HONOLULU — Inland American Lodging Group, Inc. has acquired the 645-room Aston Waikiki Beach Hotel in Honolulu for $183 million. The resort is located on Waikiki Beach along Kalakaua Avenue. It also features a heated outdoor swimming pool, sun deck, 19,400 square feet of retail space, and 3,300 square feet of indoor and outdoor meeting space, including the 1,288-square-foot Coconut Club. The retail space is fully leased by Tiki's Bar & Grill and Wolfgang Puck's Express. The hotel will continue to be managed by Aston Hotels & Resorts. Inland American Lodging Group is a wholly owned subsidiary of Inland American Real Estate Trust, Inc.
Hospitality
LOS ANGELES – The James hotel brand has made its way onto the Sunset Strip. CIM Group and its joint venture partner Denihan Hospitality Group have announced The James Los Angeles will open in West Hollywood in 2016. It will be located at the southeast corner of Sunset and La Cienega boulevards within CIM’s two-block Sunset La Cienega mixed-use development. The 286-room hotel will be the first new ground-up hotel in West Hollywood in about 30 years, according to CIM. The James Los Angeles will feature two restaurants, a rooftop and lobby bar and about 10,000 square feet of meeting space. CIM is designing and developing both The James Los Angeles and two residential towers across La Cienega that will contain 190 units and about 40,000 square feet of retail space. This will be the fourth hotel to operate under The James brand. There are additional hotels in Chicago, New York and Miami.
JACKSONVILLE, FLA. — CBRE Hotels has arranged the sale of the Hyatt Regency Jacksonville Riverfront, located at 225 E. Coastline Drive in Jacksonville. The 963-room property is northeast Florida’s largest convention hotel, according to CBRE Hotels. The property is located on a four-mile riverfront boardwalk and features 110,000 square feet of meeting space. The hotel comprises 28 percent of all hotel rooms in downtown Jacksonville. Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels in Miami, along with Patrick Arangio, Jack Howard, Kurt Altvater and Dave Dorros of CBRE’s national loan sale advisory group, brokered the transaction.
NEW YORK CITY — Massey Knakal Capital Services has arranged $80 million in bridge financing secured by Cassa Hotel, a 165-key hotel located in the Times Square submarket of Manhattan. An entity controlled by Angelo, Gordon & Co. was the lender. Scott Aiese of Massey Knakal arranged the loan. The four-star hotel benefits from more than 370,000 daily pedestrians.
NEW ORLEANS — Starwood Hotels & Resorts Worldwide Inc. plans to transform a 30-story building in downtown New Orleans into a new Aloft Hotel. The 188-room Aloft New Orleans Downtown will be located at 225 Baronne St. in the city’s Central Business District. The property will include 2,500 square feet of meeting space, an outdoor pool and 24-hour fitness center. 225 Baronne Complex LLC, an entity of HRI Properties, owns the hotel and HRI Lodging will manage it. The new hotel is slated to open in 2015. Starwood plans to complete two additional adaptive re-use projects for its Aloft brand this year — Aloft Detroit and Aloft Tampa Downtown.
MOBILE, ALA. — Homewood Suites by Hilton has opened a 99-suite hotel at 1388 W. I-65 Service Road S. in Mobile. The four-story hotel, known as Homewood Suites Mobile I-65/Airport Blvd., is expected to create 30 permanent jobs, according to Hilton Worldwide. Kana Hotel Group owns and manages the hotel. The property features complimentary breakfast and Wi-Fi, a restaurant, a 24-hour grocery shopping service, fitness center and a 24-hour business center.
YONKERS, N.Y. — Construction has begun on the 155-room Hyatt Place hotel development in the Cross County Shopping Center in Yonkers. LW Hotel Associates LP is developing the project, along with Friend Development Group LLC. LodgeWorks Partners LP will manage the hotel, which is slated to open in 2015. Guestrooms at the hotel will feature a 42-inch HDTV and complimentary Wi-Fi access. The hotel will also include 990 square feet of meeting space.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of a 54-room Comfort Suites in Irving. Constructed in 1995 and renovated in 2011, the limited-service hotel offers free breakfast and wireless internet access, a business center and airport shuttle service. The property is located at 1223 Greenway Drive, near the Las Colinas Business District and the DFW International Airport. Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Gomes also procured the buyer, a private investor.
LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of an 83-room hotel in Longview. Located at 112 S. Access Road, the two-story, limited-service property includes exterior corridors, complimentary breakfast, a business center, outdoor swimming pool and fitness center. Allan Miller, Skyler Cooper and Chris Gomes of Marcus & Millichap marketed the asset on behalf of the seller, a limited liability company. Gomes procured the buyer, another limited liability company. As the time of the sale, the Hampton Inn franchise was terminated, and the property will soon be converted into a Days Inn.
NAPA, CALIF. — The Harvest Inn, a 74-room boutique hotel in Napa County, has received $42.5 million in bridge financing. The hotel is located at 1 Main Street near Whitehall Lane Leonardini Vineyard. The hotel’s sponsor, Palmer City-Core Hotels (PCCH), a partnership between The Charlie Palmer Group and City-Core Development, also received $4.5 million in equity for the acquisition of the hotel. The JV purchased the hotel at the end of January for an undisclosed sum. PCCH is planning to add food and beverage services to the property. This will include a 100-seat Charlie Palmer concept restaurant, as well as a catering department to handle wedding and corporate retreat business in-house. The debt and equity was arranged by Highland Realty Capital, Inc.