Hospitality

COLLIERS ARRANGES $40M LOAN FOR LENOX HOTEL IN BOSTON

by admin August 14, 2013

BOSTON — Colliers International has arranged $40 million in financing for Lenox Hotel, a 12-story, 213-key boutique hotel in the heart of Copley Square in Boston’s Back Bay neighborhood. Colliers worked on behalf of Saunders Hotel Group of Boston (SHG) to secure two notes from People’s United Bank. The new financing includes a $37.5 million, 15-year, fixed-rate loan and a $2.5 million revolving-credit facility. Kevin Phelan and John Broderick led the Colliers’ Boston-based Capital Markets team. Since acquiring the hotel in 1963, SHG has funded and overseen a series of restorations. Recent renovations include upgrading each guest room and the building’s entire façade. SHG also added restaurants City Table, City Bar and Sólás Pub.

August 14, 2013

RESIDENCE INN, FAIRFIELD INN & SUITES OPEN AT TUSTIN PACIFIC CENTER

by admin August 12, 2013

TUSTIN, CALIF. — R.D. Olson has opened the doors to its 149-room Residence Inn and 145-room Fairfield Inn & Suites inside the Tustin Pacific Center. The $60-million Tustin Pacific Center is a 196,000-square-foot, mixed-use hotel and retail development in Tustin. Both new projects fall under the Marriott Hotel Brands. The hotels will be owned by R.D. Olson and Martelli Investments. Marriott International will provide management services. They were built by R.D. Olson Construction.

August 12, 2013

Hospitality Southeast

SOTHERLY HOTELS EXECUTES $15.6M LOAN FOR RALEIGH HOTEL

by admin August 12, 2013

RALEIGH, N.C. — SoTHERLY Hotels, a lodging REIT focused on hotels in the southern U.S., has executed a $15.6 million loan, collaterized by a first mortgage on the DoubleTree by Hilton Raleigh Brownstone-University Hotel in Raleigh. CIBC Inc. provided the loan. The five-year loan is fixed at 4.78 percent and amortizes on a 30-year schedule. The proceeds from the loan were used to repay the existing first mortgage.

August 12, 2013

Hospitality Western

RESIDENCE INN, FAIRFIELD INN & SUITES OPEN AT TUSTIN PACIFIC CENTER

by admin August 12, 2013

August 12, 2013

Hospitality Western

CIM GROUP BEGINS DEVELOPMENT ON SUNSET STRIP HOTEL, MULTIFAMILY PROJECTS

by admin August 9, 2013

WEST HOLLYWOOD, CALIF. — CIM Group has begun construction on two Sunset Strip projects in West Hollywood. The first is a 290-room, four-star hotel that will be located at 8490 Sunset Blvd. The hotel will contain two 10-story towers. The second is a 190-unit residential development with ground-floor retail that will be located at 8500 Sunset Blvd. It will contain two eight-story buildings. The projects will add about 500,000 square feet of hospitality, residential and retail space to the famed Sunset Strip. CIM initially purchased the fully entitled properties in November 2011.

August 9, 2013

Hospitality Southeast

FELCOR TO SELL EMBASSY SUITES IN BATON ROUGE FOR $20M

by admin August 9, 2013

BATON ROUGE, LA. — FelCor Lodging Trust Inc. has agreed to sell the 223-room Embassy Suites in Baton Rouge for $20 million. The buyer has already paid a $2 million non-refundable deposit toward the purchase price. FelCor Lodging will use all of the proceeds from the sale to pay down outstanding debt.

August 9, 2013

Hospitality Western

CIM GROUP BEGINS DEVELOPMENT ON SUNSET STRIP HOTEL, MULTIFAMILY PROJECTS

by admin August 9, 2013

August 9, 2013

Hospitality Texas

CBRE SELLS HISTORIC DOWNTOWN BRYAN HOTEL

by admin August 8, 2013

BRYAN, TEXAS — CBRE Hotels has arranged the sale of the historic LaSalle Hotel in downtown Bryan on behalf of Bryan Commerce and Development Inc., a local government corporation. Paul Clark Hospitality Group paid $2.6 million, according to local newspaper The Bryan Eagle. The 55-unit property, originally constructed in 1928, underwent an extensive renovation in 2000, prior to which it was vacant for more than 20 years. Bert Stevens, first vice president of CBRE Hotels in Dallas, represented the seller.

August 8, 2013

Hospitality Western

AQUA WAIKIKI PEARL IN HONOLULU CHANGES HANDS

by admin August 7, 2013

HONOLULU – The 132-room Aqua Waikiki Pearl in Honolulu has sold to DeBartolo Development, LLC for an undisclosed sum. The hotel is located at 415 Nahua Street just one block from Waikiki Beach. It underwent an extensive 13-month repositioning and rebranding in 2008.DeBartolo is also gearing up to break ground on Ka Makana Ali‘i, a 1.4-million-square-foot, mixed-use regional shopping center in Kapolei.The $350-million project will be the first regional shopping center built on Oahu in more than 30 years. It is expected to break ground early next year

August 7, 2013

Hospitality Southeast

NEW HILTON GARDEN INN COMING TO DOWNTOWN LOUISVILLE

by admin August 7, 2013

LOUISVILLE, KY. — First Hospitality Group Inc., a Rosemont, Ill.-based hotel management and development firm, has announced its plans to develop a new eight-story Hilton Garden Inn in downtown Louisville's Clay Commons district. The 156-room hotel will span 109,900 square feet and feature a rooftop bar and restaurant. First Hospitaly will manage the property and serve as the investment partner to local developer City Properties. First Hospitality currently owns and operates more than 50 hotels nationwide. The Hilton Garden Inn is slated to open in the summer of 2014.

August 7, 2013

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