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.
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.