FORT WORTH, TEXAS — General contractor Weis Builders has delivered a new $8.7 million Homewood Suites in Fort Worth. The building opened one month ahead of schedule, and features a business center, meeting space, exercise room, exterior pool, sport court and patio grilling area. The complex is part of a trio of projects that Weis Builders completed at Midtown Urban Village, a 10-acre redevelopment project located at 2222 W. Rosedale St.
ORLANDO — Rockwood Real Estate Advisors has brokered the sale of the Holiday Inn Orlando-University of Central Florida. Constructed in 1987, the 245-room hotel is located on 9 acres at the main gate of the University of Central Florida. The buyer was Alena Hospitality UCF LLC. Rockwood represented the undisclosed seller. The sale price was also not released.
ATLANTA, GA. — Mall Properties Inc. (MPI) has acquired the Sheraton Suites Galleria hotel in Atlanta for $21 million. Constructed in 1990, the 17-story hotel is located at the intersection of interstates 75 and 285 in the city’s Cumberland submarket. It features 277 suites, 4,000 square feet of meeting space, full-service dining options, heated indoor and outdoor pools, 24-hour business center, fitness center and a five-story parking deck. It is connected via pedestrian bridge to the Cobb Galleria Convention Centre. MPI plans to complete a $9 million capital improvements program to the property that will include upgrades to all guest rooms, construction of a Sheraton Club lounge, expansion of the fitness center, and upgrades to all food and beverage facilities. The purchase represents MPI’s first hotel acquisition in the Atlanta area, but the company does own the Akers Mill Square retail center, which is located one mile from the Sheraton Suites.
FRANKLIN, TENN. — Hodges Ward Elliott (HWE) has brokered the sale of the aloft Cool Springs, a 143-room, boutique hotel located in the Nashville suburb of Franklin. MHF Cool Springs IV LLC acquired the property for an undisclosed amount. HWE represented the undisclosed seller.
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.
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.
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.
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.
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.
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.