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.
WESTERLY, R.I. — New England Hotel Realty (NEHR) has arranged the sale of the 112-room, full-service Pleasant View Inn in Westerly. NEHR represented the seller, a family that has owned and operated the hotel since 1965, in the transaction. The buyer was an affiliate of Linchris Hotel Corp., which plans to renovate the property. The Pleasant View Inn is an oceanfront hotel located on Misquamicut Beach and is within close proximity to nearby shopping, multiple golf courses and the Mystic Seaport and Aquarium in nearby Connecticut. Linchris is one of the largest hotel owners, operators and management companies in the Northeast, according to NEHR.
DENVER — Peak Capital Partners has purchased The Artisan, a 434-unit apartment community in Denver, for an undisclosed sum. The community is located at 10025 E. Girard Ave. It is currently 97 percent occupied.Peak plans to launch a multi-million-dollar capital improvements project at The Artisan that will include exterior and interior renovations, enhanced landscaping and extensive interior upgrades. The seller, Prime Residential, was represented by HFF.
RALEIGH, N.C. — Rockbridge Partners has acquired the Raleigh Marriott Crabtree Valley, a six-story, 375-room hotel located in Raleigh. The hotel is located directly across from Crabtree Valley Mall. Rockbridge is planning a $23 million renovation to the hotel, which will involve improvements to guestrooms and bathrooms, a new 10,000-square-foot ballroom, a new patio terrace and pool and reconfigurations to the existing lobby and restaurant. Concord Hospitality will manage the hotel.
MEMPHIS, TENN. — Thorofare Capital Inc. has closed a $3.3 million senior bridge loan to refinance The Clarion Hotel Airport/Graceland Area in Memphis. The 245-room, four-story hotel is located at 1471 E. Brooks Road. The hotel features two restaurants and two bars. The borrower, Cedar Street Co., is using proceeds from the loan to retire a portion of a mezzanine portfolio loan used for several of its assets. In 2011-2012, Cedar Street associated the hotel with Choice Hotels International under the Clarion brand and implemented a $3.5 million renovation.
FORT WASHINGTON, PA. — Laurus Corp. has acquired the 146-room Hilton Garden Inn in Fort Washington. Located 20 miles north of downtown Philadelphia, the six-story hotel features an indoor swimming pool, business center, guest laundry facility, the brand’s signature restaurant and bar and three meeting facilities totaling 3,350 square feet. Laurus plans to invest $1.9 million in the property toward renovations. The Hilton Garden Inn is adjacent to the Fort Washington Office Park, which includes nearly 6 million square feet of Class A office space. The office park is home to more than 100 companies such as GMAC/Ally, URS Corp., Honeywell, Verizon, FedEx and Johnson & Johnson.