OCEAN CITY, MD. — Vista Capital Co. has arranged $47 million in financing for a 210-room, 13-story Holiday Inn Hotel & Suites in Ocean City. The hotel features an oceanfront pool, an oceanfront children’s pool with a lazy river and water slides, a four-story atrium, three restaurants and approximately 1,000 square feet of meeting space. Vista Capital arranged the non-recourse, fixed-rate loan through a European investment bank. The borrower is using the loan to refinance an existing loan from 2007.
Hospitality
BLUFFTON, S.C. — Banyan Investment Group and Investra Investments have formed their second joint venture this year to purchase the 112-room Holiday Inn Express & Suites in Bluffton. The hotel features 1,250 square feet of meeting space, a business center and seasonal outdoor swimming pool. The hotel is located six miles from Hilton Head, 25 miles from Savannah and 90 miles from Charleston. The joint venture purchased the asset from Veritas Hospitality Group, a division of the Stafford Cos. Loxi Hospitality provided advisory services in the transaction.
WASHINGTON, D.C. — Marriott International last month opened its 4,000th hotel — the $520 million Marriott Marquis in Washington, D.C. The hotel, located adjacent to the Walter E. Washington Convention Center, is one of five Marriott Marquis hotels in the United States. International architecture firms Cooper Carry and tvsdesign collaborated on the hotel, which was designed to achieve LEED Silver certification. The 15-story, 1,175-room hotel is linked to the historic Samuel Gompers AFL-CIO headquarters, which features an upscale bar, fitness center and boutique guestrooms. The project team includes developers Quadrangle Development Corp. and Capstone Development.
NEW YORK CITY — Chesapeake Lodging Trust has received $60 million in refinancing for the 122-room Holiday Inn New York City Midtown – 31st Street and the 185-room Hyatt Place New York Midtown South. The term loan was refinanced with a new 10-year, $90 million fixed-rate mortgage loan secured by the two previously mentioned hotels. Provided by Goldman Sachs Mortgage Co., the loan carries a fixed interest rate of 4.3 percent per annum. Additionally, the loan features two years interest only and a 30-year amortization schedule.
FRAZER, PA. — HREC Investment Advisors has arranged the sale of Sheraton Great Valley in Frazer. The 198-room full-service hotel is located in the Exxon-Frazer-Malvern market and is centrally located at the crossroads of U.S. 202 and Route 30. The buyer plans to maintain the property’s premier position after a comprehensive renovation. Ketan Patel, Geoff Davis and Scott Stephens of HREC represented the seller in the transaction. Terms of the sale were not released.
DENTON, TEXAS — Frontera Hotel Group has added two hotels in Denton to its portfolio of managed properties, an 88-room, four-story LaQuinta Inn & Suites and a 92-room, four-story Holiday Inn Express Hotel & Suites. Angel Hospitality Inc. of Frisco, Texas, acquired the hotels on July 1. Both properties recently underwent extensive renovations. Dallas-based Frontera now manages 12 hotels in Texas, Georgia, Wisconsin and California, and has ownership in two of the properties.
WASHINGTON, D.C. — Strategic Hotels & Resorts Inc. has closed a $120 million limited recourse loan that is secured by the Four Seasons Washington, D.C. The new loan replaces the previous $130 million financing that was encumbering the property. Deutsche Bank Securities Inc. originated the five-year loan, which features a three-year initial term with two one-year extension options available to Strategic Hotels & Resorts.
ATLANTA — AWH Partners LLC has purchased the former Hotel Melia, a 501-room hotel in Atlanta’s Midtown neighborhood, in an all-cash transaction. AWH will reposition the property into a dual-branded hotel, with both brands belonging to InterContinental Hotels Group (IHG). After the renovation is complete, the new property will include 360 Crowne Plaza rooms and 102 Staybridge Suites rooms. The dual hotel is scheduled to open in January 2016. Spire Hospitality will operate the two hotels under a franchise agreement with IHG. Upon completion, the 25-story property will feature 31,000 square feet of meeting space, three restaurants and two lobbies.
MINNETONKA, MINN. — PCCP LLC has provided a $30.3 million loan to Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-room hotel in Minnetonka, approximately 12 miles southwest of Minneapolis. The hotel, located at 5801 Opus Parkway, is situated on more than 10 acres. Built in 1988, Marriott Minneapolis Southwest is a 16-story hotel with more than 14,500 square feet of meeting facilities, more than 4,700 square feet of function space, a restaurant, lobby bar/lounge, fitness center and indoor pool. The new owner plans to invest nearly $10 million to enhance management and staffing of the hotel and implement a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.
LOS ANGELES – A pair of Marriott hotels have made their debut at LA Live in Downtown Los Angeles. The $172-million project includes the 174-room Courtyard and 219-suite Residence Inn LA Live. Today’s grand opening marks the West Coast debut of a Residence Inn and Courtyard by Marriott in one building – a joint development that offered substantial savings on land, staff and amenities. The project was funded by 320 immigrant investors from 14 different countries. The hotels are located at the corner of Olympic Boulevard and Francisco Street. They are situated adjacent to LA Live on an entitled site that was acquired from AEG, which owns and operates the 4-million-square-foot sports, residential and entertainment hub. The hotels share a lobby, as well as 11,754 square feet of meeting facilities and 5,100 square feet of restaurant space. The guest rooms feature the first roll out of Samsung Smart TVs on the West Coast, in addition to fully integrated wireless connectivity for the TVs and PDA devices. The 371,000-square-foot project was built by SODO Builders, American Life’s in-house construction company. It was designed by GBD Architects. Construction was completed in two years, both on time and on budget. The hotels were …