beds. Scott Brash of Marcus & Millichap listed the property on behalf of the seller, a private investor. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
NEW YORK — American Realty Capital Hospitality Trust Inc. has acquired interests in six hotels in the Southeast and Northeast for a total investment of $106.5 million. The real estate investment trust (REIT) purchased fee simple interests in the Courtyard Inner Harbor Hotel in Baltimore; the Courtyard Providence Downtown Hotel in Providence, R.I.; and the Homewood Suites in Stratford, Conn. ARC Hospitality also purchased a leasehold interest in the Georgia Tech Hotel & Conference Center in Atlanta’s Midtown neighborhood. Additionally, ARC Hospitality purchased joint venture interests in the Hilton Garden Inn in Blacksburg, Va., and the Westin Virginia Beach Town Center in Virginia Beach, Va. Combined, the six hotels total 1,181 rooms and about 38,960 square feet of meeting space. American Realty Capital Hospitality Properties LLC and Crestline Hotels & Resorts LLC, which is ARC Hospitality’s property manager, manage the six hotels.