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.
SAN ANTONIO — Homewood Suites by Hilton, the upscale extended-stay brand of Hilton Worldwide, has opened its newest hotel in San Antonio. Homewood Suites by Hilton San Antonio/SeaWorld is a four-story, 109-suite property located 12 miles from downtown San Antonio and in close proximity to attractions such as SeaWorld, the Alamo, Six Flags Fiesta Texas, San Antonio Zoo and the San Antonio Riverwalk. SAT WestLakes Inc. owns the hotel, the third in the San Antonio area under the Homewood Suites by Hilton brand. Baywood Hotels Inc. manages the property, which features a 24-hour on-site pantry, fitness center, outdoor pool and 700 square feet of meeting space.
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.
CARMEL, CALIF. — The 165-room Carmel Mission Inn has sold to LoganView Capital for an undisclosed sum. The hotel is located at 3665 Rio Road in Carmel on the Monterey Peninsula. The new owner plans to renovate and reposition the property. The seller, a private, regional real estate firm, was represented by CBRE’s Henry Bose and Mark McDermott.
PITTSBURGH — DoubleTree by Hilton Pittsburgh-Green Tree has undergone a $20 million renovation. The new owner, RIDA Development Corp., renovated hotel’s 460 guestrooms, including 11 new suites. The redesign features more than 40,000 square feet of event space, including the addition of the 10,000-square-foot grand ballroom and 17 break-out rooms. The hotel features Champions Club Lounge, a sports bar fitted with a media wall with several flat-screen television sets and new fitness center, which includes an indoor heated pool. Pittsburgh-based CAM Hospitality Management LLC manages the hotel. Jim Looney of Jim Looney & Associates developed the new lodge design.
CARMEL, CALIF. — The 165-room Carmel Mission Inn has sold to LoganView Capital for an undisclosed sum. The hotel is located at 3665 Rio Road in Carmel on the Monterey Peninsula. The new owner plans to renovate and reposition the property. The seller, a private, regional real estate firm, was represented by CBRE’s Henry Bose and Mark McDermott.