GREENSBORO, N.C. — HREC Investment Advisors has arranged the sale of a 116-room Sleep Inn in Greensboro. The hotel is located at the intersection of Interstate 40 and Route 62 near the Piedmont Triad International Airport, University of North Carolina-Greensboro and Greensboro Coliseum. Monty Levy, Ketan Patel and Scott Stephens of HREC Investment Advisors represented the seller, an institutional loan servicer, in the transaction.
BELLEVUE, WASH. — Chatham Lodging Trust has acquired the 231-room Residence Inn by Marriott Seattle Bellevue/Downtown for $71.8 million. The hotel is located along I-405 near the Microsoft, Amazon, Expedia, T-Mobile and AT&T campuses. It is the only extended-stay asset in downtown Bellevue. The hotel is managed by Island Hospitality Management.
BELLEVUE, WASH. — Chatham Lodging Trust has acquired the 231-room Residence Inn by Marriott Seattle Bellevue/Downtown for $71.8 million. The hotel is located along I-405 near the Microsoft, Amazon, Expedia, T-Mobile and AT&T campuses. It is the only extended-stay asset in downtown Bellevue. The hotel is managed by Island Hospitality Management.
NAPERVILLE, ILL. — Thorofare Capital has arranged $11.5 million in financing for the acquisition of a 242-room Wyndham hotel in suburban Chicago, which will be converted to a Sheraton. The hotel features 25,000 square feet of conference and ballroom space and is located in Naperville. Starwood Hotels & Resorts recently signed a 20-year franchise agreement for the property.
ROCHESTER, N.Y. — NorthMarq Capital has arranged $11 million in financing for the Hilton Garden Inn, located 155 East Main St. in Rochester. Financing was based on a seven-year term and a 25-year amortization schedule. Sam Berns, managing director at NorthMarq, arranged the financing for the borrower through a life insurance company.
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.