Hospitality

DOUBLETREE BY HILTON DEBUTS NEW $14M HOTEL IN BEMIDJI

by admin November 22, 2013

BEMIDJI, MINN. — DoubleTree by Hilton has opened a new 92-room hotel along the waterfront of Lake Bemidji following a 15-month, $14 million investment. The newly constructed DoubleTree by Hilton Bemidji hotel adjoins the existing Hampton Inn & Suites Bemidji, a sister brand within the Hilton Worldwide portfolio. SCGM LLC owns the hotel, which is managed by Rich Siegert & Associates. The hotel features more than 5,000 square feet of flexible meeting space, 700 feet of private beach access, and more than half of the rooms include private balconies that overlook Lake Bemidji.

November 22, 2013

$20M RADISSON BLU WARWICK HOTEL OPENS IN PHILADELPHIA

by admin November 22, 2013

PHILADELPHIA — Radisson Blu has completed the $20 million renovation and conversion of the Radisson Blu Warwick Hotel in Philadelphia. The hotel marks the third Radisson Blu hotel in the United States, joining Radisson Blu Aqua Hotel in Chicago and the Radisson Blu Mall of America in Bloomington, Minn. The renovation of the 301-room historic hotel, situated in the Rittenhouse Square district, includes a redesign of all guestrooms and corridors, a new business class floor with a private lounge, as well as a new lobby. Jim Hamilton of interior design and graphics firm Graven Images designed the hotel. Originally opened in 1926, the hotel is listed on the National Register of Historic Places.

November 22, 2013

Hospitality Northeast

NEHR ARRANGES SALE OF CAPTAIN DANIEL STONE INN IN BRUNSWICK

by admin November 22, 2013

BRUNSWICK, MAINE — New England Hotel Realty (NEHR) has arranged the sale of the 30-room Captain Daniel Stone Inn in Brunswick. The buyer, a global investment company, plans to renovate the property and develop additional guest rooms and an 1,800-square-foot health spa. The new owner, who owns the Troca Hotels collection, will also rebrand the Captain Daniel Stone Inn as part of his luxury collection after renovations are completed. NEHR represented the seller, a local lender, in the transaction.

November 22, 2013

Hospitality Western

DUO OF MARRIOTT BRAND HOTELS IN OLD TOWN SAN DIEGO RECEIVES $50M LOAN

by admin November 22, 2013

SAN DIEGO — The 176-room Courtyard San Diego Old Town and the 123-room Fairfield Inn & Suites San Diego Old Town have received $50 million in debt financing. They are located at 2435 Jefferson Street and 3900 Old Town Ave., respectively. Both hotels are Marriott brands and are owned by a joint venture between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. The floating-rate loan carries a three-year initial term and two optional 12-month extensions. It was secured by Mathew Comfort, Reid McGlamery and Mike Huth of Jones Lang LaSalle. The loan was provided by a domestic bank.

November 22, 2013

Hospitality Midwest

GREENWOOD TO MANAGE METROPOLITAN HOTEL IN CLEVELAND

by admin November 21, 2013

CLEVELAND — Greenwood Hospitality Group has partnered with Cleveland-based GEIS Hospitality Group to manage the 156-room Metropolitan Hotel in Cleveland. The hotel will anchor The 9, a mixed-use project under development by the GEIS Cos. Scheduled to open in August 2014, the Metropolitan will occupy the former AmeriTrust tower and historic Cleveland Trust Rotunda. The Metropolitan will include 156 rooms, with some as large as 650 square feet. It will feature a lobby bar, fitness center and spa, as well as the only rooftop bar and sundeck in the city, according to Greenwood. The hotel will be part of Marriott’s Autograph Collection, a group of more than 50 independent hotels.

November 21, 2013

Hospitality Western

AUBERGE RESORTS ACQUIRES CALISTOGA RANCH IN NAPA

by admin November 20, 2013

NAPA, CALIF. – Auberge Resorts and its partners have acquired the 50-room Calistoga Ranch in Napa Valley for a reported $55 million. The ultra-luxury resort is situated on 157 acres at 580 Lommel Road in an Upper Napa Valley canyon. The transaction represents the highest price per room of any hotel sold this year, according to Jones Lang LaSalle. Olympus Real Estate Partners developed Calistoga Ranch 10 years ago. It had previously sold the hotel’s 22 residential units. Auberge has managed the hotel since it opened in 2004. The resort sale was handled by John Straussof Jones Lang LaSalle’s Hotels & Hospitality Group. Strauss represented Olympus in that transaction.

November 20, 2013

Hospitality Western

THE RITZ-CARLTON, DENVER RECEIVES $51M IN FINANCING

by admin November 20, 2013

DENVER — The Ritz-Carlton, Denver, a 202-room hotel in the city’s Downtown region, has received $51 million in financing. The luxury resort is located at 1881 Curtis Street in the Financial District. The hotel occupies the initial 14 floors of the 37-story tower. It is the only AAA Five Diamond-rated hotel in the city. The Apartments at Denver Place and the Residence XXV condominiums occupy the remaining levels and were not part of this transaction. The three-year, floating-rate loan will be used to refinance an existing loan facility. It was arranged by HFF’s Eric Tupler, John Bourret, Josh Simon and Matt Gangaware on behalf of Pearlmark Real Estate Partners. Financing was secured through a joint origination effort by Annaly Commercial Real Estate Group and Principal Real Estate Investors.The hotel will continue to be managed by The Ritz-Carlton Hotel Company, L.L.C.

November 20, 2013

Hospitality Southeast

INLAND BUYS HYATT KEY WEST RESORT FOR $76M

by admin November 20, 2013

KEY WEST, FLA. — Inland American Lodging Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has purchased the Hyatt Key West Resort and Spa in Key West for approximately $76 million. Hyatt Hotels Corp. will continue to manage the resort under a new management agreement. The resort has 118 guestrooms, Shor American Seafood Grill, Blue Mojito Pool Bar and Grill, Jala Spa, a heated outdoor swimming pool and whirlpool, a sundeck, poolside cabanas, a gym and three meeting/event spaces totaling 2,500 square feet. Hyatt has sold seven of its hotels or resorts for more than $500 million so far this year. The Key West resort is Inland American’s 14th hotel purchase in 2013.

November 20, 2013

Hospitality Northeast

PCCP PROVIDES $57.5M IN LOANS TO RECAPITALIZE TWO HOTELS

by admin November 20, 2013

EAST RUTHERFORD AND EDISON, N.J. — PCCP has provided two senior loans totaling $57.5 million to a private East Coast-based real estate firm for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison. PCCP provided a $41 million loan for the recapitalization and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room, full-service hotel located less than a mile from MetLife Stadium, the site of the 2014 Super Bowl. The company also provided a $16.5 million loan to refinance an existing senior loan on the Sheraton Edison, a 276-room, full-service hotel located within the Raritan Center corporate park in Edison, which is made up of nearly 350 companies and more than 13 million square feet of industrial and office space.

November 20, 2013

Hospitality Western

AUBERGE RESORTS ACQUIRES CALISTOGA RANCH IN NAPA

by admin November 20, 2013

November 20, 2013

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