CHARLESTON, S.C. — HREC Investment Advisors has arranged the sale of the 289-room InnPlace Hotel in Charleston. The hotel was formerly a Sheraton Charleston Airport Hotel. Monty Levy, Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller, an affiliate of LNR Partners LLC, in the transaction.
Hospitality
NEWPORT BEACH, CALIF. – A 16-room boutique hotel in Newport Beach has received $3.5 million in acquisition financing. The hotel features a ground-floor restaurant, a quadruplex and beachside cottages. This asset was purchased as part of a pool of properties for a total of $7.1 million. The hotel’s first trust deed was provided by Lone Oak Fund at 8.3 percent interest-only. The firm also sought out a second trust deed with an established junior lender. A private equity investor completed the capital stack with a third trust deed.
ROANOKE, VA. — The 126-room Hampton Inn & Suites Roanoke Airport has opened at 5033 Valley View Blvd. North N.W. in Roanoke. The hotel is the third Hampton hotel in the Roanoke area and the 59th in Virginia. DSA Roanoke LLC owns the hotel, which is located near Roanoke Airport, Virginia Tech and the Roanoke and Salem civic centers.
BEDFORD, TEXAS — Boxer Resorts has acquired the DFW Airport West Holiday Inn, a 245-room hotel in the Metroplex suburb of Bedford. Located in close proximity to the Dallas/Fort Worth International Airport, the property offers a fitness center, swimming pool, conference facilities and complimentary shuttle service to the airport. This is the fourth acquisition for Boxer Resorts, a sister company of Houston-based investment and management company Boxer Property. Hank Wolpert of HREC represented the unnamed seller in the transaction.
TUCSON, ARIZ. — Starwood Hotels & Resorts has sold the 154-room Aloft Tucson University Hotel to Lightstone Value Plus Real Estate Investment Trust II for $19 million. The hotel is located at 1900 E. Speedway Blvd., next to the University of Arizona in Tucson. The hotel will remain under the Aloft Hotels flag. It will be managed by Island Hospitality Management. The public, non-traded REIT is sponsored by The Lightstone Group. Starwood was represented by Bill Murney and Mike Cahill of HREC Investment Advisors.
MIAMI — Swire Hotels is set to open EAST, Miami, the company's first hotel in the United States. The hotel, which will feature 263 guestrooms and 89 apartment units, is set to open in 2015 at Brickell City Centre, Swire Properties Inc.'s $1.05 billion mixed-use development in Miami's Brickell neighborhood. The hotel will feature two restaurants, a poolside bar and lounge, rooftop bar, meeting rooms, banquet halls, outdoor pool deck and a 24-hour fitness center. The property is Swire Hotels' third hotel, with the other two being EAST, Hong Kong and EAST, Beijing. The design team includes architect Arquitectonica and interior designer Clodagh Design.
ATLANTA — PCCP LLC has provided a senior loan to Atlanta-based Portman Holdings for the acquisition and partial repositioning of a 27-story office building located at 230 Peachtree St. in downtown Atlanta. Portman Holdings plans to convert floors two through nine into a 200-room Hotel Indigo, an Intercontinental Hotel Group brand hotel. The rest of the 414,768-square-foot building will remain office space. The property was 46 percent occupied at the time of the sale. Hospitality Ventures Management will manage the Hotel Indigo upon completion.
NEW YORK CITY — Amsterdam-based citizenM has partnered with Brack Capital Real Estate to open citizenM New York, the first citizenM hotel in the United States. Located off the corner of Broadway and 50th Street near Times Square, the 80,000-square-foot, 21-story hotel offers 230 rooms. Amsterdam-based Concrete and New York-based Montroy Andersen DeMarco designed the hotel, which offers a 2,300-square-foot first floor, public outdoor spaces, and a 1,500-square-foot mezzanine that includes a lounge and work area. Construction began on the hotel in summer 2012 and the structure topped out in 2013. In addition to the design team, the project team included Flintlock Construction Services, DeSimone Consulting Engineers and Gilsanz Murray Steficek.
LITTLE ROCK, ARK. — Starwood Hotels & Resorts Worldwide Inc. has unveiled that its Aloft brand has begun an adaptive re-use project of the 12-story Boyle Building in downtown Little Rock. Aloft will convert the office building, which was first opened as the State National Bank Building in 1909, into a 140-room hotel by early 2016. The hotel, known as Aloft Little Rock Downtown, will be part of a mixed-use development that will include ground-floor retail, an upscale restaurant and a coffee shop. The hotel will be Starwood’s first hotel in Little Rock.
LOUISVILLE, KY. — HREC Investment Advisors has arranged the sale of the 271-room Holiday Inn Louisville East in Louisville. Lakshmi Narayan Hospitality Group Louisville LLC purchased the asset from a national special servicer for an undisclosed price. Monty Levy, Tom Sommer and Scott Stephens of HREC represented the seller in the transaction.