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.
JEKYLL ISLAND, GA. — Jekyll Oceanfront Hotel LLC has broken ground on the $41 million Westin Jekyll Island, a 200-room beachfront hotel that will open in September 2014 as part of the Jekyll Island Beach Village project. The property will be located at 110 Ocean Way, adjacent to the new 128,000-square-foot Jekyll Island Convention Center. The hotel will feature a full-service restaurant and green design elements. When complete, New Castle Hotels and Resorts will operate the property.
MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of a Country Inn & Suites in Midland. The 66-room hotel is located at 920 W. Interstate 20. Jake Gaddy, Allan Miller and Chris Gomes of Marcus & Millichap's Austin, San Antonio and Dallas offices, respectively, represented the seller, a private investor, in the transaction. Gaddy and Miller also secured the buyer, an individual trust.
ST. LOUIS — Paric Corp. has begun a $25 million renovation of St. Louis’ landmark Union Station, now a hotel, meeting, restaurant, entertainment and retail center. Lodging Hospitality Management will update all 539 rooms in the DoubleTree hotel and the exhibition and grand halls. The renovation will add approximately 50,000 square feet of meeting space, doubling the size of the hotel’s current meeting facilities. Completion of the project is slated for spring 2014. Lawrence Group is serving as the architect.
NEW YORK CITY — Silverstein Properties has secured construction financing for a $950 million, 82-story Financial District tower in downtown Manhattan that will house a Four Seasons hotel and condominium. The Children’s Investment Fund Management LLP provided financing for the project with a loan up to $660 million to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. At 926 feet, the building, which will be located at 30 Park Place, will be one of the tallest residential buildings in lower Manhattan. The hotel will include a 185-room Four Seasons-operated luxury hotel, as well as 157 Four Seasons branded luxury private residences. Construction will begin on the tower this fall, with the grand opening set for 2016. Robert A.M. Stern Architects is the architect for the building. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is serving as construction manager on the project.
DULUTH, GA. — Sonesta International Hotels Corp. has opened a new, 426-room hotel in the Atlanta area. The full-service hotel, named Sonesta Gwinnett Place, is located in Duluth and was formerly known as the Atlanta Marriott Gwinnett Place. The 17-story hotel includes 16,000 square feet of meeting and event space, the 8,000-square-foot Georgia Ballroom, a swimming pool, health club, sundeck and free parking. The hotel is located near major entertainment venues, including the Gwinnett Arena and the Performing Arts Centre.
MINNEAPOLIS — ARC Realty Finance Trust Inc. has closed on a $6.5 million mezzanine loan originated as part of $57.5 million in total financing provided to the ownership of the W Minneapolis. The 32-story, 229-room, full-service luxury hotel is located in downtown Minneapolis. Also known as The Foshay, the property was modeled after the Washington Monument when it was built in 1929 and was added to the National Registry of Historic Places in 1978 as an example of Art Deco architecture. The Foshay was originally built as office space until 2006, when the current ownership acquired, renovated and repositioned the property as the W Minneapolis.
BATON ROUGE, LA. — Lightstone Value Plus Real Estate Investment Trust Inc., a non-traded REIT sponsored by The Lightstone Group, has acquired two Marriott-branded hotels in Baton Rouge for $15.6 million. The properties include the 121-room Courtyard by Marriott and the 108-room Residence Inn by Marriott. The hotels are adjacent to I-10, which connects Baton Rouge to New Orleans, and are situated minutes from major businesses, including 65 petrochemical facilities and the newly constructed Women's Hospital of Baton Rouge. The Courtyard by Marriott underwent a $3.1 million renovation in 2010 that included an upgrade of the guestrooms and corridors. Lightstone plans to fully renovate the Residence Inn by Marriott property, including replacing soft goods and upgrading the guestrooms, meeting rooms and lobby areas.
KEY WEST, FLA. — Ashford Hospitality Trust Inc. has completed its previously announced acquisition of the 142-room Pier House Resort and Caribbean Spa in Key West for $90 million. The hotel includes 40 waterfront facing rooms and suites and standard guest rooms that average 325 square feet. The hotel also features 2,600 square feet of meeting space, a 10,000-square-foot spa, three food and beverage outlets and a fitness facility. The property is located at the northern end of Duval Street on a six-acre compound with a private beach and immediate access to the Gulf of Mexico. In 2012, the hotel achieved RevPAR of $275, 83 percent occupancy and and average daily rate of $333.
LAKE CHARLES, LA. — L'Auberge Casino Resort and Pinnacle Entertainment Inc. held a ribbon-cutting ceremony for the completion of a $20 million hotel room renovation project in Lake Charles. Phase II of the renovation will begin in September to complete renovation of the remaining hotel tower rooms and suites in the first half of 2014. The renovation included the addition of two new room categories: Royale and Marquis Suites. Upgraded amenities include refrigerators, Keurig brand coffee machines, make-up mirrors and new furnishings. KAP Construction served as the contractor for the project.