Hospitality

HOME2 SUITES BY HILTON OPENS SECOND HOTEL IN MISSISSIPPI

by admin August 21, 2013

RIDGELAND, MISS. — Hilton Worldwide has opened its 21st U.S. Home2 Suites by Hilton hotel, which is designed for business travelers and extended-stay guests. Home2 Suites by Hilton Jackson/Ridgeland is the second Home2 Suites hotel in Mississippi. The four-story, 92-suite hotel is located at 526 Evergreen St. in Ridgeland. New Vision Ridgeland Hotel LLC owns the property, and New Vision Hotel Management is the hotel's manager. The hotel's amenity package includes a fitness center, laundry facility, continental breakfast station, lobby, saline pool, patio with gas grills and a fire pit.

August 21, 2013

RLJ LODGING TRUST ACQUIRES RESIDENCE INN ATLANTA MIDTOWN HISTORIC

by admin August 21, 2013

ATLANTA — RLJ Lodging Trust, a publicly traded hospitality REIT, has acquired the 78-room Residence Inn Atlanta Midtown Historic in Atlanta's Midtown submarket. RLJ Lodging, which bought a mortgage loan collateralized by the hotel in 2009 for $5 million, purchased the hotel through a foreclosure sale after the borrower defaulted on the loan earlier this year. The hotel will be closed later this year to undergo a comprehensive renovation that will include upgrades to the guest rooms and public spaces. The hotel will reopen in the third quarter of 2013 under the Residence Inn by Marriott flag.

August 21, 2013

Hospitality Texas

JMI REALTY, KIMPTON HOTELS BRINGING NEW HOTEL TO AUSTIN

by admin August 21, 2013

AUSTIN, TEXAS — Developer/owner JMI Realty is partnering with management firm Kimpton Hotels & Restaurants on a new four-star hotel in Austin’s historic Rainey District. The project, to be known as Hotel Van Zandt, will feature 322 guest rooms over 16 floors, 12,000 square feet of event and meeting space, a gourmet restaurant and pool deck with bar. The award-winning Mark Zeff will oversee interior design of the hotel, expected to open in early 2015. San Francisco-based Kimpton, which specializes in boutique hotels, expands its Texas footprint to four properties with this development.

August 21, 2013

Hospitality Midwest

HYATT CHICAGO COMPLETES $25 MILLION TRANSFORMATION

by admin August 20, 2013

CHICAGO —A $25 million renovation of the Hyatt Chicago Magnificent Mile, which includes a new signature restaurant known as Level 2, is now complete. The hotel updated its 419 guestrooms, meeting space, lobby, indoor pool and fitness center. Chicago-based Looney & Associates led the design effort. It also added an Escape Bar, which offers space for informal small meetings with complimentary Wi-Fi, four iMac computers, two LCD HDTVs and printers. Guestrooms now feature new carpeting, drapery, wall covering, entertainment centers and oversized desks along with a stereo iPod docking station. The fitness center has been expanded by 60 percent and includes new cardio equipment with Wi-Fi access, individual TV screens and iPhone docking stations. The Level 2 restaurant serves contemporary American cuisine with organic local ingredients along with specialty cocktails and craft beers.

August 20, 2013

Hospitality Texas

CITYCENTRE GROWS WITH FOUR POINTS SHERATON ACQUISITION

by admin August 20, 2013

HOUSTON — Houston-based real estate services firm Midway has added the Four Points by Sheraton Houston West to its CITYCENTRE development. The 171-room full-service hotel was originally part of the Town & Country Mall complex, which was razed to make way for Midway’s project in 2007. The Four Points will provide a lower price point for travelers than the development’s existing hospitality property, Hotel Sorella. The acquisition increases the footprint of CITYCENTRE by approximately three acres and extends its northern boundary to Interstate 10.

August 20, 2013

Hospitality Southeast

LUBERT-ADLER SELLS TWO SOUTHEAST HOTELS FOR $156.6M

by admin August 15, 2013

RALEIGH, N.C. AND NASHVILLE, TENN. — Philadelphia-based Lubert-Adler has sold two hotels in Raleigh and Nashville totaling 648 rooms to New York City-based Carey Watermark Investors for $156.6 million. Lubert-Adler sold the 400-room Marriott Raleigh City Center for $83 million and the 248-room Hutton Hotel in Nashville for $74.3 million. The Marriott Raleigh City Center was developed through a public-private partnership with the city of Raleigh in conjunction with the city's new 500,000-square-foot convention center. Hutton Hotel was an adaptive re-use project of a 170,000-square-foot Class C office tower in Nashville's West End.

August 15, 2013

Hospitality Southeast

NORTHMARQ ARRANGES $7M FOR FAIRFIELD INN & SUITES IN FREDERICK, MD.

by admin August 14, 2013

FREDERICK, MD. — NorthMarq Capital has arranged $7 million in first mortgage refinancing for the 105-room Fairfield Inn & Suites in Frederick. The hotel is located at 5220 Westview Drive. Brendan Scanlon and Gary McGlynn of NorthMarq's Washington, D.C., office arranged the loan through a CMBS lender.

August 14, 2013

Hospitality Northeast

COLLIERS ARRANGES $40M LOAN FOR LENOX HOTEL IN BOSTON

by admin August 14, 2013

BOSTON — Colliers International has arranged $40 million in financing for Lenox Hotel, a 12-story, 213-key boutique hotel in the heart of Copley Square in Boston’s Back Bay neighborhood. Colliers worked on behalf of Saunders Hotel Group of Boston (SHG) to secure two notes from People’s United Bank. The new financing includes a $37.5 million, 15-year, fixed-rate loan and a $2.5 million revolving-credit facility. Kevin Phelan and John Broderick led the Colliers’ Boston-based Capital Markets team. Since acquiring the hotel in 1963, SHG has funded and overseen a series of restorations. Recent renovations include upgrading each guest room and the building’s entire façade. SHG also added restaurants City Table, City Bar and Sólás Pub.

August 14, 2013

Hospitality Western

RESIDENCE INN, FAIRFIELD INN & SUITES OPEN AT TUSTIN PACIFIC CENTER

by admin August 12, 2013

TUSTIN, CALIF. — R.D. Olson has opened the doors to its 149-room Residence Inn and 145-room Fairfield Inn & Suites inside the Tustin Pacific Center. The $60-million Tustin Pacific Center is a 196,000-square-foot, mixed-use hotel and retail development in Tustin. Both new projects fall under the Marriott Hotel Brands. The hotels will be owned by R.D. Olson and Martelli Investments. Marriott International will provide management services. They were built by R.D. Olson Construction.

August 12, 2013

Hospitality Southeast

SOTHERLY HOTELS EXECUTES $15.6M LOAN FOR RALEIGH HOTEL

by admin August 12, 2013

RALEIGH, N.C. — SoTHERLY Hotels, a lodging REIT focused on hotels in the southern U.S., has executed a $15.6 million loan, collaterized by a first mortgage on the DoubleTree by Hilton Raleigh Brownstone-University Hotel in Raleigh. CIBC Inc. provided the loan. The five-year loan is fixed at 4.78 percent and amortizes on a 30-year schedule. The proceeds from the loan were used to repay the existing first mortgage.

August 12, 2013

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