MIAMI — Meridian Capital Group LLC has negotiated a $17 million loan to refinance the Aloft Miami-Brickell in Miami. The 160-room hotel is located at 1001 S.W. Second Ave. in Miami’s financial district. Michael Brown and Brad Beattie of Meridian Capital arranged the 10-year loan with a fixed 4.86 percent interest rate through an unnamed CMBS lender.
Hospitality
NEW YORK CITY — Meridian Capital Group has arranged $70 million to refinance the Refinery Hotel located on 63 West 38th St. in New York City. The borrower was 63 West 38th LLC. The 12-story hotel features 197 rooms, as well as Parker & Quinn restaurant, Winnie’s lobby bar, Refinery Rooftop, and The Hatbox, an industrial gallery space. A CMBS lender provided the fixed-rate 10-year loan. David Hayum and Steven Adler of Meridian Capital negotiated the financing.
MIDLAND, TEXAS — A 90-guestroom, four-story Holiday Inn Express by InterContinental Hotels Group has opened in Midland. Dallas-based Mayse & Associates Inc. designed the hotel, which spans 55,200 square feet on Crump Street near I-20 and Rankin Highway. Lubbock-based Greenstreet Inc. constructed the project. Insignia Hospitality Group owns and manages the hotel.
NEW YORK — Prodigy Network has purchased 17 John St. in downtown Manhattan for $85.3 million. The property was purchased with more than $25 million in crowd-funded equity, senior financing from Deutsche Bank and subordinate financing from a New York-based institutional investor. Accredited investors from more than 12 different states and 10 countries invested in participations starting at $50,000 in this New York building. Upon completion of construction, the extended-stay property will span 23 stories and feature 191 furnished units.
NASHVILLE, TENN. — HREC Investment Advisors has arranged the sale of Hyatt Place Nashville Airport Hotel in Nashville. Greenwood Hospitality Group is managing the 83-room hotel on behalf of the new owner. The hotel is located across from the Nashville International Airport and eight miles east of downtown Nashville. Chattanooga, Tenn.-based Vision Hospitality Group developed the hotel in 2000 and later converted the property to a Hyatt Place in 2007. Barry Swanson and Scott Stephens of HREC represented the seller in the transaction.
TYBEE ISLAND, GA. — HFF has arranged a $13.5 million acquisition loan for Ocean Plaza Beach Resort, a 204-room hotel fronting the Atlantic Ocean in Tybee Island, approximately 20 miles east of downtown Savannah. The six-building, 223,986-square-foot hotel, which was originally built in 1909, features a restaurant, lounge, meeting and banquet space, business center, two outdoor pools and a video game arcade. Mark Sixour and Greg LaBine of HFF led the team that arranged the loan through M&T Bank on behalf of the borrower, Linchris Hotel Corp., which plans to spend approximately $1.5 million in the first year for property upgrades.
BALTIMORE — MCR Development LLC has completed a full renovation of the lobby and guestrooms of the 126-room Hampton Inn Baltimore Downtown Convention Center. The lobby offers views of Oriole Park at Camden Yards and features baseball glove seats, baseball-themed floor tiles and baseball bat lighting. The hotel is located adjacent to the Baltimore Convention Center and within walking distance of the University of Maryland Medical Center, M&T Bank Stadium and the new Downtown Harrahs Horseshoe Casino opening this fall.
NEW YORK CITY — DiamondRock Hospitality Co. has acquired the 282-room Hilton Garden Inn/Times Square Central in New York for $127.2 million, or $451,000 per guestroom. The hotel, located on 42nd Street between Avenue of the Americas and Broadway in the heart of Times Square, opened this month. The hotel features floor-to-ceiling glass windows and each guestroom features a 50-inch LCD HDTV, refrigerator, microwave and other amenities. The hotel also includes a 24-hour self-service business center and fitness facility. DiamondRock Hospitality Co. expects the hotel to generate approximately $5 million of adjusted earnings before interest, taxes, depreciation and amortization in 2014. Highgate Hotels will operate the hotel.
PLANO, TEXAS – Hilton Worldwide has opened the Hilton Dallas/Plano Granite Park hotel, a 299-unit Hilton Hotels & Resorts property, in the Granite Park master-planned community just north of Dallas. Granite Park is a 90-acre mixed-use development located at the intersection of the Sam Rayburn Tollway and Dallas North Tollway. Companies with a presence in the area include Hewlett Packard, Dr. Pepper/Snapple Group, PepsiCo, Siemens and J.C. Penny. BOKA Powell was the architect for the hotel. Amenities at the hotel include the on-site Carso Mediterranean Grill, a fitness center and pool. The hotel also attaches to a 30,000-square-foot conference center.
LUBBOCK, TEXAS — A 103-room, four-story Courtyard by Marriott has opened in Lubbock, home of Texas Tech University. The 76,118-square-foot hotel is located at Marsha Sharp Freeway and Avenue V, near the Texas Tech Campus. Dallas-based Mayse & Associates Inc. was the project’s architect. The hotel’s main tower is painted “Raider Red,” the same color worn by the school’s Red Raider athletic teams. Lubbock-based Greenstreet Inc. built the hotel, which is owned and managed by Midland-based Insignia Hospitality Group.