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.
Hospitality
TRAVERSE CITY, MICH. — Commercial Property Advisors and Hunter Hotel Advisors have arranged $18 million CMBS loan for the refinancing of three hotels in Traverse City. The fixed-rate, 10-year loan has a 25-year amortization schedule. The hotels, which include Best Western, Cambria Suites and Comfort Inn, total 204 rooms. Cary Belovicz of Commercial Property Advisors and Angelo Stambules of Hunter Hotel Advisors arranged the loan for an undisclosed borrower.
SAN ANGELO, TEXAS — Economy extended-stay hotel brand Value Place and Pure Strike Development LP are partnering to develop the first Value Place in San Angelo. Once completed, the four-story, 124-room property will be the 38th Value Place location in Texas. The hotel will feature laundry facilities and modified kitchens. Ron Burgett, executive vice president of franchise development at Value Place, cited San Angelo’s economic growth, especially in the oil and gas industries, as a key motivator for expansion into the city.
COLUMBIA, S.C. —Peachtree Hotel Group has acquired the Courtyard Marriott in downtown Columbia for an undisclosed price. The nine-story, 189-room hotel features 5,213 square feet of flexible meeting space, a full-size restaurant, bar, business center, high-speed internet, a gift shop, valet and a dry-cleaning service, as well as a free shuttle to the Columbia Metropolitan Airport. The property is slated to undergo a $3.5 million renovation, which will include the new Courtyard “Refreshing Business” lobby and a new bistro restaurant concept, as well as improvements to meeting spaces and guest rooms. Sam Winterbottom and Bhavesh Patel of Newmark Grubb Knight Frank Hotels, along with Marshall Kibler of Newmark Grubb Wilson Kibler, represented the seller, an affiliate of Fillmore Capital Partners LLC.
GREENSBORO, N.C. — Home2 Suites by Hilton has opened its 30th hotel nationwide: Home2 Suites by Hilton Greensboro Airport in Greensboro. The five-story, 95-suite hotel is located at 7801 National Service Road, which is minutes away from the Piedmont Triad International Airport. Triad Hotels LLC owns the hotel, which is the fourth Home2 Suites by Hilton hotel in North Carolina. The hotel features a combined fitness and laundry area called Spin2 Cycle, as well as an indoor chlorine pool and gas grills.
DESTIN, FLA. — Marcus & Millichap has arranged the sale of Country Inn & Suites, an 83-room hotel located at 4415 Commons Drive E. in Destin. The hotel sold for approximately $4.7 million. Nearby attractions include the beach, several country clubs and Destin Commons, an upscale outdoor lifestyle center. David Greenberg and David Altman of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Kansas, in the transaction. Greenberg and Altman also procured and represented the buyer, a private investor based in Alabama.
HOUSTON — A partnership between Midway and Valencia Group will develop a new 225-room hospitality property, known as Hotel Alessandra, in Houston. The 25-story hotel will anchor the GreenStreet mixed-use development, located in the downtown district and in proximity to the George R. Brown Convention Center, Toyota Center and Discovery Green Park. Plans call for oversized bathrooms, meeting rooms, event spaces and indoor-outdoor areas. GreenStreet, located at 1201 Fannin Street, includes the 11-story regional headquarters of NRG Energy, as well as retailers, restaurants and entertainment venues. Midway is a Houston-based investment and development firm, and Valencia Group, also based in Houston, is a hospitality management and development company.
DENVER — Crow Holdings Capital Partners has acquired the Brown Palace Hotel Portfolio in Denver for an undisclosed sum. The portfolio contains the Brown Palace Hotel & Spa and the adjacent Comfort Inn Downtown Denver, for a total of 472 guest rooms, 22,100 square feet of meeting space, and five food and beverage venues. The Brown Palace is located at 321 17th Street. It is the only hotel in Downtown Denver to receive both the Forbes Four-Star and AAA Four-Diamond awards for more than 30 consecutive years. The hotel was built in 1892. An affiliate of Quorum Hotel Advisors will continue to manage the property. The Comfort Inn Downtown Denver is located at 401 17th Street. The acquisition was completed on behalf of Crow Holdings Fund VI.
EGG HARBOR TOWNSHIP, N.J. — Washington Trust’s commercial real estate group has provided $13 million in financing to an affiliate of MCR Development LLC for the 120-room Homewood Suites by Hilton Egg Harbor hotel. The four-story hotel is located at 3008 English Creek Ave. in Egg Harbor Township. The hotel offers extended-stay lodging with an indoor swimming pool, exercise room, sports court, business center, suite shop and guest laundry room. The property was acquired in May 2012.
NORTH RICHLAND HILLS, TEXAS — Marcus & Millichap has brokered the sale of the 87-room Best Western Northeast Mall Inn & Suites in the Fort Worth suburb of North Richland Hills. Located at 8709 Airport Freeway, the select-service hotel includes a fitness center, outdoor swimming pool and business center. Chris Gomes, Skyler Cooper and Allan Miller of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gomes also procured the buyer, a private investor.