PORTLAND, ORE. — RLJ Lodging Trust has purchased the 106-room SpringHill Suites Portland Hillsboro for $24 million. The hotel is located at 7351 NE Butler Street near Intel’s Ronler Acres campus. It underwent a major renovation in 2011.Al Calhoun, Mark Fraioli and Melvin Chu of Jones Lang LaSalle represented the seller, an entity consisting of affiliates CPA:17 – Global; a publicly held, non-traded REIT affiliate of W. P. Carey Inc.; Watermark Capital Partners, LLC; and Montclair Hotel Investors, Inc
DALLAS — Homewood Suites by Hilton, Hilton Worldwide’s brand of upscale extended-stay hotels, has opened its newest location in downtown Dallas. Lowen 1025 Elm LP owns the building, which was originally the United Fidelity Life Insurance building and underwent extensive renovation as part of Homewood Suites’ adaptive re-use program. Lowen Hospitality Management LLC will manage the new property, which totals 130 suites over 10 stories. Located at 1025 Elm St., in close proximity to the West End and the Dallas Convention Center, the hotel includes amenities such as an indoor pool, 24-hour on-site pantry, golf simulator and fitness center.
PORTLAND, ORE. — RLJ Lodging Trust has purchased the 106-room SpringHill Suites Portland Hillsboro for $24 million. The hotel is located at 7351 NE Butler Street near Intel’s Ronler Acres campus. It underwent a major renovation in 2011. Al Calhoun, Mark Fraioli and Melvin Chu of Jones Lang LaSalle represented the seller, an entity consisting of affiliates CPA:17 – Global; a publicly held, non-traded REIT affiliate of W. P. Carey Inc.; Watermark Capital Partners, LLC; and Montclair Hotel Investors, Inc
MINNEAPOLIS — Hyatt Hotels Corp. has opened Hyatt Place Minneapolis Downtown, which has just completed a rebranding and renovation. Connected to Minneapolis’ climate-controlled skyway, the 213-room hotel is located minutes away from the historic Hennepin Theater District and shopping, restaurants and nightlife. The hotel includes 1,800 square feet of high-tech meeting and function space and a coffee-to-cocktails bar. Each guestroom features a 42-inch HDTV and a sectional sofa sleeper.
ROSELLE, ILL. — HREC Investment Advisors has arranged the sale of the 101-guestroom Country Inn & Suites in Roselle, located about 30 miles west of Chicago. Scott Stephens, COO and senior principal, and Scott Kaniewski, senior vice president at HREC Investment Advisors, represented the seller, a private equity firm, in the transaction. The Country Inn & Suites is located two miles from the Schaumburg Regional Airport and roughly 13 miles from O’Hare International Airport. The hotel also includes 22,000 square feet of meeting space.
NEW YORK CITY — Madison Realty Capital (MRC) has closed a $40.2 million loan to fund the payoff of a discounted existing $50 million acquisition loan on the Hudson Yards development in Manhattan. Additional proceeds of the loan will be used to fund predevelopment costs for a 265,000-square-foot hotel project on the site, which is located on the corner of 37th Street and 11th Avenue. When constructed, the 420-room hotel will feature several food and beverage outlets, as well as meeting space. The project is one of the many new developments at Hudson Yards. After the 2005 rezoning, the area now has capacity for approximately 26 million square feet of new office development, 20,000 units of housing (of which almost 5,000 units will be affordable), 2 million square feet of retail space and 3 million square feet of hotel space.
FORT WALTON BEACH, FLA. — Woodbine Development Corp. and InterMountain Management have commenced construction on a four-story, 112-room Marriott TownePlace Suites in Fort Walton Beach. An adjacent, waterfront parcel is also included in the transaction, which will soon house a yet-to-be-named restaurant up to 6,000 square feet. InterMountain will provide management services for the new hotel and Woodbine will provide asset management services for the property. The hotel is set to break ground in the summer of 2014. The project team also includes Jackson, Miss-based Harrell Contracting Group, Monroe, La.-based Architecture+ and Fort Walton Beach-based Choctaw Engineering Inc. Kevin Bethea of Realty House Commercial Properties is marketing the restaurant pad site.
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.