Hospitality

CHATHAM LODGING BUYS HOTEL IN PITTSBURGH FOR $40M

by admin June 25, 2013

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.

June 25, 2013

COURTYARD BY MARRIOTT WAIKIKI BEACH IN HONOLULU SELLS FOR $75.3M

by admin June 24, 2013

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.

June 24, 2013

Hospitality Western

ST. REGIS ASPEN RESORT RECEIVES $75M IN FINANCING

by admin June 24, 2013

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.

June 24, 2013

Hospitality Texas

ARIES CAPITAL ARRANGES $4.7M LOAN FOR HOLIDAY INN EXPRESS

by admin June 24, 2013

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.

June 24, 2013

Hospitality Western

COURTYARD BY MARRIOTT WAIKIKI BEACH IN HONOLULU SELLS FOR $75.3M

by admin June 24, 2013

June 24, 2013

Hospitality Western

ST. REGIS ASPEN RESORT RECEIVES $75M IN FINANCING

by admin June 24, 2013

June 24, 2013

Hospitality Southeast

HERSHA HOSPITALITY PURCHASES MIAMI HOTEL

by admin June 20, 2013

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.

June 20, 2013

Hospitality Southeast

HERSHA HOSPITALITY EXPANDING COURTYARD MIAMI BEACH OCEANFRONT

by admin June 19, 2013

MIAMI BEACH, FLA. — Hersha Hospitality Trust is completing an expansion and renovation of the Courtyard Miami Beach Oceanfront, which is located at 3925 Collins Ave. in Miami Beach. The project includes a 93-room oceanfront tower, which will be complete in the fall. Additional improvements will include a new 32-foot lobby bar and lounge, a new fitness center, a redesigned main pool area, a new pool and a new tiki bar deck area.

June 19, 2013

Hospitality Midwest

RCP PROPERTIES ACQUIRES TWO HOTELS IN COLUMBUS

by admin June 19, 2013

COLUMBUS, OHIO— Dallas-based RCP Properties (RCP) has acquired the 156-room Hilton Garden Inn and the 129-room Hampton Inn at the Port Columbus International Airport in Columbus. RCP plans to invest $2.5 million in both hotels for renovations. Key improvements include modernizing the façade of the Hampton Inn and refurbishing the guest rooms. RCP purchased the two hotels, which are the only hotels on airport property, from a court-appointed receiver. Steve Heldenfels of the HFF Dallas office arranged the financing.

June 19, 2013

Hospitality Southeast

LAURUS CORP. ACQUIRES D.C.-AREA SHERATON HOTEL

by admin June 18, 2013

BELTSVILLE, MD. — Laurus Corp. has acquired the Sheraton Washington North Hotel in the Washington, D.C., suburb of Beltsville. The hotel is situated near the intersection of the Capital Beltway and Interstate 95. The nine-story hotel contains 207 guestrooms and features 5,410 square feet of meeting space, a restaurant and bar, a lounge, an outdoor swimming pool, a fitness center, and a business center. Laurus plans to renovate the property and bring in a new operator. The seller’s name and the purchase price were not disclosed.

June 18, 2013

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