Hospitality

THE WOODLANDS, TEXAS — Hyatt Hotels Corp. and developer New Horizons Hospitality have opened the new 146-room Hyatt Place Houston/The Woodlands. The third Hyatt Place in the Houston metro area, the property includes a 24-hour fitness center, a coffee-to-cocktails bar and more than 6,100 square feet of meeting space. The location is in proximity to attractions such as the Cynthia Woods Mitchell Pavilion, Woodlands Mall, Market Street and Woodlands Waterway, as well as several corporate campuses.

EDNA, TEXAS — BMC Capital has arranged a $2.3 million cash-out refinance loan for the 43-unit Best Western Inn in Edna, approximately 25 miles east of Victoria on the Gulf Coast. The property, which features complimentary breakfast, high-speed internet and a swimming pool, is in close proximity to Lake Texana, as well as the facilities of Formosa Plastic Corp. The two-year loan includes a fixed rate of 8 percent and a 25-year amortization schedule. James Tennial of BMC arranged the terms through one of the firm’s correspondent lenders.

DALLAS — Newmark Grubb Knight Frank (NGKF) Hotels has brokered the sale of a 130-suite Hilton Homewood Suites in downtown Dallas. Transformed from an office building, the 10-story property includes amenities not typically found in hotels such as a half basketball court, golf simulator room, video game room and billiard room. The hotel, which is located on the northeast corner of North Griffin and Elm streets, also features eight meeting rooms totaling 4,412 square feet, an exercise room, indoor swimming pool and parking garage. Access to the Dallas Area Rapid Transit light rail line, city bus route and Woodall Rodgers Freeway provide accessibility for the asset. Rick Besse, Bhavesh Patel and Sam Winterbottom of NGKF represented the seller, Lowen 1025 Elm LP, in the transaction.

BRYAN, TEXAS — Marcus & Millichap has brokered the sale of a 100-room Best Western Premier hotel in Bryan. Located at 1920 Austin’s Colony Parkway in the heart of the Brazos Valley, the property offers proximity to State Highway 6, FM 158 and Texas A&M University. Marty Cohan and Douglas Cole of Marcus & Millichap represented the buyer, an Hermosa Beach, Calif.-based private investment firm completing a 1031 tax-deferred exchange. David Greenberg, Alan Miller and Chris Gomes of Marcus & Millichap represented the seller, a Texas-based private investment company. Anita Paryani Rice and Jake Roberts of Marcus & Millichap Capital Corp. arranged the acquisition financing.

HOUSTON — McCarthy Building Cos. has broken ground on the new 325-room Hyatt Regency Hotel in Houston’s Galleria submarket. Located at the corner of Sage Road and West Alabama Street, the property will stand 14 stories totaling more than 260,000 square feet. Amenities will include a fitness center, swimming pool and 15,000 square feet of meeting space. Construction, which is slated for completion in summer 2015, entails the partial demolition of pre-existing retail space. A partnership between Songy HighRoads and Carlyle Group is developing the hotel, and Gensler provided design services.