FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of a 91-room Holiday Inn Express & Suites in Fort Worth. Located at 4609 Citylake Blvd., the property is in proximity to attractions including the Kimball art Museum, the Modern Art Museum and the Fort Worth Zoo. The hotel features amenities such as a business center, outdoor heated swimming pool and fitness center. Chris Gomes and Allan Miller of Marcus & Millichap represented the unnamed seller in the transaction. Gomes procured the buyer, a private investor.
Hospitality
MARINA, CALIF. — The 60-room Sanctuary Beach Resort in Marina has received $14.7 million in first-mortgage financing. The resort is located at 3295 Dunes Road, just 10 miles north of Monterey. This 10-year, fixed-rate, non-recourse loan includesinterest-only payments for the first five years. Financing was provided by a money center commercial bank. Financing was arranged by Sonnenblick-Eichner Company.
NEW YORK CITY — Hotel owner 10-12 MLane LLC is investing $32 million in a new 25-story, 190-room hotel situated on Maiden Lane between Nassau Street and Broadway in Manhattan. The 76,500-square-foot property will operate under the InterContinental Hotels Group’s (IHG) Hotel Indigo brand. The hotel, which is set to open in 2016, will be the fifth Hotel Indigo hotel in New York City. The hotel will feature approximately 1,450 square feet of meeting space, a fitness center and a rooftop lounge.
TACOMA, WASH. – The 319-room Hotel Murano in Tacoma has received $24.6 million in first-mortgage financing. The hotel is situated at 1320 Broadway, adjacent to the Greater Tacoma Convention and Trade Centerin the city’s Central Business District. It is one of only four hotels in the state to earn the Forbes 4-Star Award. The 10-year, fixed-rate, non-recourse loan was arranged by Sonnenblick-Eichner Company. It was provided by a Wall Street investment bank.
CHICAGO — First Hospitality Group Inc., in a joint venture with Skokie, Ill.-based North Capital Group LLC, is redeveloping the former Purple Hotel in Chicago. The new hotel will open as a SpringHill Suites in fall 2015 as part of a larger mixed-use project called The Shoppes at Lincoln Pointe, which will include retail, dining, grocery and office space. The five-story hotel will feature 160 guest rooms, 4,000 square feet of banquet space and 1,000 square feet of meeting space. The hotel is within close proximity to downtown Chicago, O'Hare airport, Loyola University and Northeastern Illinois University.
MIAMI — InterContinental Hotels Group’s (IHG) Hotel Indigo plans to open its third location in Miami in late 2016. Hotel Indigo Miami Brickell, located at 145 S.W. 11th St., is near the famous Brickell Avenue and downtown Miami. The $48 million hotel will have approximately 2,000 square feet of meeting space, a full restaurant, fitness center and an outdoor pool with its own bar and grill. The 24-story, 140-room hotel is a joint venture between HES Group and Sunview Cos. An affiliate of IHG has franchised the hotel.
NEW YORK CITY — Mission Capital Advisors has arranged $33 million in financing on behalf of New York-based investment and management company Icon Realty Management. The financing, a combination of CMBS and mezzanine, was arranged to refinance The GEM Hotel Chelsea, an 81-key, upscale boutique hotel located at 300 West 22nd St. in Manhattan. Gemini Real Estate Advisors manages the hotel. Jordan Ray, Jason Cohen and Ari Hirt of Mission Capital secured the five-year loan. The first-mortgage financing includes a CMBS loan with a 30-year amortization schedule and interest-only mezzanine financing. In addition to 81 hotel rooms, the five-story building features retail space leased to Forager’s Counter, a high-end gourmet market.
PHOENIX – The former Castle Hot Springs resort in Yavapai County has sold to CHS3, LLC for $1.9 million. The resort is located on North Castle Hot Springs Road in Castle Hot Springs, just north of Phoenix. The LLC purchased the property through an online auction. The 210-acre Castle Hot Springs resort opened in 1896. Its 118-degree natural hot spring produced 180,000 gallons of pure water daily. The seller, EktornetUS, a susidiary of Swedbank, was represented by Dave Headstream of CBRE’s Land Services Group in Phoenix. He worked in conjunction with CBRE Auction Services.
DORAL, FLA. — Starwood Hotels & Resorts Worldwide Inc. has broken ground on Element Miami Doral as part of a dual-hotel development in metro Miami alongside Aloft Miami Doral, which opened in March 2013. Starwood will open the new hotel in July 2015. Eurocon LLC owns the 139-suite property. The hotel will feature a 24-hour fitness center, outdoor saline pool and a 1,500-square-foot meeting room. Element is the first major hotel brand to mandate that all properties pursue LEED certification, according to Starwood.
SPRING, TEXAS — Woodbine Development Corp. and InterMountain Management (IMM) have purchased more than three acres in the Houston suburb of Spring for the construction of a new 128-room Residence Inn. The extended-stay, select-service hotel will be within the Springwoods Village mixed-use community, an 1,800-acre, $10 billion development designed for sustainability. The property, set to open in the summer of 2015, will be located in proximity to I-45, as well as the future ExxonMobil campus in The Woodlands and the headquarters of Southwestern Energy. Other members of the Residence Inn project team include GH2 Hospitality Architects, Walter P. Moore Engineers and Precision Engineering, all based in Tulsa, Okla.; and DCI Engineers, which is based in Austin.