PORT ARTHUR, TEXAS — DPG Partners has selected Dallas-based Weis Builders as general contractor on the $6.3 million Towneplace Suites located in Port Arthur. Towneplace Suites will offer an outdoor pool, fitness room, and kitchen with continental breakfast. This hotel is Weis’ fifth project with DPG, and their second hotel in Port Arthur. Completion is expected in summer 2014.
COLORADO SPRINGS, COLO. – The 500-room Crowne Plaza Hotel in Colorado Springs has sold to 513 Hotels, LTD for an undisclosed sum. The hotel is located at 2886 S. Circle Drivejust south of downtown. It was built in 1974 and expanded in 1985. In addition to serving as a family and business-friendly hotel, the Crowne Plaza accommodates a variety of activities for the many military, government and related businesses nearby. This includes Fort Carson, Peterson Air Force Base, Schriever Air Force Base, Cheyenne Mountain Air Station and the US Air Force Academy. David Buddemeyer of Driftwood Hospitality Management acted as the hotel’s receiver. The sale was executed by Rockwood Real Estate Advisors.
SAN FRANCISCO — The 150-room Vantaggio Suites Cosmo in San Francisco has sold to RLJ Lodging Trust for $29.5 million. The hotel is located at 761 Post Street near Union Square. It was built in 1930 and is listed on the National Register of Historic Places. The property primarily accommodated short-term stays, though it is currently unoccupied. RLJ plans to close the hotel while it carries out a $13-million, multi-phase conversion that will rebrand it as a Courtyard by Marriott. The conversion should be complete by the end of 2014. RLJ purchased the hotel with cash available on its balance sheet.
PITTSBURGH — Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT), has completed its acquisition of the 178-room Hyatt Place hotel in Pittsburgh for $40 million. The hotel opened in December 2010 and is located in Pittsburgh’s North Shore neighborhood, next to PNC Park (home of the Pittsburgh Pirates) and Heinz Field (home of the Pittsburgh Steelers). Average daily rate at the Pittsburgh Hyatt Place is expected to be $163 in 2013, according to Jeffrey Fisher, CEO of Chatham. Chatham funded the purchase with borrowings on its secured revolving credit facility and a $24.2 million first-mortgage loan. Barclays Bank provided the 10-year loan, which carries a fixed-interest rate of 4.6 percent and includes a 30-year amortization schedule. Island Hospitality Management manages the Pittsburgh Hyatt Place.
HONOLULU– The 399-room Courtyard by Marriott Waikiki Beach in Honolulu has sold to RLJ Lodging Trust for $75.3 million. The company acquired the long-term leasehold interest in this property through cash it had available on its balance sheet.
ASPEN, COLO. — The St. Regis Aspen Resort, a 179-room, five-star Aspen resort, has received $75 million in financing. This resort is the only internationally branded luxury hotel in Aspen. It is located at 315 East Dean Street. The St. Regis recently underwent a $46-million renovation. The floating-rate loan was secured by Mathew Comfort, Mike Huth and Jeff Davis of Jones Lang LaSalle’s Hotels & Hospitality Group and provided by an overseas bank. The hotel is managed by Starwood Hotels & Resorts, though OptAsia Capital is the asset manager and owner’s representative.
CUERO, TEXAS — Aries Capital has arranged $4.7 million in construction financing for a new 77-room Holiday Inn Express coming to Cuero in the Eagle Ford Shale area. Leonard Smith of Aries Capital arranged the loan with an 18-month, fixed-rate term of 6 percent. Smith arranged the loan through an SBA 504 loan provider and the Community Development Council.
HONOLULU– The 399-room Courtyard by Marriott Waikiki Beach in Honolulu has sold to RLJ Lodging Trust for $75.3 million. The company acquired the long-term leasehold interest in this property through cash it had available on its balance sheet.
ASPEN, COLO. — The St. Regis Aspen Resort, a 179-room, five-star Aspen resort, has received $75 million in financing. This resort is the only internationally branded luxury hotel in Aspen. It is located at 315 East Dean Street. The St. Regis recently underwent a $46-million renovation. The floating-rate loan was secured by Mathew Comfort, Mike Huth and Jeff Davis of Jones Lang LaSalle’s Hotels & Hospitality Group and provided by an overseas bank. The hotel is managed by Starwood Hotels & Resorts, though OptAsia Capital is the asset manager and owner’s representative.
MIAMI — Hersha Hospitality Trust has purchased the Residence Inn Coconut Grove from an affiliate of San Francisco-based Fremont Realty Capital for an undisclosed amount. The five-story, extended stay hotel is located in Miami’s Coconut Grove submarket. It features two outdoor swimming pools, a fitness center, a business center, a breakfast area and a sundry shop. The Holliday Fenoglio Fowler team of Daniel Peck, Holden Lim, Mac Comess, Chris Lingerfelt and Alexandra Lalos represented the seller. The Jacksonville, Fla., office of Holland & Knight represented the buyer.