LOS ANGELES – The 170-room SpringHill Suites by Marriott has broken ground in Burbank. The $44-million, 102,075-square-foot hotel is located on the south side of San Fernando Boulevard between Providencia and Santa Anita streets in the city’s downtown region. SpringHill Suites will be built by R.D. Olson Construction and designed by Awbrey Cook McGill Architects. It will feature Marriott’s Gen 4.5 design, which focuses on weekday business travelers and weekend leisure guests. The design will also pay tribute to the area’s entertainment and media industries. R.D. Olson Development will retain ownership of the hotel once it is complete in spring 2015. Marriott International will provide management services.This is R.D. Olson’s second Marriott brand development in Burbank. The firm also developed the 166-room Residence Inn by Marriott Burbank in 2007.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a 123-room Hampton Inn in Austin. Constructed in 1997 and renovated in 2012, the six-story hotel is located at 4141 Governors Row, in proximity to the interchange of State Highway 71 and Interstate 35. Amenities include a 430-square-foot meeting room, business center and outdoor swimming pool. Allan Miller and Chris Gomes of Marcus & Millichap represented the seller, a joint venture between a California family trust and a Texas-based private investor, in the transaction. David Greenberg, also of Marcus & Millichap, represented the buyer, Moody National REIT I Inc.
WASHINGTON, D.C. — L’Enfant DC Hotel LLC has purchased L’Enfant Plaza Hotel, a landmark, 372-room hotel in downtown Washington, D.C., for an undisclosed amount. The hotel is located near The National Mall, The Washington Monument and The Smithsonian. L’Enfant Plaza Hotel features 21,000 square feet of conference and banquet space, a 700-seat ballroom, two restaurants, two bars, a coffee kiosk, retail spaces, health club, business center and a rooftop pool. The buyer plans to renovate the hotel and bring it to Four Diamond status. The hotel is slated to re-open in 2015.
ATLANTA — PMZ Realty Capital LLC, a real estate investment/banking firm, has arranged a $20 million loan for The Glenn Hotel in Atlanta. The Glenn Hotel is a 110-room property located in downtown Atlanta’s Luckie Marietta district. The hotel is part of the Marriott Autograph Collection.
DALLAS — HREC Investment Advisors has brokered the sale of the 227-room DoubleTree Market Center in Dallas. Located at 2015 Market Center Blvd., the property is in proximity to Interstate 35 and within a five-minute drive from downtown, as well as Dallas Love Field airport. The hotel features an outdoor pool, fitness center, café, bar, business center and 7,500 square feet of meeting and event space. Axle Capital Group acquired the asset. Hank Wolpert and Geoff Davis of HREC represented the seller, Rolf Tweeten of Alliance Hospitality Management. Tweeten will continue to manage the property.
NIAGARA FALLS, N.Y. — Aries Capital LLC has closed an $8.5 million CMBS loan for an 87-unit Holiday Inn Express in Niagara Falls, N.Y. Constructed in 2009, the property is the newest hotel in Niagara Falls and is owned by borrower Mohan Saran, who owns hotels with his partners in New York and South Carolina. The five-year, non-recourse loan includes a fixed interest rate and a 25-year amortization schedule. Eric Jones, vice president in the firm’s Chicago office, arranged the financing.
ALLENTOWN, PA. — HREC Investment Advisors has arranged the sale of the 124-guestroom Hampton Inn in Allentown. Ketan Patel, senior vice president, and Geoff Davis, president and senior principal at HREC, represented the seller in the transaction. The buyer, New York City-based Troutbrook/Freud Development, plans to complete a multi-million dollar renovation of the property. GE Capital provided the acquisition financing. Troutbrook/Freud Development has hired Marshall Hotels to manage the property. The hotel is located adjacent to Interstate 78 and is about 13 miles from the Lehigh Valley International Airport.
LONGVIEW, TEXAS — CBRE Hotels has brokered the sale of the 60-unit Comfort Suites in Longview. Located at 3307 N. 4th St., the hotel is in proximity to the Lake O’ the Pines reservoir. The three-story property features an indoor swimming pool, hot tub, exercise facility, meeting space, complimentary breakfast and wireless internet. Bert Stevens, Nate Sahn and James Johnson of CBRE represented the seller, Heritage Inn XII LP, in the transaction. Breiton Hospitality LLC, which purchased the asset, plans to maintain the current branding and will invest in upgrades.
MYRTLE BEACH, S.C. — Landmark Builders has begun construction on the new Hilton Garden Vacations Club in Myrtle Beach. The 24-story, 308,000-square-foot resort is the tallest high-rise under construction along the Mid-Atlantic coastline, according to Landmark. The resort will feature 220 residential units, 200-foot sky-lit atrium, five-story parking garage, fitness center, two full-service bars and multiple pools with direct access to the Myrtle Beach coastline. Landmark expects to wrap up construction in May 2015. Myrtle Beach-based Strand Capital is developing the property, and Garvin Design Group and tag Architecture are the project’s architects.
NORTON, VA. — HREC Investment Advisors has arranged the sale of the 120-room Inn at Norton in Norton, a town in western Virginia. The town is located 20 miles from the Kentucky state line and 45 miles from the Tennessee state line. The hotel recently joined the Quality Inn system. Ted Anka of HREC Investment Advisors’ Chicago office represented the seller in the transaction.