SUGAR LAND, TEXAS — HFF has arranged acquisition financing for the Hyatt Place Houston/Sugar Land, a 214-room hotel in Sugar Land, just south of Houston Proper. HFF worked on behalf of the borrower, Noble Investment Group, placing a five-year, floating-rate loan with Texas Capital Bank. The hotel is located on 3.7 acres at 16730 Creek Bend Drive at the intersection of Highway 6 and U.S. 59. The hotel opened in 2010 with 6,000 square feet of meeting space, a pool, gym and business center. John Bourret and Colby Mueck led HFF’s team representing Noble.
Hospitality
DENTON, TEXAS — Marcus & Millichap has arranged the sale of two hospitality properties in Denton. The properties are the 88-room La Quinta Inn & Suites and the 92-room Holiday Inn Express & Suites. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a Dallas-based company. A Dallas-based private individual purchased the property. La Quinta is located at 4465 I-35. Holiday Inn is located at 4485 N. I-35.
HARRISON, N.J. — Starwood Hotels & Resorts Worldwide has opened its second eco-wise Element brand hotel in New Jersey. Located in Harrison, Element Harrison – Newark features 138 sustainable rooms and a light-filled design throughout the hotel. Designed by New York City-based HWKN, the hotel features a distinctive façade that takes a nod from the innovative Element by Westin brand. Additionally, the hotel offers a 24-hour fitness center, an indoor pool, and a 1,500-square-foot meeting room. Developed by Ironstate Holdings and The Pegasus Group, the hotel will be part of the partnership’s mixed-use development that will comprise 2,600 residential residences and 80,000 square feet of street-level retail space. The hotel is owned by Harrison Hotel 1, a joint venture entity of Ironstate Holdings LLC and The Pegasus Group, and managed by Crescent Hotels & Resorts.
PHOENIX – The 114-room Holiday Inn & Suites Phoenix has received a $9.3-million loan. The property is located two miles south of the Phoenix Sky Harbor Airport. It is also situated near Arizona State University. The property was built in 2009. The non-recourse, fixed-rate, CMBS first-mortgage was secured by KeyBank Real Estate Capital.
FORT WORTH — A 124-room Marriott Courtyard is set for construction in Fort Worth’s Stockyards National Historic District. Sunbelt-CFX LLC, which was represented by Lynn Dowdle of Dowdle Real Estate, acquired the 96,000-square-foot site located at 2533 N. Main St. Robert Grunnah and Lily Chang represented the seller, Exhibits Building Partnership. Construction is expected to begin immediately.
FORT LAUDERDALE, FLA. — HFF has arranged the sale of il Lugano, a 105-suite luxury boutique hotel located at 3333 N.E. 32nd Ave. on the Intracoastal Waterway in Fort Lauderdale. Completed in 2008, the hotel features the da Campo Osteria restaurant, a lobby bar, outdoor event patio, outdoor resort-style pool with a sundeck, 10-slip private marina, fitness center, adjacent water taxi station, private parking garage and approximately 4,000 square feet of meeting space. Max Comess, Daniel Peek, Denny Meikleham, Scott Wadler, Alexandra Lalos and Cecily Nazario of HFF represented the seller, Il Lugano LLC, in the transaction. Il Lugano LLC is owned by the SageCrest Liquidating Trust, which is managed by John Huber, a managing director at SOLIC Capital Advisors. The buyer was an affiliate of Bridgewater, Mass.-based Claremont Cos.
SPRINGFIELD, MO. — A new $13 million, 71,500-square-foot extended-stay hotel will open in Springfield this September. The five-story, TownePlace Suites by Marriott hotel will be immediately adjacent to Mercy Hospital Springfield. The development will include 110 units and feature a workout facility, indoor saltwater pool, on-site restaurant and bar and outdoor grilling area. The property will seek LEED certification. RTT Hospitality LLC is the owner/developer of the project. Larry Snyder & Co. served as the general contractor and Baron Design & Associates LLC provided architectural services.
ISLAMORADA, FLA. — HFF has secured $25.9 million in financing for The Islamorada Resort, an oceanfront property located at 80001 Overseas Highway in the Village of Islamorada in the Florida Keys. The resort is roughly 80 miles from Miami to the north and Key West to the south. The five-story property features 79 guest rooms, an Oceans 80 restaurant/tiki bar, resort-style pool, private beach and marina. Max Comess, Chris Drew, Maxx Carney and Alexandra Lalos of HFF’s Miami office arranged the loan through Bank of the Ozarks on behalf of the borrower, The Carlyle Group. The Carlyle Group is working with the resort’s operator Trust Hospitality and architect Malcolm Berg to renovate and reposition the property.
CHARLOTTE, N.C. — The Ehmer Group has arranged the sale of the Country Inn & Suites by Carlson, Charlotte I-85 Airport, a 119-room hotel located at 2541 Little Rock Road in Charlotte. Richard Ehmer of The Ehmer Group represented the seller, Ra’s Hotels Inc., in the transaction. The buyer, Ye’s Hotels Inc., has retained Strand Development Co.’s Hospitality Services division to manage the hotel and oversee a $1.5 million property improvement plan that the hotel’s franchisor, Carlson Rezidor Hotel Group, implemented.
CHICAGO — A new hotel, Hyatt The Loop Chicago, is set to open in February. Developer John Murphy is currently converting the historic office building, located at 100 W. Monroe St., into a hotel. Architect Frank Chase designed the building in 1927. Upon completion, the 22-story building will feature 257 guest rooms, 2,540 square feet of meeting space, a 24-hour fitness center, a new French restaurant, Cochon Volant Market, Bakery, Brasserie and Bar, and a rooftop bar. Integrated Clark Monroe LLC owns Hyatt The Loop Chicago. Interstate Hotels and Resorts, a U.S.-based global hotel management company, will operate the hotel. Hyatt The Loop Chicago will join five Hyatt-branded hotels in downtown Chicago, including Park Hyatt Chicago, Hyatt Regency Chicago, Hyatt Regency McCormick Place, Hyatt Chicago Magnificent Mile, and Hyatt Place Chicago/River North.