MYRTLE BEACH, S.C. — Fred Ross Jr. of Dickinson, Logan, Todd & Barber Inc. has arranged a $30 million loan for the 227-room Hampton Inn & Suites Oceanfront Resort in Myrtle Beach. A New York City-based CMBS lender provided the loan to the borrower, SC LLC. The 10-year loan features a 25-year amortization schedule.
TYLER, TEXAS — Dallas-based LIG Assets Inc. has purchased a tract of land on Gentry Parkway in Tyler for the construction of a new hotel. LIG acquired the tract from OM SHRI JJB LLC.
NEW ORLEANS — The Laurus Corp. has completed the $2.7 million renovation of the Ramada Suites Hotel at New Orleans Airport and rebranded the facility as a Holiday Inn Express. The project included a complete overhaul of the guestrooms, public areas, exterior facade and landscaping. Laurus acquired the 130-room hotel in March 2012, which is situated at the entrance of the 200-acre James Business Park. Exterior renovations include a new pool deck, courtyard deck, fountain and a new paint job. Guestrooms will feature new flooring, furniture, lighting, window treatments and upgraded fixtures in the bathrooms.
MIAMI BEACH — The Witkoff Group has acquired The Wyndham Garden Inn in Miami Beach, located at 1050 Washington Ave., for $25.5 million. The 133-room hotel includes five buildings and occupies an entire block on Washington Avenue. Four of the buildings are historical, including the restaurant located in the Coral House. Christian Charre, Paul Weimer and Natalie Castillo represented both parties in the transaction prior to joining CBRE under their former brokerage company, The Charre Group. The Majestic Organization LLC was the seller.
TAMPA, FLA. — MIG Real Estate has acquired the 152-room Hilton Garden Inn Tampa/East Brandon, marking the company's fourth hotel acquisition in Florida. Located at 10309 Highland Manor Drive, the hotel was built in 2002 and features 4,500 square feet of meeting space, an outdoor swimming pool, exercise room, business center, restaurant and guest laundry. The property is situated in the Highland Oaks business park ,adjacent to an I-75 off-ramp. Michael DiPrima and Jeff Berkman of Hodges Ward Elliott represented the seller in the transaction. MIG Real Estate was self-represented. Concord Hospitality Enterprises will operate the property.
DALLAS — HEI Hotels & Resorts has acquired the 170-room Stoneleigh Hotel, a historic landmark hotel in uptown Dallas. The hotel opened in 1923 and will now be rebranded as a Le Meridien hotel. The hotel underwent a $36 million renovation in 2008, but HEI plans to update the hotel further with updated furniture in the lobby bar area and the addition of a courtyard garden area.
CLEARWATER, FLA. — HEI Hotels & Resorts has acquired the 115-room Residence Inn Clearwater Downtown in Clearwater. The private hotel owner/operator purchased the property as part of its growing portfolio of high-quality, select-service hotels. The hotel will continue to operate under Marriott's Residence Inn brand. The company also recently acquired the 170-room Stoneleigh Hotel in Dallas.
SAVANNAH, GA. — An affiliate of Noble Investment Group has acquired the Staybridge Suites Savannah Historic District, a 104-room extended-stay hotel located at 301 E. Bay St. in Savannah. The five-story property was completed in 2006 and is comprised of both newly constructed and historic building features, such as a restored 1870s-era banquet facility. The sale also included an adjacent, 16,200-square-foot development site. Daniel Peek, Holden Lim, Max Comess, Christopher Lingerfelt and Alexandra Lalos led the HFF team that represented the seller, Savannah Hospitality Properties LLC, in the transaction.
PITTSFIELD, MASS. — A leader in the Berkshire County hospitality sector has plans to develop a $10 million Hilton Garden Inn in Pittsfield, located about 50 miles north of Springfield. Vijay Mahida, a South County lodging entrepreneur, plans to break ground on the 95-room hotel this spring with a grand opening targeted for late spring 2014. According to the Berkshire Chamber of Commerce, the project is expected to employ 95 construction workers and have a total impact of $16 million on the local economy. When completed, the hotel is expected to employ between 25 and 30 employees.
ATLANTA — Sage Hospitality has purchased six Courtyard by Marriott hotels in partnership with Whitman Peterson, including three in Georgia. The deal includes the 146-room Courtyard by Marriott 75 North in Marietta, the 127-room Courtyard by Marriott Atlanta Windy Hill in Atlanta and the 131-room Courtyard by Marriott Atlanta Norcross Peachtree Corners in Atlanta. Al Calhoun and Mark Fair of Jones Lang LaSalle represented the seller, an affiliate of Clarion Partners LLC. The additional properties are located in other “key select service markets,” in Dallas and Southfield, Mich., according to Calhoun. “The portfolio has the ability to substantially increase RevPar penetration, grow NOI and provide strong investment returns.”