NEW YORK CITY — Marx Development plans to develop an AC Hotel by Marriott at 112-24 Astoria Blvd. near LaGuardia Airport in New York. Construction for the 126-room hotel is expected to break ground in October. Designed by DSM Design Group and Andres Escobar, the six-story, 99,000-square-foot hotel will feature approximately 3,800 square feet of meeting space, fitness and business centers, a breakfast area, bar and lounge, and 72 parking spaces. Eastern Union Funding arranged a $3.75 million loan to purchase a 16,141-square-foot lot, which will be the future site of the hotel. Shaya Ackerman of Eastern Union Funding brokered an 18-month bridge loan provided by Maxim Capital Group for the development.
Hospitality
PAINTED POST, N.Y. — Erwin Hospitality Associates has opened a Hampton Inn in Painted Post. Located at 248 Town Center Road, the 98-room hotel is the only Hampton property in Painted Post and the 48th in the state. The hotel features Hampton’s Perfect Mix Lobby, designed with a variety of seating and lighting options for both leisure and business travelers, and well-equipped guestrooms with modern amenities, including microwaves, refrigerators and LCD, flat-screen televisions. Visions Hotels will manage the property, which is owned by Erwin Hospitality.
SAN DIEGO — Harrison Properties has acquired 0.75 acres of land in Encinitas that is occupied by Pacific Surf Inn for $4.2 million. The land is located at 1076 N. Coast Highway 101 in the San Diego submarket. Harrison was represented by Peter Curry of Cassidy Turley. The seller, Gili Investments, was represented by Tim Winslow, Jason Kimmel and Kevin Nolen of the same firm.
NEW YORK CITY — Hersha Hospitality Trust, an owner of upscale hotels in urban gateway markets, has closed on the sale of Hotel 373 in Midtown Manhattan. The hotel sold for $37 million or approximately $529,000 per key. The sales price valued the hotel at $1,680 per square foot and represented an economic capitalization rate of 5.2 percent based on the hotel’s net operating income for the year ending in December 2013. New York City-based Solid Rock Advisors East represented Hersha in the previously announced transaction.
BROOKS, KY. — Mumford Co. has brokered the sale of Baymont Inn-Louisville South in Brooks, a suburb of Louisville. Kishu Inc., a local investor group, purchased the 65-unit hotel from Supertel Hospitality. David Mumford and Burton Brooks of Mumford Co. represented the seller in the transaction. The hotel is the 49th disposition that Mumford Co. brokered on behalf of Supertel.
SANTA CRUZ, CALIF. – A 100-room Holiday Inn Express Hotel & Suites in Santa Cruz has sold to a joint venture between Trigild and Blu Hotel Investors for $16.5 million. The hotel is located at 1410 Ocean Street. Trigild will manage the property. The JV also purchased the 121-room Santa Ana Hampton Inn & Suites last year.
ATLANTA — PMZ Realty Capital LLC has closed an $81.5 million floating rate loan for the Embassy Suites Atlanta – At Centennial Olympic Park, a 321-suite hotel adjacent to the World of Coca-Cola and the Georgia Aquarium in Atlanta’s Luckie Marietta District. The hotel features 16,000 square feet of meeting space and an outdoor pool and spa. This is the third loan PMZ Realty Capital has closed on behalf of the hotel’s owner, Legacy Property Group, in the last six months. Legacy is planning on renovating the hotel during the next 12 months.
THE WOODLANDS, TEXAS — Thind Hotels LLC will develop two new hospitality properties on a 10-acre site in The Woodlands for approximately $25 million. The project includes a six-story, 152-room full-service Holiday Inn and a four-story, 120-room extended-stay Staybridge Suites. The Holiday Inn will feature a restaurant, swimming pool, spa and 5,500-square-foot ballroom. The Staybridge Suites will feature an outdoor fire pit, patio with covered trellis and indoor movie lounge. The Mathis Group Inc. is serving as project manager, and Arch-Con Construction is working as the general contractor. The project will break ground in May and is slated for completion in the summer of 2015.
BELLINGHAM, WASH. – The 68-room Bellwether Hotel in Bellingham has received a $10.5-million refinance. The hotel is located at 1 Bellwether Way within the Bellwether on the Bay development. The mixed-use development also includes office buildings, a park, promenade and restaurants. The 10-year loan features a 27-year amortization schedule. It was arranged by Stuart Oswald of NorthMarq Capital’s Seattle regional office through the firm’s relationship with a CMBS lender.
CHARLESTON, S.C. — The Mumford Co. has brokered the sale of the 107-room Homewood Suites-Mt. Pleasant located on the Isle of Palms Connector at Seaside Farms in Charleston. Rupa LLC purchased the hotel from The Suites at Seaside LLC, the hotel’s developer, for an undisclosed price. Rupa has retained Chattanooga, Tenn.-based Vision Hotel Group to manage the asset and oversee the property’s renovation. David Mumford of The Mumford Co. represented the seller in the transaction.