Hospitality

FLORIDA KEYS HOTEL SECURES $85M LOAN

by admin May 7, 2013

ISLAMORADA, FLA. — NWCL LLC, an affiliate of Northwood Investors, has secured an $85 million loan for the Cheeca Lodge & Spa, a luxury resort in the Florida Keys. Cheeca Lodge is situated on 27 acres with more than 1,200 linear feet of beachfront in Islamorada. Originally developed in 1946, the property was extensively renovated between 2003 and 2010, and the main lodge building was completely rebuilt in 2009. The resort includes 214 units (a mix of hotel rooms and third-party owned condos), 5,439 square feet of function space, three restaurants, a Jack Nicklaus-designed nine-hole golf course, two swimming pools, a 5,500-square-foot spa, six tennis courts and a fishing pier. The property also maintains the rights to develop 28 new units through an approved site plan. Dan Peek, Chris Drew, Max Comess, Cyrus Vazifdar and Scott Wadler led the HFF team that arranged the 10-year, fixed-rate CMBS loan. The borrower acquired the property in 2011.

May 7, 2013

FIRST EXTENDED-STAY HOTEL IN BALLSTON SUBMARKET OPENS

by admin May 6, 2013

BALLSTON, VA. — Donohoe Construction has completed the 183-roon Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Ballston. The hotel is a component of the Shooshan Cos. Founder's Square development, a four-building complex consisting of more than 1 million square feet of office, residential, retail and hotel space. Donohoe Hospitality will manage the property, which is the Ballston submarket's first extended-stay hotel. The property was built to LEED Gold standards and features a green roof, a 20 percent reduction in water use and a 44 percent reduction in energy consumption. Architect BBG-BBGM has also incorporated 1,880 square feet of retail space, 1,300 square feet of meeting space and 110 underground parking spaces.

May 6, 2013

Hospitality Western

COURTYARD BY MARRIOTT IRVINE SPECTRUM BREAKS GROUND

by admin May 3, 2013

IRVINE, CALIF. – A 210-room Courtyard by Marriott Irvine Spectrum has broken ground in Irvine. The 131,667-square-foot hotel will contain a lap pool, spa area, 1,500-square-foot fitness center, lounge area and bar, guest laundry, 8,500 square feet of meeting space and a convenience market. The $50-million project will be built by R.D. Olson Development and designed by WATG. It is scheduled for completion in July 2014. R.D. Olson will retain ownership of the hotel, while Marriott International will provide management services.

May 3, 2013

Hospitality Southeast

MERCURY PURCHASES 117-ROOM HOTEL

by admin May 3, 2013

JACKSONVILLE, FLA — Mercury Investment Co. has acquired the 117-room Hampton Inn and Suites Ponte Vedra in Jacksonville. Originally built in 2000, the Hampton Inn recently underwent a major renovation, including upgrades to the lobby, fitness facility and guestrooms. The new owner plans to make additional enhancements, including the addition of a shuttle and manager's reception. Integral Hospitality Solutions will manage the property. CBRE Hotels represented the seller in the transaction.

May 3, 2013

Hospitality Northeast

BRACK CAPITAL SELLS NYC HOTEL FOR $85M

by admin May 3, 2013

NEW YORK CITY — Brack Capital Real Estate has sold The James New York, a boutique hotel located at 27 Grand St. in SoHo, for $85 million. Under new ownership, Denihan Hospitality Group will continue to manage the property. Newark, N.J.-based Prudential Finance Inc. purchased the building, according to Crains New York. Completed by Brack in 2010, the hotel was designed by locally based ODA Architecture in collaboration with Perkins Eastman and Thomas Schlesser. The property includes a rooftop lounge, private pool and bar with indoor and outdoor seating.

May 3, 2013

Hospitality Western

COURTYARD BY MARRIOTT IRVINE SPECTRUM BREAKS GROUND

by admin May 3, 2013

May 3, 2013

Hospitality Southeast

109-ROOM HOTEL SELLS FOR $5.8M IN OCALA

by admin April 30, 2013

OCALA, FLA. — A 109-room Hampton Inn & Suites in Ocala has sold to a limited liability company from Michigan for $5.8 million, or $53,211 per room. The hotel is located directly off I-75 on Highway 484, just minutes from Ocala's Florida Horse Park. Ahmed Kabani and Jonathan Gerszberg of Marcus & Millichap represented the seller, a Miami bank, in the transaction. David Greenberg of Marcus & Millichap represented the seller.

April 30, 2013

Hospitality Midwest

IHG PLANS NEW HOTEL INDIGO IN CHICAGO

by admin April 26, 2013

CHICAGO — Hotel Indigo, InterContinental Hotels Group’s upscale boutique brand, has plans for a third hotel in the Chicago market. The hotel, which will be located in the historic downtown area’s Atlantic Bank Building, is expected to open in spring 2014. The Hotel Indigo Chicago-Millenium Park hotel, located at 168 N. Michigan Ave. in Chicago, will undergo an estimated $20 million renovation by the ownership. The hotel will occupy a 101-year-old building that first opened in 1912 as the Federal Life Building. The 156-room hotel will feature design elements that reflect its local neighborhood just north of Millennium Park within Chicago’s central business district.

April 26, 2013

Hospitality Southeast

MODUS, ALEX. BROWN REALTY ACQUIRE NORMANDY HOTEL

by admin April 23, 2013

WASHINGTON, D.C. — Modus Hotels and Alex. Brown Realty have acquired the 75-room Normandy Hotel in Washington, D.C., for $16 million. Located in the Kalorama and Dupont neighborhoods, the acquisition brings Modus' portfolio to 13 hotels, with seven in the metro D.C. area. The hotel recently underwent a $6 million renovation.

April 23, 2013

Hospitality Midwest

CHARTRES BUYS RADISSON PLAZA IN MINNEAPOLIS FOR $28M

by admin April 23, 2013

MINNEAPOLIS — Chartres Lodging Group has purchased the Radisson Plaza Hotel Minneapolis from Carlson Real Estate Co., and plans to convert the property to a Radisson Blu, an upscale hotel. The San Francisco-based group acquired the 360-room property for $28 million, according to the Minneapolis/St. Paul Business Journal. The hotel occupies 17 floors of the 37-story Plaza Seven building, located at 35 S. 7th St. The hotel includes a restaurant and bar, as well as 22,000 square feet of meeting space, access to underground parking and a direct link to the city's climate-controlled skyway system.

April 23, 2013

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