BRYAN, TEXAS — Marcus & Millichap has brokered the sale of a 100-room Best Western Premier hotel in Bryan. Located at 1920 Austin’s Colony Parkway in the heart of the Brazos Valley, the property offers proximity to State Highway 6, FM 158 and Texas A&M University. Marty Cohan and Douglas Cole of Marcus & Millichap represented the buyer, an Hermosa Beach, Calif.-based private investment firm completing a 1031 tax-deferred exchange. David Greenberg, Alan Miller and Chris Gomes of Marcus & Millichap represented the seller, a Texas-based private investment company. Anita Paryani Rice and Jake Roberts of Marcus & Millichap Capital Corp. arranged the acquisition financing.
HOUSTON — McCarthy Building Cos. has broken ground on the new 325-room Hyatt Regency Hotel in Houston’s Galleria submarket. Located at the corner of Sage Road and West Alabama Street, the property will stand 14 stories totaling more than 260,000 square feet. Amenities will include a fitness center, swimming pool and 15,000 square feet of meeting space. Construction, which is slated for completion in summer 2015, entails the partial demolition of pre-existing retail space. A partnership between Songy HighRoads and Carlyle Group is developing the hotel, and Gensler provided design services.
MIAMI — CBRE has arranged $38 million in financing for the Hilton Garden Inn and Homewood Suites by Hilton in Miami. The 189-room Hilton Garden Inn and the 124-room Homewood Suites are located at the intersection of Palmetto Expressway and N.W. 36th Street, less than one mile from Miami International Airport. Jonathan Rice of CBRE Hotels | Finance and David Borge of CBRE Capital Markets Debt & Equity Finance arranged the loan on behalf of the borrower, Economos Properties.
NEW YORK CITY — Blackstone Real Estate Advisors LP has secured $186 million in acquisition financing for a 15-property, select-service hotel portfolio on the East Coast. Deutsche Bank provided the five-year, floating-rate loan. The portfolio includes 1,642 rooms that are located in Pennsylvania, New York, North Carolina, New Jersey, Rhode Island, Connecticut and Delaware. Peter Nicoletti, executive managing director, and Mathew Comfort, managing director, along with Dustin Stolly and Bill Grice, executive vice presidents, led the Jones Lang LaSalle team, which arranged the financing. “The portfolio benefits from superior sponsorship that provided a significant equity investment of nearly $50 million, as well as their global brand recognition,” says Comfort. “In addition to the strong in-place cash flow, there is limited new supply in each market, which will bolster the portfolio’s performance going forward.”
LAUDERDALE-BY-THE-SEA, FLA. — CBRE has arranged the $17 milllion sale of the 147-room Lauderdale Beachside Hotel, located at 4660 N. Ocean Drive in Lauderdale-by-the-Sea, a town north of downtown Fort Lauderdale in Florida’s Broward County. Florida Development Group purchased the hotel, which features two swimming pools, 150 feet of beachfront access, a restaurant and tiki bar on the sand. The Miami-based CBRE Hotels team involved in the transaction include Christian Charre, Robert Taylor, Paul Weimer and Natalie Castillo. Ken Pearson and Chris Shamaly of CBRE’s Dallas office managed the sales process on behalf of Maria Yip, the Chapter 11 Bankruptcy Trustee for Ocean 4660 LLC. The asset was once subject to foreclosure but filed for bankruptcy protection instead. CBRE worked closely with the trustee’s legal counsel, Drew Dilworth of Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. in Miami.
KANSAS CITY, MO. — Rockwood Real Estate Advisors has arranged the sale of the Q Hotel and Spa – Kansas City, a 123-room hotel located in the Westport area of Kansas City. Rockwood represented The Quarterage LLC in the sale of the hotel to Noble Investment Group, which intends to reposition the property as an AC Hotel by Marriott. The Q Hotel and Spa is minutes from downtown Kansas City, the Crown Center and the Country Club Plaza.
SOUTHINGTON, CONN. — Homewood Suites by Hilton has opened a four-story, 110-suite hotel in Southington, located about 18 miles southwest of Hartford. Homewood Suites Southington offers studio, one- and two-bedroom suites, with additional guest amenities including a 24-hour complimentary grocery shopping service, fitness center and a 24-hour business center. The hotel is located at 1096 West St. The Briad Group owns the hotel, which is managed by Briad Hospitality Management LLC.
GRAPEVINE, TEXAS — Owner/operator NewcrestImage has opened the first “dual-branded” hotel property in the Dallas/Fort Worth Metroplex. Located in the suburb of Grapevine, the facility includes a 181-room Courtyard by Marriott and a 120-suite TownePlace Suites by Marriott. While maintaining separate branding, the hotels share the same management, sales and housekeeping staffs, as well as an outdoor swimming pool, fitness center and 13,000 square feet of meeting space. The property is the third dual-branded hotel in the state of Texas, with others in Houston and Austin. NewcrestImage now owns and operates 17 hotel properties, with five under construction and two in various stages of development.
ATLANTA — Franklin Street Real Estate Services has arranged the sale of the Ponce DeLeon Hotel, a 58-room, extended-stay hotel at 551 Ponce De Leon Ave. in Atlanta. The hotel is located just east of the new Ponce City Market and is within walking distance to Atlanta’s Midtown, Virginia Highland and Old Fourth Ward neighborhoods. Nazar Properties LLC purchased the 18,500-square-foot asset for an undisclosed amount. Jake Reid of Franklin Street represented the seller, an Atlanta-based family that owned the hotel for 60 years.
CHICAGO — On behalf of HCP Oxford OBG Wacker/Cass Property Cos. LLC, a joint venture led by Oxford Capital Group LLC and Jones Lang LaSalle (JLL) has secured $70.5 million for the refinancing of Hotel Felix and Hotel Cass in Chicago. The joint venture received $47 million for the 225-room Hotel Felix and $23.5 million for the 174-room Hotel Felix. The hotels are located in Chicago’s River North submarket in close proximity to the Magnificent Mile. An international lender provided the 10-year CMBS loans, which include fixed interest rates. Mathew Comfort, managing director, Keith Largay, executive vice president, and Matt Nowaczyk, vice president, led the Jones Lang LaSalle team, which arranged the financing.