Hospitality

WITKOFF GROUP TO BUY PARK LANE HOTEL IN NYC FOR $650M

by admin July 18, 2013

NEW YORK CITY — The estate of Leona Helmsley has agreed to sell the Park Lane Hotel on Central Park South in New York City to a group of investors led by the Witkoff Group for $650 million, according to the Wall Street Journal. The Witkoff team plans to convert the bulk of the 46-story property into luxury condominiums. Presently, it is unclear if there are plans to tear down the 370,000-square-foot hotel and build a new tower, or whether the developer would convert the existing hotel into condominiums. The Park Lane hotel was part of the real estate portfolio of Harry Helmsley, who died in 1997. Since the death of Leona Helmsley in 2007, the Helmsley estate has gradually been selling off its remaining properties. CBRE Group began soliciting bidders for the Park Lane this past spring.

July 18, 2013

RECENTLY SOLD HERMOSA BEACH PARCEL SLATED FOR LUXURY HOTEL

by admin July 12, 2013

HERMOSA BEACH, CALIF. – A four-parcel property in Hermosa Beach that recently sold for $19.5 million is now slated to become a 104-room luxury beachfront hotel. The property was acquired by a joint venture between Bolour Associates and Provenance Hotels. Bolour plans to serve as the hotel’s developer, while Provenance will operate the hotel. The property is located at the intersection of Pier Avenue and the Strand and features 200 linear feet of beachfront access. The parcels were formerly occupied by the Mermaid Restaurant, among other tenants. The hotel is scheduled for completion in 2016.

July 12, 2013

Hospitality Western

RECENTLY SOLD HERMOSA BEACH PARCEL SLATED FOR LUXURY HOTEL

by admin July 12, 2013

July 12, 2013

Hospitality Southeast

HOME2 SUITES BY HILTON OPENS NEW LOCATION NEAR NASHVILLE AIRPORT

by admin July 11, 2013

NASHVILLE, TENN. — Home2 Suites by Hilton has opened its newest hotel in Nashville. The five-story, 105-suite hotel is located at 832 Royal Parkway, one mile from Nashville International Airport. It features an indoor saltwater swimming pool, walking trails, a laundry and fitness area, and a convenience store. Pinnacle Nashville Airport GP owns the hotel, and Pinnacle Hospitality Partners manages it. The Home2 Suites by Hilton Nashville-Airport is the 19th U.S. location for the brand. Later this year, new Home2 Suites hotels will open in Querétaro, Mexico, and Edmonton, Canada. Future hotels are slated for the Houston, Atlanta, and Washington, D.C., markets.

July 11, 2013

Hospitality Southeast

NEW HOTEL ANNOUNCED FOR DOWNTOWN LOUISVILLE

by admin July 11, 2013

LOUISVILLE, KY. — A joint venture between Rosemont, Ill.-based First Hospitality Group and Louisville-based City Properties has announced plans to construct a new hotel in downtown Louisville. The new Hilton Garden Inn will be located in the Clay Commons District. It will feature 156 guestrooms over eight stories along with a rooftop bar and restaurant containing an open-air patio and meeting rooms. The hotel is scheduled to open in summer 2014.

July 11, 2013

Hospitality Southeast

JEKYLL ISLAND WESTIN HOTEL RECEIVES $25 MILLION IN FINANCING

by admin July 10, 2013

JEKYLL ISLAND, GA. — The new Westin Hotel under development on the beachfront of Jekyll Island has received $25 million in construction financing. PNC Bank provided $10 million in conventional financing for the project. In addition, the U.S. Department of Agriculture provided $15 million in Rural Development loans for the project. The 200-room, convention-class hotel is slated to open in September 2014. Atlanta-based Davis, Pickren, Seydel and Sneed represented PNC Bank in the deal.

July 10, 2013

Hospitality Northeast

ROCKPOINT GROUP COMPLETES $375M IN HOTEL SALES

by admin July 10, 2013

BOSTON— Rockpoint Group LLC and its affiliates have completed two hotel sales during the last three weeks and generated $375 million in proceeds. The most recent transaction was the sale of the 1,053-room Boston Park Plaza Hotel & Towers to a public lodging REIT for $250 million, or $237,400 per key. Boston-based Rockpoint owned the hotel for two years and added 112 guest rooms and ground-floor retail. The firm also sold its interest in the Courtyard by Marriott Waikiki Beach to Highgate Hotels Inc., which was managing the hotel, in a $125 million transaction. Lodging Capital Partners LLC was Rockpoint’s partner when the hotel was acquired in June 2011 for $85 million. The Courtyard by Marriott Waikiki Beach is a 401-room hotel located in the Waikiki submarket of Oahu in Hawaii.

July 10, 2013

Hospitality Southeast

HREC COMPLETES SARASOTA HOLIDAY INN SALE

by admin July 9, 2013

SARASOTA, FLA. — HREC Investment Advisors has completed the sale of the Holiday Inn Express & Suites located in Sarasota. The 101-room hotel is situated just off Interstate 75. HREC’s Scott Stephens, Monty Levy and Paul Sexton represented the seller, a joint venture between an affiliate of DeBartolo Development and Banyan Investment Group. The buyer’s name and the sale price were not released.

July 9, 2013

Hospitality Midwest

CAPITAL ADVISORS SECURES $57.5 M LOAN FOR W MINNEAPOLIS

by admin July 9, 2013

MINNEAPOLIS — Capital Advisors has arranged a $57.5 million loan for the refinancing of the 229-room W Minneapolis – The Forshay. The borrower is a partnership between RWB Holdings Inc. and Ryan Cos. US Inc. The 32-story hotel is located at 821 Marquette Ave. in downtown Minneapolis and features 212 guest rooms and 17 suites, which include private dining areas, fireplaces, wet bars and other amenities. After acquiring the 1920s-era Art Deco tower in 2006, the ownership group converted the property from its former office use to a five-star hotel. Ridge Stafford of Capital Advisors’ Charlotte office arranged the 10-year loan, which includes a 30-year amortization schedule. CMBS lender Jefferies LoanCore LLC provided the loan.

July 9, 2013

Hospitality Western

RITZ-CARLTON SAN FRANCISCO CHANGES HANDS

by admin July 8, 2013

SAN FRANCISCO – The 338-room Ritz-Carlton San Francisco has sold to Thayer Fund VI for an undisclosed sum. The hotel is located at 600 Stockton Street. Thayer plans to invest up to $17 million into the property within its first 24 months of ownership. The fund worked on behalf of Thayer Lodging Group. This was the fund’s first investment. It is targeted as a $300-million fund. Thayer also owns the nearby J.W. Marriott San Francisco.

July 8, 2013

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