NEWPORT MIDDLETOWN, R.I. — Homewood Suites by Hilton has opened its newest hotel in Newport Middletown, located at 348 W. Main Road. The four-story, 92-suite Homewood Suites Newport Middletown is owned by Main Hotel LLC and managed by J. Karam Management Inc. The hotel is located near historic Newport, which includes Newport’s Cliff Walk, Sachuest Point and the Newport Mansions.
DENVER, SAN FRANCISCO – Blackstone has purchased a four-property, Hilton Select Service Portfolio that includes the 157-room Hilton Garden Inn in Denver and the 177-room Homewood Suites in San Francisco.The purchase price was not disclosed. The portfolio contains a total of 751 rooms. The Hilton Garden Inn is located in the Meridian Business Park at 9290 Meridian Blvd. It completed a $2.3-million capital improvements program in 2011. The Homewood Suites is located at 2000 Shoreline Court near Downtown San Francisco. It completed an extensive renovation in 2008, as well as a public-area renovation in 2013.
BELTSVILLE, MD. — Los Angeles-based Laurus Corp. has acquired the Sheraton Washington North Hotel from The Carlyle Group. The nine-story property contains 207 rooms and is located at 4095 Powder Mill Road in the Washington, D.C., suburb of Beltsville. The hotel features 5,410 square feet of meeting space, a 60-seat restaurant, a lounge and a recently renovated fitness center. Savills Hospitality Group represented Carlyle in the transaction.
DENVER, SAN FRANCISCO – Blackstone has purchased a four-property, Hilton Select Service Portfolio that includes the 157-room Hilton Garden Inn in Denver and the 177-room Homewood Suites in San Francisco.The purchase price was not disclosed. The portfolio contains a total of 751 rooms. The Hilton Garden Inn is located in the Meridian Business Park at 9290 Meridian Blvd. It completed a $2.3-million capital improvements program in 2011. The Homewood Suites is located at 2000 Shoreline Court near Downtown San Francisco. It completed an extensive renovation in 2008, as well as a public-area renovation in 2013.
CEDAR RAPIDS, IOWA — The new DoubleTree by Hilton Cedar Rapids Convention Complex in Cedar Rapids has opened, following a dramatic two-year, $144 million capital improvement and expansion plan led by the city. Formerly Crowne Plaza Five Seasons, the new convention complex was purchased by the city of Cedar Rapids in 2011. The project includes the adjacent 9,600-seat U.S. Cellular Arena, as well as an 80,000-square-foot convention complex. The 267-guestroom hotel features glass elements, and original sculptures and artwork throughout the lobby and public areas. Frew Development served as developer for the project.
ATLANTA AND ORLANDO — Jones Lang LaSalle (JLL) has brokered the sale of two Hilton Garden Inn properties located in Atlanta and Orlando. The first property is an eight-story, 193-room hotel located in Atlanta’s Perimeter submarket. It was constructed in 1999 and received $2.3 million in capital improvements in 2012. The hotel features six meeting rooms, an indoor swimming pool, a fitness center, a business center, a Great American Grill & Bar restaurant, and the Branch Water Lounge. The second property is an eight-story, 224-room hotel in Orlando that is the official on-site hotel for SeaWorld. Constructed in 2001, the property features seven meeting rooms, an outdoor swimming pool, a fitness center, a business center, a Great American Grill restaurant and Sting Ray’s Lounge. The JLL team of Mark Fair, Adam McGaughy and Katy Reynolds represented the sellers, Apollo Global Management and Sage Hospitality. The buyer was Blackstone. The two hotels were part of a four-property Hilton Garden Inn portfolio sale; the other two properties are located in Denver and San Francisco.
FT. LAUDERDALE, FLA. — CB Richard Ellis (CBRE) has arranged $34.7 million for two hotels located adjacent to Ft. Lauderdale-Hollywood International Airport. The first property is a 157-room Fairfield Inn & Suites, and the second property is a 124-room Homewood Suites. Both hotels feature swimming pools, fitness centers and business centers. Jonathan Rice of CBRE Hotels and David Borge of CBRE Capital Markets arranged the financing on behalf of Economos Properties. Terms of the loan were not disclosed.
INDIANAPOLIS — Summit Hotel Properties Inc. (NYSE: INN) has closed on the purchase of four Midwest hotels for $153 million from affiliates of White Lodging Corp. The acquisition features a four-hotel portfolio with a combined total of 786 guestrooms. The properties include the 135-guestroom Fairfield Inn & Suites by Marriott and the 198-guestroom SpringHill Suites by Marriott in Louisville, Ky.; the 156-guestroom SpringHill Suites by Marriott and the 297-guestroom Courtyard by Marriott in Indianapolis. The Austin, Texas-based REIT funded the acquisition through a combination of bridge financing and borrowings under its senior secured revolving credit facility.
MYRTLE BEACH, S.C. — Mumford Co. has brokered the sale of the former Econo Lodge in Myrtle Beach. The three-story, 96-room property is located next to the Tanger Outlet Mall and 10 minutes from downtown Myrtle Beach. Steve Kirby and Burton Brooks of Mumford’s Atlanta office arranged the transaction on behalf of the seller, Kelley Properties. The buyer was owner-operator Zeal LLC.
GOODYEAR, ARIZ. — Vista Capital Company has arranged and closed $32 million in financing for a five-property hotel portfolio. The 478-room portfolio includes the Hampton Inn & Suites, Holiday Inn Express, Residence Inn and Holiday Inn Hotel & Suites in Goodyear, as well as the Holiday Inn Express in Washington, Utah. The Goodyear hotels are located within a mile of one another.