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.
BRYAN, TEXAS — CBRE Hotels has arranged the sale of the historic LaSalle Hotel in downtown Bryan on behalf of Bryan Commerce and Development Inc., a local government corporation. Paul Clark Hospitality Group paid $2.6 million, according to local newspaper The Bryan Eagle. The 55-unit property, originally constructed in 1928, underwent an extensive renovation in 2000, prior to which it was vacant for more than 20 years. Bert Stevens, first vice president of CBRE Hotels in Dallas, represented the seller.
HONOLULU – The 132-room Aqua Waikiki Pearl in Honolulu has sold to DeBartolo Development, LLC for an undisclosed sum. The hotel is located at 415 Nahua Street just one block from Waikiki Beach. It underwent an extensive 13-month repositioning and rebranding in 2008.DeBartolo is also gearing up to break ground on Ka Makana Ali‘i, a 1.4-million-square-foot, mixed-use regional shopping center in Kapolei.The $350-million project will be the first regional shopping center built on Oahu in more than 30 years. It is expected to break ground early next year
LOUISVILLE, KY. — First Hospitality Group Inc., a Rosemont, Ill.-based hotel management and development firm, has announced its plans to develop a new eight-story Hilton Garden Inn in downtown Louisville's Clay Commons district. The 156-room hotel will span 109,900 square feet and feature a rooftop bar and restaurant. First Hospitaly will manage the property and serve as the investment partner to local developer City Properties. First Hospitality currently owns and operates more than 50 hotels nationwide. The Hilton Garden Inn is slated to open in the summer of 2014.
PHILADELPHIA — Home2 Suites by Hilton has opened its 20th and largest U.S. hotel in Philadelphia. The nine-story, 248-suite hotel is located across from the Pennsylvania Convention Center at 1200 Arch St. in Center City. Co-developed by Philadelphia-based Wurzak Hotel Group and Parkway Corp., the property represents the largest Home2 Suites to open since the inception of the brand in 2011. A joint venture between DoveHill Partners, Parkway Corp. and New York-based investment fund Glenmont Capital Management LLC own the hotel, which will be operated by Wurzak Hotel Group. The hotel is part of a $60 million mixed-used project featuring more than 9,750 square feet of retail and restaurant space. The hotel includes high ceilings, natural woodwork and an oversized display of a Philadelphia historical map. The property features a mix of studio, one-bedroom and connecting suites, as well as several accessible suites designed to fit the needs of guests with disabilities.
HONOLULU – The 132-room Aqua Waikiki Pearl in Honolulu has sold to DeBartolo Development, LLC for an undisclosed sum. The hotel is located at 415 Nahua Street just one block from Waikiki Beach. It underwent an extensive 13-month repositioning and rebranding in 2008. DeBartolo is also gearing up to break ground on Ka Makana Ali‘i, a 1.4-million-square-foot, mixed-use regional shopping center in Kapolei. The $350-million project will be the first regional shopping center built on Oahu in more than 30 years. It is expected to break ground early next year
HIGH POINT, N.C. — New York-based Rockwood Real Estate Advisors has brokered the sale of a Quality Inn hotel located in High Point. The property contains 45 rooms and was constructed in 1998. Rockwood represented the seller, a Southeast-based regional financial institution. The buyer was High Point Hospitality LLC. The acquisition price was undisclosed.
VIRGINIA BEACH, VA. — A limited liability company led by Bruce L. Thompson has acquired The Cavalier Hotel in Virginia Beach from a court-appointed receiver for $35.7 million. Situated on 21.2 beachfront acres, the property features the original seven-story, 11-room hotel that opened in 1927; an 11-story, 282-room hotel that opened in the 1970s; and a 50,000-square-foot conference center. Amenities include an indoor pool in the original hotel, an outdoor pool adjacent to the newer hotel, outdoor tennis courts, a fitness center, a kids’ play room, food and beverage options at both hotels, and below-grade parking. The property also contains an owner/manager residence, employee housing and an automobile repair garage. The buyer is planning a $259 million capital improvements project that will include the restoration of the original hotel. Representing the receiver, Charles Goldstein of Protiviti, in negotiations was Mike Matlat of DJM Realty and the CBRE|Hotels team of Doug Henkel, Tom Ives, Lew Miller, Andy Wimsalt and Kym Halsted.
CHICAGO — The Laurus Corp. has acquired the Renaissance O’Hare Hotel, a 362-suite property located at 8500 W. Bryn Mawr Ave. in Chicago, about three miles from O’Hare International Airport. The purchase price was undisclosed. Opened in 2005, the 15-story hotel sits on more than three acres and features more than 15,000 square feet of meeting space and amenities, including a fitness center, business center, pool, concierge and an airport shuttle. The hotel is situated within about 7 million square feet of Class A office space in the O’Hare submarket, which includes the Donald E. Stephens Convention Center and Allstate Arena., as well as the corporate headquarters for U.S. Cellular, True Value Hardware and Wilson Sporting Goods. Los Angeles-based Laurus is planning a $6.5 million renovation program, which will update guestrooms and corridors, food and beverage outlets and the 5,000 square-foot ballroom.
FORT LAUDERDALE, FLA. — An affiliate of Miami-based Gencom has acquired the Ritz-Carlton Fort Lauderdale for an undisclosed amount. Constructed in 2008 as a St. Regis-branded hotel, the beachfront property was converted to the Ritz-Carlton brand in 2008. It features 166 rooms and suites as well as 28 third-party owned condo-hotel units that participate in the hotel’s rental program. Its amenities include gourmet dining options, a seventh-floor pool deck with private cabanas, more than 24,000 square feet of event space, an 8,500-square-foot spa, a 24-hour business center and valet parking service. The hotel also has a prime location at 1 N. Fort Laurderdale Blvd., close to Fort Lauderdale-Hollywood International Airport. The Holliday Fenoglio Fowler team of Daniel Peek, Manny de Zarraga, Max Commess, Paul Hsu and Chris Lingerfelt represented the undisclosed seller in the deal.