TALLAHASSEE, FLA. — Hunter Hotel Advisors and Harp Holdings have sold the 117-room Hotel Duval in Tallahassee to Schulte Hospitality Group for $23 million. Hunter and Harp purchased the hotel in 2007 and spent approximately $15 million restoring the hotel before reopening it in October 2009 as the Hotel Duval. The boutique hotel, built in 1951, recently jointed Marriott's Autograph Collection. The sellers were represented internally by Teague Hunter and Trey Scott of Hunter Hotel Advisors.
ST. JOSEPH, MICH. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17 million loan for the construction of a luxury boutique hotel and marina in St. Joseph, a city in southwest Michigan. Harbor Village Hotel will include 92 hotel rooms, 14 luxury condominiums, conference space, spa and 60-slip (boat ramp) marina. The three-year, interest-only loan features a 70 percent loan-to-value advance. Dean Giannakopoulos in the firm’s Chicago office and Steven Rock in its Manhattan office arranged the loan.
McKINNEY, TEXAS — A joint venture of Champ Hospitality and Beck Development known as Champ Beck Development will develop the $38 million Sheraton McKinney Hotel, the first Sheraton property in the Dallas/Fort Worth Metroplex. The 186-room property, which will be McKinney’s first upscale, full-service hotel, will be connected to a 20,000-square-foot events center. Both the City of McKinney and McKinney Community Development Corp. are part of the project team. Developers have slated the opening of the hotel for February 2015. Sheraton is a brand of Starwood Hotels & Resorts Worldwide Inc.
ALEXANDRIA, VA. — Inland American Lodging Group Inc., a wholly owned subsidiary of Inland American Real Estate Trust Inc., has acquired the 107-room luxury boutique Lorien Hotel & Spa in Alexandria, Va. Inland purchased the hotel for approximately $45 million. The hotel is located along King Street in historic Old Town Alexandria. Constructed in 2009, the hotel offers 6,500 square feet of flexible meeting space, a full-service spa and fitness center and three culinary venues created by award-winning chef, Robert Wiedmaier. The Lorien Hotel & Spa represents the 10th hotel Inland American has acquired this year.
BELL GARDENS, CALIF. — The Bicycle Casino Hotel in Bell Gardens is set to receive a new $45-million hotel. The 100-roomluxury hotel project will be located at the corner of Bicycle Casino Drive and Eastern Avenue. It is scheduled for completion in the first quarter of 2015. The 117,907-square-foot hotel will feature a bakery/cafe, restaurant, penthouse nightclub, roof-top, open-air gaming area, health spa, fitness center and swimming pool with cabanas. It is being built by R.D. Olson Construction. The Bicycle Casino is currently the largest employer in Bell Gardens.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $7.5 million first-mortgage loan to finance the completion and opening of a 60-room boutique hotel in the Bushwick neighborhood of Brooklyn. The partially complete 23,719-square-foot hotel collateralized the loan, which is located at 19 Bogart St. In addition to 60 hotel rooms, the property will feature four ground-floor retail units. Proceeds from the loan will be used to retire existing debt, fund remaining construction costs and cover closing expenses.
BELL GARDENS, CALIF. — The Bicycle Casino Hotel in Bell Gardens is set to receive a new $45-million hotel. The 100-roomluxury hotel project will be located at the corner of Bicycle Casino Drive and Eastern Avenue. It is scheduled for completion in the first quarter of 2015. The 117,907-square-foot hotel will feature a bakery/cafe, restaurant, penthouse nightclub, roof-top, open-air gaming area, health spa, fitness center and swimming pool with cabanas. It is being built by R.D. Olson Construction. The Bicycle Casino is currently the largest employer in Bell Gardens.
MARATHON, FLA. — Carey Watermark Investors Inc. has purchased Hawks Cay Resort, which includes 177 guestrooms and more than 250 villas, for $133.8 million. The resort is located in Marathon, part of the Florida Keys. The resort features several restaurants and bars, a marina and a spa. HWE Florida Inc., an affiliate of Hodges Ward Elliott Inc., represented the seller in the transaction.
BOWLING GREEN, KY. — Meridian Design Build has broken ground on a new 72,500-square-foot, 108-room Hyatt Place Hotel in Bowling Green. The new hotel will be located adjacent to Western Kentucky University’s Augenstein Alumni Center. The four-story hotel will feature an outdoor pool, fitness center and meeting rooms. The hotel is expected to open in the fall of 2014. Dellisart LLC will oversee operations of the hotel, Adkisson & Associates Architects Inc. will provide architectural services and Arnold Consulting Engineering Services Inc. will provide civil engineering services.
STRONGSVILLE, OHIO — HREC Investment Advisors has arranged the sale of a 306-guestroom Holiday Inn Cleveland Airport Hotel in Strongsville, a southern suburb of Cleveland. Sayre, Pa.-based Twin Tier Hospitality was the buyer. Ted Anka, vice president, and Geoff Davis, president and senior principal of HREC, represented the seller during the transaction. The Holiday Inn Cleveland Airport is located within one-half mile from Westfield SouthPark Mall, the Cleveland Metropark and the Hoover Arena by Ice Land USA.