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.
ATLANTA — Jones Lang LaSalle's Hotels & Hospitality Group has secured a $125 million CMBS loan for a portfolio of 22 select-service, extended stay hotels on behalf of The Generation Cos. LLC. Bill Grice and Nick Baer of Jones Lang LaSalle arranged the non-recourse, floating-rate financing through a national bank. The Generation Cos. will continue to manage the 2,528-room portfolio, which is comprised of nine Candlewood Suites, seven Suburban Extended Stay Hotels, three Staybridge Suites, two Mainstay Suites and one Homewood Suites. The hotels are located in Virginia, North Carolina, Florida, Tennessee and Texas.
PACIFICA, CALIF. – The 97-room Best Western Plus Lighthouse Hotel in Pacifica has changed hands. The hotel is located at 105 Rockaway Beach Ave. just 25 minutes south of Downtown San Francisco. The seller, Invest West Financial Corporation, was represented by Henry Bose and Mark McDermott of CBRE Hotels. The buyer was not named.
GREENWOOD, S.C. — NAI Avant has brokered the sale of the historic Inn on the Square, a 48-room hotel located at 104 E. Court St. in Greenwood. The buyer plans to reopen the 34,982-square-foot property after renovations. Cam Kreps and Nick Stomski of NAI Avant represented the seller in the transaction.
PACIFICA, CALIF. – The 97-room Best Western Plus Lighthouse Hotel in Pacifica has changed hands. The hotel is located at 105 Rockaway Beach Ave. just 25 minutes south of Downtown San Francisco. The seller, Invest West Financial Corporation, was represented by Henry Bose and Mark McDermott of CBRE Hotels. The buyer was not named.
DENVER – The 110-room Hotel Teatro in Denver has received $22.5 million in refinancing. The hotel is located at 1100 14th Street near the Colorado Convention Center in the city’s Central Business District. The historic building was constructed in 1911. It formerly served as the executive offices of the Denver Tramway Company until it underwent a $20.6-million conversion to a hotel in 1999. The property was acquired by DiNapoli Capital Partners in 2006. The company will use the funds to refinance the property’s existing first mortgage and to upgrade the hotel. Financing was arranged by Brad Zampa and Nathan Elliott of CBRE Capital Markets. The loan was originated by Ronnie Gul of Mesa West Capital.
MEADVILLE, PA. — MBA Hotel Brokers Inc. has arranged the $2.8 million sale of the 61-room Quality Inn in Meadville, a northern suburb of Pittsburgh. Charlie Fritsch, president of MBA Hotel Brokers, represented the seller, Aryan Inc., in the transaction. The buyer, Siddhi Laxmi Inc., plans to renovate the three-story hotel and continue to operate it as a Quality Inn. Lynda Drehmer, capital markets advisor at MBA Capital Funding, arranged $2.4 million in financing for the buyer, which will be used for renovations and franchise fees. The borrower provided $550,000, about 18 percent of the project cost.
DENVER – The 110-room Hotel Teatro in Denver has received $22.5 million in refinancing. The hotel is located at 1100 14th Street near the Colorado Convention Center in the city’s Central Business District. The historic building was constructed in 1911. It formerly served as the executive offices of the Denver Tramway Company until it underwent a $20.6-million conversion to a hotel in 1999. The property was acquired by DiNapoli Capital Partners in 2006. The company will use the funds to refinance the property’s existing first mortgage and to upgrade the hotel. Financing was arranged by Brad Zampa and Nathan Elliott of CBRE Capital Markets. The loan was originated by Ronnie Gul of Mesa West Capital.
LAS VEGAS – The 634-room Downtown Grand Las Vegas opened its doors today in Downtown Las Vegas. It is located on 3rd Street and East Ogden Avenue within the city’s Downtown3rd redevelopment corridor. The two-tower hotel contains 25,000 square feet of gaming space, in addition to many bars and restaurants. It also features a rooftop area called PICNIC with an infinity pool, private cabanas, a fire pit, and a restaurant and bar. The hotel was redeveloped by CIM Group. It formerly functioned as the Lady Luck until 2006. CIM has leased the casino portion of the project to Fifth Street Gaming, which holds the property’s gaming license. This is CIM’s first investment within this community. It is also working with the city to create a destination retail center near the Mob Museum, which is right across from Downtown Grand. This project is approved for 102,800 square feet of retail and conference space.
CHARLOTTE, N.C. — MIG Real Estate, a Newport Beach, Calif.-based real estate investment firm, has acquired the Homewood Suites Charlotte Airport, a 102-room hotel located southeast of the Charlotte Douglas International Airport. The hotel is located at 2770 Yorkmont Road and features 1,541 square feet of meeting space, an outdoor swimming pool, fitness center, putting green, business center and guest laundry facilities. The hotel is MIG Real Estate’s first acquisition in North Carolina and its 12th overall hotel. Jeff Berkman of Hodges Ward Elliott represented the seller in the transaction. Raleigh, N.C.-based Concord Hospitality Enterprises will operate the hotel.