DURHAM, N.C. — Starwood Hotels & Resorts Worldwide will break ground later this year on the 134-room Aloft Durham Downtown, located at the intersection of Blackwell and Vivian streets in the city's American Tobacco Historic District. The hotel will be a key component of the district, which launched a redevelopment and restoration project in 2004 to transform the American Tobacco Co.'s campus into a mixed-use property. Aloft Durham Downtown will feature a pool, bar, 24-hour gym, private parking and 2,230 square feet of meeting space. Davidson & Jones will own the hotel, which is scheduled to open in May 2015. Starwood Hotels & Resorts Worldwide operates more than 75 Aloft hotels in 14 countries. The Aloft brand offers a tech-forward, vibrant experience and a modern style.
WICHITA, KAN. — Value Place, an economy extended-stay lodging owner, operator, manager and franchisor, has acquired 22 operating hotel owned by its largest franchisee, a partnership comprised of Angelo, Gordon & Co., Belvedere Capital Real Estate Partners and other prominent real estate investors. The $115 million purchase price includes the assumption of existing debt. Ten of the acquired properties are located in Florida, with the rest located in Washington, D.C., Alabama, Texas, Ohio, Arizona, Utah, Colorado and Indiana. Value Place now owns 74 of the 185 franchise locations and develops, franchises, and manages Value Place properties throughout the U.S. Value Place’s growth strategy was recently endorsed by a $100 million capital investment from Lindsay Goldberg LLC, a New York-based private equity firm.
TUPELO, MISS. — HREC Investment Advisors has arranged the sale of a 158-room Hilton Garden Inn in downtown Tupelo. Peachtree Hotel Group purchased the hotel and will take over the property management responsibilities. Patrick Culligan of HREC's Memphis office and Scott Stephens of HRE's Tampa, Fla., office represented the seller, Tom Ricketts and Master Hospitality Services, in the transaction.
DUBLIN, OHIO AND CLIVE, IOWA — HREC Investment Advisors has arranged the sale of the 92-guestroom Chase Suites Hotel in Dublin and the 112-guestroom Chase Suites Des Moines Hotel in Clive. Columbus, Ohio-based Batra Hospitality Group LLC acquired the Chase Suites Hotel in Dublin, a northern suburb of Columbus. West Des Moines, Iowa-based DBM Investment LLC purchased the Chase Suites Des Moines. The purchase prices were undisclosed. Scott Stephens, COO and senior principal, Mark Rousseau, senior vice president, and Tom Sommer, vice president of HREC, represented the seller, The Hardage Group, a San Diego-based hotel and real estate company, in the transaction.
WILKES-BARRE AND WILLIAMSPORT, PA. — Cronheim Mortgage has arranged $25.2 million in refinancing for a 315-room, three-hotel portfolio in Wilkes-Barre and Williamsport, two cities in northern Pennsylvania. The sponsor is an entity affiliated with Chartwell Hotels, a full-service hotel development and management company, which operates full- and limited- service properties in the Northeast. Approximately $18.8 million of the loan was used for two hotel properties — a Holiday Inn and Holiday Inn Express — in Williamsport. The five-story hotels include 102 and 96 rooms, respectively. The 117-room Holiday Inn Express, also five stories, in Wilkes-Barre received $6.4 million in financing.
HOUSTON — Cascade Investment, a privately held investment company controlled by Bill Gates, has purchased the Four Seasons Hotel Houston from private real estate investment fund Maritz, Wolff & Co. Located at 1300 Lamar Street in the city’s central business district, the property offers 404 rooms, 64 rental apartments and amenities including a swimming pool and fitness facility. Toronto-based Four Seasons Hotels and Resorts will continue to manage the hotel.
DENVER — JMIR Acquisitions, LLC has purchased the 451-room Hyatt Regency Denver Tech Center for an undisclosed sum. The hotel is located at 7800 E. Tufts Ave. in Denver. The property also features a newly renovated lobby, the new Root 25 Taphouse & Kitchen, and 30,000 square feet of function space, including an 11,000-square-foot ballroom. The seller was Hyatt Equities, (Den) LLC. HREC Investment Advisors served as the exclusive investment banking agent for Hyatt Hotel Corporation. The property will be managed by Davidson Hotels & Resorts.
SOUTHAVEN, MISS. — Home2 Suites by Hilton has opened its 22nd U.S. hotel at 6750 Southcrest Parkway in Southaven, about 14 miles outside of Memphis, Tenn. The four-story, 105-room Home2 Suites by Hilton Memphis/Southaven is the brand's third hotel in Mississippi. Cohen Realty Inc. owns the hotel and Vista Host Inc. manages the property. The new hotel features a Home2 MKT for convenience items, a Spin2 Cycle fitness/laundry facility, continental breakfast room, complimentary shuttle to and from the airport, an indoor pool, patio with grills, a dog park and a walking trail.
INDIANAPOLIS — Hyde Park Commercial Group (HPCG) has closed a $3.9 million loan for a 188-room unflagged hotel in Indianapolis. The owners plan to use the loan to renovate and rebrand the hotel as a Clarion by Choice Hotels. The loan was arranged through a specialty lender and allows the ownership to refinance their existing debt. Through due diligence, HPCG was able to work with the sponsors to bring in Choice Hotels, assist to obtain a Clarion flag, recommended a new management company and assist with renovation.
DENVER — JMIR Acquisitions, LLC has purchased the 451-room Hyatt Regency Denver Tech Center for an undisclosed sum. The hotel is located at 7800 E. Tufts Ave. in Denver. The property also features a newly renovated lobby, the new Root 25 Taphouse & Kitchen, and 30,000 square feet of function space, including an 11,000-square-foot ballroom. The seller was Hyatt Equities, (Den) LLC. HREC Investment Advisors served as the exclusive investment banking agent for Hyatt Hotel Corporation. The property will be managed by Davidson Hotels & Resorts.