NEW YORK CITY — NorthMarq Capital has arranged a $68.5 million loan for the refinancing of the New York Hilton Hotel at JFK Airport, a 356-room hotel in the Jamaica neighborhood of Queens. Ernest DesRochers, senior vice president and managing director of NorthMarq’s New York City office, arranged the 10-year loan, which includes a 30-year amortization schedule. Built in 1987 and renovated in 2012, the property is located at 144-02 135th Ave
PLYMOUTH, MINN. — Marcus & Millichap has arranged the $2.2 million sale of the Days Inn Plymouth West/Minneapolis, a 113-room hospitality property located in Plymouth, a western suburb of Minneapolis. Jon Ruzicka, a hospitality investment specialist, and Gordon Allred, vice president of investments at Marcus & Millichap, represented the seller, a private fund, and the buyer, a limited liability company. The four-story property is located near the intersection of Interstate 494 and Highway 55 at 2955 Empire Lane. The buyer plans to renovate the property.
SAVANNAH, GA. — Chatham Lodging Trust, a hotel REIT, has purchased the 160-room SpringHill Suites by Marriott Savannah Downtown/Historic District for $39.8 million. The hotel is the newest hotel in Savannah’s waterfront district. The hotel’s amenity package includes a heated outdoor pool, fitness center, 2,645 square feet of meeting space and valet parking. The hotel is managed by Island Hospitality Management, which is 90 percent owned by Jeffrey Fisher, CEO of Chatham Lodging Trust.
ROSEMONT, ILL. — The 525-room Westin O’Hare will undergo a $22 million renovation that will include transforming the lobby lounge into a Starbucks Coffee café. The project will also upgrade 50,000 square feet of meeting and ballroom space with new carpeting, wall vinyl, lighting fixtures, artwork, audio/video services and both wired and wireless Internet connectivity. The Gettys Group, a Chicago-based hotel consulting and design firm, will begin construction of the Starbucks this month, followed by a complete redesign of the front desk and lobby areas and construction of a 3,800-square-foot ballroom. The project is slated for a completion in March 2014. The project comes on the heels of a multi-million dollar renovation completed this past March, which included upgrading all of the guest rooms and meeting space.
MIAMI BEACH, FLA. — Courtyard Cadillac Miami Beach Oceanfront, a boutique hotel in Miami Beach, is set to debut its new 93-guestroom, oceanfront tower. The 356-room hotel has recently undergone a $25 million restoration, which includes the addition of the LEED certified tower, a new oceanfront salt water pool, fitness center, updated lobby, 5,803 square feet of indoor/outdoor meeting space, renovated restaurant/bar and new poolside cabanas. Courtyard Cadillac Miami Beach Oceanfront is a Courtyard by Marriott hotel and Hersha Hospitality Trust, a hotel REIT, is the hotel’s owner and operator.
TORRANCE, CALIF. — Sichuan Xinglida Group Enterprises Co. Ltd. has purchased the 487-room Torrance Marriott South Bay hotel for $74 million. The hotel is located at 3635 Fashion Way next to Del Amo Fashion Center. The 17-story Marriott was built in 1985 and underwent an extensive renovation in 2007. Sichuan Xinglida purchased the hotel through its U.S. subsidiary XLD Group, LLC. This is its first Los Angeles-area acquisition. The seller was DiamondRock Hospitality Company. The transaction was executed by John Strauss, Bob Webster, Tim Southard and Tony Muscio of Jones Lang LaSalle’s Hotels & Hospitality Group.
CHARLOTTE, N.C. — Marriott International Inc. has acquired the 438-room Charlotte Marriott Center City for $111 million, according to the Charlotte Business Journal. The hotel is located at 100 W. Trade St. in Uptown Charlotte. The company is reportedly planning an extensive renovation to the property and doesn't plan on owning the hotel for long. Marriott usually manages its hotels but typically does not own the properties. By purchasing the Charlotte Marriott Center City, the company can ensure it stays a Marriott-managed property and will also allow the company to try out new ideas, according to the report. The seller was a company managed by Cornerstone Real Estate Advisors.
TORRANCE, CALIF. — Sichuan Xinglida Group Enterprises Co. Ltd. has purchased the 487-room Torrance Marriott South Bay hotel for $74 million. The hotel is located at 3635 Fashion Way next to Del Amo Fashion Center. The 17-story Marriott was built in 1985 and underwent an extensive renovation in 2007. Sichuan Xinglida purchased the hotel through its U.S. subsidiary XLD Group, LLC. This is its first Los Angeles-area acquisition. The seller was DiamondRock Hospitality Company. The transaction was executed by John Strauss, Bob Webster, Tim Southard and Tony Muscio of Jones Lang LaSalle’s Hotels & Hospitality Group.
NEW YORK CITY — An investment consortium led by The Witkoff Group and majority backer Jynwel Capital and its investors has closed on the acquisition of the 47-story Helmsley Park Lane Hotel at 36 Central Park South for $660 million. Other consortium partners include New Valley LLC, Highgate Holdings and Macklowe Properties. The investment group plans to make upgrades to improve operations at the 605-key, 446,000-square-foot luxury hotel and rebrand it as the Park Lane New York. Wells Fargo and Criterion Real Estate Capital provided financing for the acquisition. Going forward, Highgate Hotels will manage the property. The Leona M. and Harry B. Helmsley Charitable Trust was the seller.
YORK, PA. — MBA Hotel Brokers Inc. has arranged the sale of the 134-key, five-story Holiday Inn Express & Suites in York. John Downes, associate broker with MBA Hotel Brokers Inc., represented the seller, GIA Associates, and the buyer, Bergen Hospitality LLC, in the transaction. Built in 1993 and converted to a Holiday Inn Express & Suites in 2002 by the sellers, the hotel underwent extensive renovations totaling more than $1.8 million during 2012 and 2013.
