TITUSVILLE, FLA. — MBA Hotel Brokers Inc., a member of Hotel Brokers International, has arranged the $1.6 million sale of the Ramada Inn Titusville/Kennedy Space Center in Titusville, about 35 miles outside of Orlando. The 124-room hotel is located at 3500 Cheney Highway near Interstate 95, beach communities, the Kennedy Space Center. Charlie Fritsch of MBA Hotel Brokers represented the seller, Painter Bay Trust, in the transaction. Fritsch also procured the buyer, Shivstar Investments LLC, which plans to covert the hotel to a different brand. The seller recently invested $300,000 to upgrade the hotel.
GOSHEN, IND. — Mumford Co. has arranged the sale of the Courtyard by Marriott of Goshen, a two-story, 91-room hotel located about 28 miles east of South Bend. Morris Lasky Receiver and Torchlight Investments sold the hotel to a North Carolina-based owner and operator with holdings in the Midwest. The new owner plans to renovate and rebrand the property. Steve Kirby, principal, Ed James, principal, and Lance Potter, vice president at Mumford Co., represented the seller in the transaction. Located on U.S. Highway 33 at Goshen’s primary retail corridor, the property is Goshen’s largest hotel, according to Mumford Co. Amenities at the hotel include an indoor and outdoor pool with hot tub, exercise room and The Market, a convenience store adjacent to the front desk.
SAN ANTONIO —Investment firm Silver Ventures Inc. and three: living architecture plan the extensive renovation of the historic Pearl Brewery brew house. The property, part of the 22-acre Pearl Brewery campus that now serves as a mixed-use development, will relaunch as Hotel Pearl in the summer of 2014. Designed by three in collaboration with Roman and Williams, the new hotel will offer 146 rooms plus dining, social and meeting spaces. Kimpton Hotels will manage Hotel Pearl.
NEW YORK CITY — The New York City borough of Queens will soon be home to a dual-hotel development featuring two popular Starwood brands. Starwood Hotels & Resorts Worldwide Inc. has announced plans to open two hotels — Four Points by Sheraton and Element — in the area in September 2015. The project, to be developed by Century Construction Group, will include the 178-room Four Points by Sheraton Flushing and the 118-room Element Flushing. The property, which will be about a 10-minute drive from LaGuardia Airport, will have a combined 2,600 square feet of meeting space and will include a shared fitness center and heated pool. Starwood has three Four Points properties and one Element hotel in Manhattan, in addition to another Four Points in Long Island City.
BOSTON — Value Place, an economy extended-stay hospitality brand, and Dinosaur Capital Partners, a Boston-based development and investment firm, plan to develop 12 new corporate hotels in the Boston area during the next two years. Boston is Wichita, Kan.-based Value Place’s latest focus in its continuing expansion across the country. Value Place has teamed with Dinosaur Capital Partners to identify, acquire and develop suitable locations, with construction of the company’s first Boston-area, 124-unit property slated to begin in the first quarter of 2014. Initially, Dinosaur and Value Place will focus on acquiring locations in and around Boston, but within Route 495. Jack DeBoer, creator of Residence Inn, Summerfield Suites and Candlewood Suites, founded Value Place.
NEW YORK CITY — A new 132-room Holiday Inn hotel has opened its doors in Manhattan’s Lower East Side neighborhood. Designed by Gene Kaufman Architect PC, the eight-story hotel features a red brick façade with blue and green brick inserts. The 60,000-square-foot hotel, located at 150 Delancey St., also features a landscaped courtyard, guest lounge, full-service restaurant and bar, fitness center, meeting facilities and complimentary Internet access.
PORTLAND, ORE. — Pebblebrook Hotel Trust has purchased the 174-room Hotel Modera in Portland for $47.5 million. The hotel is located at 515 SW Clay Street. It was originally built in 1962 and underwent a $13-million renovation in 2008. The seller, Posh Ventures LLC, was represented by Paramount Lodging Advisors in this transaction.
SPRINGFIELD, MO. — Hotel owners John McQueary and Billy McQueary have launched the redevelopment of a historic, circa-1906 building in downtown Springfield to become a boutique hotel set to open in mid-2014. Most recently the building was used for office and performance space, but was originally a Masonic Temple. Once the renovation is complete, the Vanivort hotel will feature subtle masonic references, along with 36 guest rooms and 14 suites. The owners plan for LEED Silver certification. The redevelopment team includes local architecture firm Bates & Associates; hospitality interior design firm Studio R Interiors; construction company Larry Snyder & Co.; hotel consulting firm IDM Group; and brand development firm Marlin Co.
FORTH WORTH, TEXAS — Terra Capital Partners has arranged $8.8 million in financing for the purchase of the Fort Worth Sheraton Hotel & Spa. The three-year mezzanine loan is part of a $58 million capital stack that allowed borrower Presidio Cos. to buy the property out of bankruptcy. Terra, which is based in New York, has originated more than 250 debt and equity investments since 2002. The 431-room Fort Worth Sheraton Hotel & Spa is a full-service hotel located in close proximity to the city’s convention center.
PORTLAND, ORE. — Pebblebrook Hotel Trust has purchased the 174-room Hotel Modera in Portland for $47.5 million. The hotel is located at 515 SW Clay Street. It was originally built in 1962 and underwent a $13-million renovation in 2008. The seller, Posh Ventures LLC, was represented by Paramount Lodging Advisors in this transaction.