Hospitality

Doubletree San Diego-Hotel Circle Changes Hands

by Nellie Day April 8, 2015

SAN DIEGO — An affiliate of Oak Coast Properties LLC has acquired the 219-room Doubletree San Diego-Hotel Circle for an undisclosed sum. The hotel is located at 1515 Hotel Circle South. The eight-story hotel includes the Panini Restaurant, meeting and event space, an outdoor pool and spa and a five-story parking garage. It was originally built in 1970. The Doubletree has undergone extensive renovations and modernization throughout the years. The buyer purchased the leasehold and land in two separate transactions that closed concurrently. The property will be managed by Portfolio Hotels & Resorts. It will continue to operate under the Doubletree by Hilton flag. The seller was two locally-based investment entities. They were represented by Bob Kaplan and Rod Apodaca of CBRE Hotels.

April 8, 2015

Hospitality Loans Southeast Tennessee

HFF Arranges Financing for Omni Nashville Hotel

by Haisten Willis April 6, 2015

NASHVILLE, TENN. — HFF has arranged permanent financing for the 800-room Omni Nashville Hotel, a LEED Silver-certified, upscale hotel located across from Music City Center in downtown Nashville. Completed in 2013 and located at 250 Fifth Ave., the hotel features the 5,500-square-foot Mokara Spa, a rooftop swimming pool, whirlpool with a lounge deck and cabanas, business center, 80,000 square feet of meeting space, 49,000 square feet of pre-function space and dining options such as Bob’s Steak & Chop House, Kitchen Notes and Barlines. Whitaker Johnson, Jim Curtin and Sarah Baccich of HFF arranged the fixed-rate loan through Prudential Mortgage Capital on behalf of the borrower, TRT Holdings.

April 6, 2015

Georgia Hospitality Southeast

Value Place Opens Second Atlanta Hotel

by Haisten Willis April 6, 2015

ATLANTA — Value Place, an extended-stay hotel brand, has opened its second hotel in Atlanta and ninth hotel in Georgia at 2877 Dresden Drive. The four-story, 124-room hotel is located south of Chamblee Tucker Road inside the I-285 perimeter. The hotel features kitchens with a microwave, cooktop and refrigerator; high-speed Wi-Fi internet; guess laundry; and 24-hour vending. To date, Value Place has opened nearly 200 hotels in 31 states. The brand is targeting markets such as Chicago, Los Angeles, Philadelphia, Boston, Seattle, Miami, Portland, the Twin Cities and Fort Lauderdale for its continued expansion.

April 6, 2015

Connecticut Hospitality Northeast

HREC Arranges Sale of Inn at Middletown in Connecticut

by Amy Works April 3, 2015

MIDDLETOWN, CONN. — HREC Investment Advisors has arranged the sale of the Inn at Middletown, located at 70 Main St. in Middletown. Massachusetts-based Linchris Hotel Corp. acquired the 100-room hotel for an undisclosed price. Ketan Patel and Geoff Davis of HREC represented the seller, Middletown Hotel Associates LP, in the transaction.

April 3, 2015

Hospitality New York Northeast

Hodges Ward Elliot Brokers $343M Sale of The New York EDITION Hotel

by Amy Works April 2, 2015

NEW YORK CITY — Hodges Ward Elliot (HWE) has brokered the sale of The New York EDITION hotel, located at 5 Madison Ave. in New York City. Abu Dhabi Investment Authority (ADIA) purchased the hotel for $343 million from Marriott International. In 2013, Marriott announced its intention to sell three EDITION hotels — London, Miami and New York — to ADIA for a total of $816 million while maintaining long-term management agreements. This sale marks the final closing of that agreement. The Miami Beach EDITION sold in February 2015 and The London EDITION closed in 2014. HWE represented Marriott in all three transactions.

April 2, 2015

Hospitality Loans Southeast Virginia

Mesa West Capital Originates $27M Refinance of Westin Reston Heights

by John Nelson March 31, 2015

RESTON, VA. — Mesa West Capital has provided a $27 million loan for the refinancing of the Westin Reston Heights, a 191-room hotel in the Washington, D.C., suburb of Reston. Daniel Tanner of Mesa West’s New York office originated the floating-rate loan on behalf of the hotel’s owner, The JBG Cos., which also developed the hotel. Matthew Williams and Joe Donato of Newmark Grubb Knight Frank arranged the financing. Westin Reston Heights, along with a 194-unit residential tower and a 140,000-square-foot office building, anchors the first phase of JBG’s 35-acre Reston Heights mixed-use development. Phase II, which is slated for a 2017 delivery, will feature 400 new apartment units and 88,000 square feet of retail and restaurant space.

March 31, 2015

Hospitality Michigan Midwest Multifamily

Olympia Development to Redevelop Historic Hotel in Detroit into Apartments

by Danielle Everson March 27, 2015

DETROIT — Olympia Development of Michigan plans to renovate and restore Detroit’s historic Eddystone Hotel into affordable housing units. The Eddystone is located at 110 Sproat St. at Park Avenue. The hotel opened in 1924 and Louis Kamper designed the building. Under plans to be submitted to the City of Detroit Historic District Commission, Olympia will completely renovate the property. Approximately 20 percent of the Eddystone’s roughly 100 units would be reserved as affordable housing. The Eddystone will also feature first-floor retail space. Work on the Eddystone Hotel could begin as early as fall of 2015. The project is near the site of the new Detroit Events Center, a mixed-used development and arena for the Detroit Red Wings hockey team. The new event center is slated for completion in 2017.

March 27, 2015

California Hospitality Western

Visalia Marriott at the Convention Center Changes Hands

by Nellie Day March 27, 2015

SAN DIEGO – The Visalia Marriott is located at 300 S. Court Street in the San Diego submarket of Visalia. The buyer owns and operates a hotel portfolio that contains major brands like Marriott and Hilton. The seller, a national hotel company, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.

March 27, 2015

California Hospitality Western

New Andaz Hotel Coming to Palm Springs

by Nellie Day March 27, 2015

PALM SPRINGS, CALIF. — A new 150-room Andaz hotel will soon debuted in downtown Palm Springs. The new hotel will be situated adjacent to the Uptown Design District. Hyatt Hotels Corporation has entered into a management contract with Rael Development Corporation on the new project. It will be situated within walking distance of the shops, restaurants and galleries along Palm Canyon Drive. The hotel is scheduled for completion late next year. Andaz Palm Springs will also contain 17 suites with panoramic views of the city and nearby San Jacinto Mountains. The ground level will feature 25,000 square feet of boutique retail space, as well as indoor and outdoor meeting facilities. The hotel will also offer spa services, a fitness facility, a signature restaurant and lounge and terrace bar. Two outdoor pools and garden areas will be situated on an elevated patio terrace. Andaz Palm Springs will collaborate with local artists, musicians, designers and other cultural influencers to create events and programs based on themes unique to its Palm Springs location. Andaz also operates hotels in other notable Western locations like Maui, Hawaii, and Napa, Calif.

March 27, 2015

Hospitality Texas

HFF Arranges Sale, Secures Financing for Westin Dallas Park Central Hotel

by Haisten Willis March 25, 2015

DALLAS — HFF has arranged the sale of and secured acquisition financing for the Westin Dallas Park Central, a 536-key hotel in central Dallas. HFF marketed the property on behalf of the seller, a joint venture between FelCor Lodging Trust Inc. and Starwood Hotels & Resorts Worldwide Inc. A partnership between Building and Land Technology and AWH Partners LLC purchased the offering. Additionally, working on behalf of the buyers, HFF secured floating-rate financing for the acquisition and renovation of the property. The 20-story hotel is situated on 3.6 acres at 12720 Merit Drive within the Park Central mixed-use development, which includes three LEED Gold-certified office towers and more than 845,000 square feet of Class A office space. The Westin-branded hotel features 42,000 square feet of flexible indoor function space that includes a 15,050-square-foot grand ballroom, 5,745-square-foot penthouse venue, Café on the Park restaurant, a gym, 24-hour business center, heated rooftop pool and sundeck. Brian Carlton led the HFF debt placement team representing the buyer.

March 25, 2015

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