SAN DIEGO — The 176-room Courtyard San Diego Old Town and the 123-room Fairfield Inn & Suites San Diego Old Town have received $50 million in debt financing. They are located at 2435 Jefferson Street and 3900 Old Town Ave., respectively. Both hotels are Marriott brands and are owned by a joint venture between Rockpoint Group, LLC and Clearview Hotel Capital, LLC. The floating-rate loan carries a three-year initial term and two optional 12-month extensions. It was secured by Mathew Comfort, Reid McGlamery and Mike Huth of Jones Lang LaSalle. The loan was provided by a domestic bank.
CLEVELAND — Greenwood Hospitality Group has partnered with Cleveland-based GEIS Hospitality Group to manage the 156-room Metropolitan Hotel in Cleveland. The hotel will anchor The 9, a mixed-use project under development by the GEIS Cos. Scheduled to open in August 2014, the Metropolitan will occupy the former AmeriTrust tower and historic Cleveland Trust Rotunda. The Metropolitan will include 156 rooms, with some as large as 650 square feet. It will feature a lobby bar, fitness center and spa, as well as the only rooftop bar and sundeck in the city, according to Greenwood. The hotel will be part of Marriott’s Autograph Collection, a group of more than 50 independent hotels.
NAPA, CALIF. – Auberge Resorts and its partners have acquired the 50-room Calistoga Ranch in Napa Valley for a reported $55 million. The ultra-luxury resort is situated on 157 acres at 580 Lommel Road in an Upper Napa Valley canyon. The transaction represents the highest price per room of any hotel sold this year, according to Jones Lang LaSalle. Olympus Real Estate Partners developed Calistoga Ranch 10 years ago. It had previously sold the hotel’s 22 residential units. Auberge has managed the hotel since it opened in 2004. The resort sale was handled by John Straussof Jones Lang LaSalle’s Hotels & Hospitality Group. Strauss represented Olympus in that transaction.
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.
KEY WEST, FLA. — Inland American Lodging Group Inc., a subsidiary of Inland American Real Estate Trust Inc., has purchased the Hyatt Key West Resort and Spa in Key West for approximately $76 million. Hyatt Hotels Corp. will continue to manage the resort under a new management agreement. The resort has 118 guestrooms, Shor American Seafood Grill, Blue Mojito Pool Bar and Grill, Jala Spa, a heated outdoor swimming pool and whirlpool, a sundeck, poolside cabanas, a gym and three meeting/event spaces totaling 2,500 square feet. Hyatt has sold seven of its hotels or resorts for more than $500 million so far this year. The Key West resort is Inland American’s 14th hotel purchase in 2013.
EAST RUTHERFORD AND EDISON, N.J. — PCCP has provided two senior loans totaling $57.5 million to a private East Coast-based real estate firm for the recapitalization of two New Jersey hotels. The hotels include the Hilton Meadowlands in East Rutherford and the Sheraton Edison in Edison. PCCP provided a $41 million loan for the recapitalization and repositioning of the Hilton Meadowlands & Conference Center (formerly the Sheraton Meadowlands), a 427-room, full-service hotel located less than a mile from MetLife Stadium, the site of the 2014 Super Bowl. The company also provided a $16.5 million loan to refinance an existing senior loan on the Sheraton Edison, a 276-room, full-service hotel located within the Raritan Center corporate park in Edison, which is made up of nearly 350 companies and more than 13 million square feet of industrial and office space.
NAPA, CALIF. – Auberge Resorts and its partners have acquired the 50-room Calistoga Ranch in Napa Valley for a reported $55 million. The ultra-luxury resort is situated on 157 acres at 580 Lommel Road in an Upper Napa Valley canyon. The transaction represents the highest price per room of any hotel sold this year, according to Jones Lang LaSalle. Olympus Real Estate Partners developed Calistoga Ranch 10 years ago. It had previously sold the hotel’s 22 residential units. Auberge has managed the hotel since it opened in 2004. The resort sale was handled by John Straussof Jones Lang LaSalle’s Hotels & Hospitality Group. Strauss represented Olympus in that transaction.
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.