BOSTON — Value Place, an economy extended-stay hospitality brand, and Dinosaur Capital Partners, a Boston-based development and investment firm, plan to develop 12 new corporate hotels in the Boston area during the next two years. Boston is Wichita, Kan.-based Value Place’s latest focus in its continuing expansion across the country. Value Place has teamed with Dinosaur Capital Partners to identify, acquire and develop suitable locations, with construction of the company’s first Boston-area, 124-unit property slated to begin in the first quarter of 2014. Initially, Dinosaur and Value Place will focus on acquiring locations in and around Boston, but within Route 495. Jack DeBoer, creator of Residence Inn, Summerfield Suites and Candlewood Suites, founded Value Place.
NEW YORK CITY — A new 132-room Holiday Inn hotel has opened its doors in Manhattan’s Lower East Side neighborhood. Designed by Gene Kaufman Architect PC, the eight-story hotel features a red brick façade with blue and green brick inserts. The 60,000-square-foot hotel, located at 150 Delancey St., also features a landscaped courtyard, guest lounge, full-service restaurant and bar, fitness center, meeting facilities and complimentary Internet access.
PORTLAND, ORE. — Pebblebrook Hotel Trust has purchased the 174-room Hotel Modera in Portland for $47.5 million. The hotel is located at 515 SW Clay Street. It was originally built in 1962 and underwent a $13-million renovation in 2008. The seller, Posh Ventures LLC, was represented by Paramount Lodging Advisors in this transaction.
SPRINGFIELD, MO. — Hotel owners John McQueary and Billy McQueary have launched the redevelopment of a historic, circa-1906 building in downtown Springfield to become a boutique hotel set to open in mid-2014. Most recently the building was used for office and performance space, but was originally a Masonic Temple. Once the renovation is complete, the Vanivort hotel will feature subtle masonic references, along with 36 guest rooms and 14 suites. The owners plan for LEED Silver certification. The redevelopment team includes local architecture firm Bates & Associates; hospitality interior design firm Studio R Interiors; construction company Larry Snyder & Co.; hotel consulting firm IDM Group; and brand development firm Marlin Co.
FORTH WORTH, TEXAS — Terra Capital Partners has arranged $8.8 million in financing for the purchase of the Fort Worth Sheraton Hotel & Spa. The three-year mezzanine loan is part of a $58 million capital stack that allowed borrower Presidio Cos. to buy the property out of bankruptcy. Terra, which is based in New York, has originated more than 250 debt and equity investments since 2002. The 431-room Fort Worth Sheraton Hotel & Spa is a full-service hotel located in close proximity to the city’s convention center.
PORTLAND, ORE. — Pebblebrook Hotel Trust has purchased the 174-room Hotel Modera in Portland for $47.5 million. The hotel is located at 515 SW Clay Street. It was originally built in 1962 and underwent a $13-million renovation in 2008. The seller, Posh Ventures LLC, was represented by Paramount Lodging Advisors in this transaction.
KEY WEST, FLA. — LaSalle Hotel Properties has acquired the 260-room Southernmost Hotel Collection in Key West for $184.5 million. The acquisition includes the Southernmost on the Beach, Southernmost Hotel in the USA and La Mer Hotel & Dewey House properties. LaSalle funded the transaction with borrowings from its senior unsecured credit facility. The hotel property is located on the southern end of Duval Street, which runs through Key West's Old Town, home to bars, restaurants, shops and historic sites. The hotel includes 3,128 square feet of meeting space and 2,488 square feet of outdoor space. About $13.8 million has been invested in the hotel's upkeep in the last three years. Highgate Hotels will operate the Southernmost Hotel Collection.
IRVING, TEXAS — HREC Investment Advisors has brokered the sale of the Ramada DFW Airport North Hotel in Irving. The 140-room property is located on Ester Road directly off Highway 114 and is in close proximity to the new Irving Convention Center, Gaylord Convention Center Hotel and the Grapevine Mills Mall, besides Dallas/Fort Worth International Airport. Hank Wolpert of HREC represented the seller in the transaction. Buyer Pramukhraj Irving LLC plans to rebrand the hotel.
NOVI, MICH. — Hyatt Hotels Corp. and Packard Hospitality Group have celebrated the opening of the 126-room Hyatt Place Detroit/Novi. Attached to Suburban Collection Showplace as an expansion to the Diamond Banquet and Conference Center, the new six-story hotel will be the first Hyatt-branded hotel in Novi, a northwest suburb of Detroit. The hotel features more than 9,000 square feet of meeting space, complimentary Wi-FI, interior pool and A Coffee to Cocktails Bar.
LAUREL, MD. — Sperry Van Ness | Small Shah Commercial Advisors has brokered the sale of a Hampton Inn hotel, located on Braygreen Road in Laurel. The buyer, Neema Laurel LP, purchased the hotel for approximately $6.4 million. Shailesh Shah of Sperry Van Ness | Small Shah Commercial Advisors represented the seller, Mt. Laurel Hospitality, in the transaction.