THE WOODLANDS, TEXAS — The Howard Hughes Corporation and its subsidiary The Woodlands Development Company will break ground this quarter on a new 303-room full-service luxury hotel in The Woodlands. Located on Waterway Square, a one-acre plaza with water feature, the as-of-yet unnamed project will overlook the Woodlands Waterway district, which connects The Cynthia Woods Mitchell Pavilion and The Woodlands Mall. The hotel will feature a fine dining restaurant, pool deck with connected bar and 24,000 square feet of meeting space. Completion of the property is slated for mid-2015.
Hospitality
DENVER – The 189-room Hotel Monaco Denver has received a $41-million balance sheet loan. The hotel is located at 1717 Champa Street in the city’s Lower Downtown region. It includes more than 4,000 square feet of meeting space, Panzano restaurant, a fitness center and a full-service spa. The floating-rate loan was arranged by Mathew Comfort, Mike Huth and Keith Largay of Jones Lang LaSalle’s (JLL) Hotels & Hospitality Group. The team worked on behalf of Inland American Lodging Advisor, Inc. The company also received a $27.5-million, floating-rate, balance sheet loan for its Hotel Monaco Chicago. Inland America purchased both hotels this past November.
CHICAGO — Jones Lang LaSalle’s (JLL) has arranged a $27.5 million floating-rate, balance sheet loan that was provided by a money center bank for The Hotel Monaco in Chicago. JLL arranged the loan for Inland American Lodging Advisor, which purchased the hotel in November 2013. Mathew Comfort, managing director, and Mike Huth, senior vice president, along with Keith Largay, executive vice presidents, led the JLL in the transaction. The Hotel Monaco Chicago is located at 225 N. Wabash Ave., in close proximity to the city’s central business district, cultural attractions and entertainment venues. The 191-key hotel features 4,100 square feet of meeting space, South Water Kitchen restaurant, a fitness center and spa services.
HOUSTON — Real estate firm Intergroup Cos. has brokered the sale of the 182-room Hilton Garden Inn Houston/Galleria Area. The hotel, which opened in 2005, offers shuttle service and complimentary high-speed internet, as well as a business center, fitness center, ballroom and swimming pool. The property is located at 3201 Sage Road, in proximity to the interchange of I-610 and the Southwest Freeway. Tandy Lofland of Intergroup represented the seller, Houston-based American Liberty Hospitality. An affiliate of Summit Hotel Properties purchased the asset, and American Liberty will continue to manage the hotel.
METROPOLIS, ILL. — HREC Investment Advisors has arranged the sale of the 102-room Baymont Inn & Suites hotel in Metropolis, a city in southern Illinois. The Baymont Inn & Suites is located on Front Street, which runs parallel with the Ohio River. Ted Anka, vice president in HREC Investment Advisors' Chicago office, represented the seller in the transaction. An Illinois-based group purchased the hotel.
ATLANTA — Westin Buckhead Atlanta will begin Phase III of its hotel-wide renovation project — a $9 million upgrade to the 365 guestrooms. The hotel is located at 3391 Peachtree Road N.E. in Atlanta’s Buckhead submarket. The bathrooms in each room will be upgraded with new stone and walnut vanities and illuminated mirrors. Also, each unit will feature a 42-inch TV, LED lights in the headboards for reading and USB ports at each desk. The project will begin in April and wrap up in August. This is the final phase of the hotel’s renovation, which includes upgrades to the lobby and 30,000 square feet of meeting space.
LA QUINTA, CALIF. – The 129-room Homewood Suites By Hilton hotel in La Quinta has sold to a joint venture between Pathfinder Partners, LLC and Vesta Hospitality. The purchase price was not disclosed. The extended-stay property is located at 45-200 Washington Street. Vesta has been managing the property since 2010. The hotel is undergoing a $1.8-million renovation.
ATLANTA — FelCor Lodging Trust Inc. has sold its 232-room Embassy Suites hotel in Atlanta for $17.2 million. FelCor is using the proceeds of the sale to assume an existing $11 million loan on the property. FelCor has also agreed to sell its 218-room Embassy Suites hotel in Bloomington, Minn., for $24 million. FelCor is a publicly traded real estate investment trust.
CHAMPAIGN, ILL. — Associated Bank has provided the developers of Champaign Hyatt Place with $19.4 million in construction financing. Located at 217 N. Neil St. in Champaign, the nine-story hotel will feature 145 rooms, 3,300 square feet of meeting space, a restaurant and lounge, an indoor pool, an exercise room and a business center, as well as a three-story, 145-stall parking garage. The property, which is being developed by a partnership between Campus Acquisition Retail & Hospitality and YG Financial Group, is slated to open in March. Craig Pryzygoda of Associated Bank’s commercial real estate banking division managed the loan closing.
NEW YORK CITY — Chesapeake Lodging Trust is converting its property at 30-32 West 31st St. in New York City to the Hyatt Herald Square. The conversion is expected to occur after the completion of a $6 million renovation. The new property is expected to open in the third quarter of this year. Designed by Paul Vega of New York-based VLDG designs, the transformation will include an all-inclusion renovation to each of the 122 guestrooms and a redesign of the lobby and the food and beverage experience. Chesapeake Lodging Trust has entered into a franchise agreement with a Hyatt affiliate to convert the property.