Hospitality

HYATT CHICAGO COMPLETES $25 MILLION TRANSFORMATION

by admin August 20, 2013

CHICAGO —A $25 million renovation of the Hyatt Chicago Magnificent Mile, which includes a new signature restaurant known as Level 2, is now complete. The hotel updated its 419 guestrooms, meeting space, lobby, indoor pool and fitness center. Chicago-based Looney & Associates led the design effort. It also added an Escape Bar, which offers space for informal small meetings with complimentary Wi-Fi, four iMac computers, two LCD HDTVs and printers. Guestrooms now feature new carpeting, drapery, wall covering, entertainment centers and oversized desks along with a stereo iPod docking station. The fitness center has been expanded by 60 percent and includes new cardio equipment with Wi-Fi access, individual TV screens and iPhone docking stations. The Level 2 restaurant serves contemporary American cuisine with organic local ingredients along with specialty cocktails and craft beers.

August 20, 2013

CITYCENTRE GROWS WITH FOUR POINTS SHERATON ACQUISITION

by admin August 20, 2013

HOUSTON — Houston-based real estate services firm Midway has added the Four Points by Sheraton Houston West to its CITYCENTRE development. The 171-room full-service hotel was originally part of the Town & Country Mall complex, which was razed to make way for Midway’s project in 2007. The Four Points will provide a lower price point for travelers than the development’s existing hospitality property, Hotel Sorella. The acquisition increases the footprint of CITYCENTRE by approximately three acres and extends its northern boundary to Interstate 10.

August 20, 2013

Hospitality Southeast

LUBERT-ADLER SELLS TWO SOUTHEAST HOTELS FOR $156.6M

by admin August 15, 2013

RALEIGH, N.C. AND NASHVILLE, TENN. — Philadelphia-based Lubert-Adler has sold two hotels in Raleigh and Nashville totaling 648 rooms to New York City-based Carey Watermark Investors for $156.6 million. Lubert-Adler sold the 400-room Marriott Raleigh City Center for $83 million and the 248-room Hutton Hotel in Nashville for $74.3 million. The Marriott Raleigh City Center was developed through a public-private partnership with the city of Raleigh in conjunction with the city's new 500,000-square-foot convention center. Hutton Hotel was an adaptive re-use project of a 170,000-square-foot Class C office tower in Nashville's West End.

August 15, 2013

Hospitality Southeast

NORTHMARQ ARRANGES $7M FOR FAIRFIELD INN & SUITES IN FREDERICK, MD.

by admin August 14, 2013

FREDERICK, MD. — NorthMarq Capital has arranged $7 million in first mortgage refinancing for the 105-room Fairfield Inn & Suites in Frederick. The hotel is located at 5220 Westview Drive. Brendan Scanlon and Gary McGlynn of NorthMarq's Washington, D.C., office arranged the loan through a CMBS lender.

August 14, 2013

Hospitality Northeast

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

Hospitality Western

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

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