Hospitality

GRAVES HOSPITALITY TAKES OVER MANAGEMENT, REDEVELOPMENT OF TWO HOTELS

by admin March 27, 2013

ST. PAUL, MINN. — The Mille Lacs Band of Ojibwe has hired Graves Hospitality Corp. to take over management and redevelopment of two hotels in downtown St. Paul: the Crowne Plaza St. Paul Riverfront Hotel at 11 Kellogg Blvd.; and the DoubleTree St. Paul Downtown Hotel at 411 Minnesota St. The Mille Lacs Band acquired the hotels, which include nearly half of the hotel rooms in downtown St. Paul, in early March. The Mille Lacs Band of Ojibwe, a self-governing, federally recognized Indian tribe located in East Central Minnesota, purchased the hotels as part of an investment diversification strategy. The band has more than 4,300 enrolled members.

March 27, 2013

SECOND OF TWO MARRIOTT-BRANDED HOTELS OPENS IN GALVESTON'S SEAWALL

by admin March 27, 2013

GALVESTON, TEXAS — An 85-key Courtyard by Marriott hotel has opened on a 4.8-acre site along Galveston's Seawall Boulevard. The new hotel is the second Marriott affiliate to open in the area recently. An 88-key Marriott TownePlace Suites opened for business on March 12. Dallas-based Mayse & Associates, an architecture firm, designed the 64,028-square-foot Courtyard by Marriott hotel. The new hotel's outdoor amenities include a resort-style swimming pool, restrooms and a bar area. San Antonio-based Segment Construction Group was the construction management firm and Cameron-based EBCO General Contractor LTD constructed both hotels.

March 27, 2013

Hospitality Southeast

DOUBLETREE BY HILTON TO OPEN BRAND'S FIRST DOWNTOWN ATLANTA HOTEL

by admin March 26, 2013

ATLANTA — The 312-room Atlanta Marriott Downtown hotel will be rebranded to the DoubleTree by Hilton brand April 1. The opening of the DoubleTree by Hilton Atlanta Downtown marks the brand's first hotel in downtown Atlanta. Following the conversion, the hotel will begin a property-wide renovation, which is slated for completion later this year. Interstate Hotels & Resorts will continue to operate the property. Originally opened in 1962, the hotel is known for being the first racially integrated hotel in downtown Atlanta. Prominent guests have included the late Elvis Presley, Richard Nixon and Pearl Bailey. The hotel is located at 160 Spring St. N.W.

March 26, 2013

Hospitality Midwest

DOUGHERTY CLOSES $16M ACQUISITION LOAN OF COURTYARD BY MARRIOTT

by admin March 25, 2013

MINNEAPOLIS — Dougherty Funding LLC has closed a $16 million loan for the acquisition and conversion of the Holiday Inn Minneapolis Metrodome hotel into a Courtyard by Marriott. The hotel, which is located at 1500 Washington Ave. in Minneapolis, has 265 rooms. The renovation and rebranding follows the hotel's recent sale to Minneapolis-based Heartland Realty Investors, according to the Minneapolis St. Paul Business Journal.

March 25, 2013

Hospitality Western

SLS HOTEL AT BEVERLY HILLS RECEIVES $125M REFINANCE

by admin March 22, 2013

BEVERLY HILLS, CALIF. — The 297-room SLS Hotel at Beverly Hills has received $125 million in refinancing. The luxury hotel is located on La Cienega Boulevard at the crossroads of Beverly Hills and West Hollywood. Financing was arranged by Mathew Comfort, Reid McGlamery, Mike Huth, John Strauss and James Stockdale of Jones Lang LaSalle.

March 22, 2013

Hospitality Western

DOUBLETREE HOTEL CHANGES HANDS IN SAN PEDRO

by admin March 22, 2013

SAN PEDRO, CALIF. — The 226-room DoubleTree Hotel in San Pedro has sold to LA Sky Harbor, LLC for an undisclosed sum. The hotel is located along the Cabrillo Yacht Marina. The seller was San Pedro Ownership. The sale was executed by Michael Blahosky of HREC Investment Advisors.

March 22, 2013

Hospitality Western

PACIFIC HOSPITALITY GROUP BUYS WARNER SPRINGS RANCH IN SAN DIEGO

by admin March 22, 2013

SAN DIEGO — Pacific Hospitality Group (PHG) has acquired Warner Springs Ranch in San Diego County. The 2,400-acre property was purchased at auction. PHG will have $15 million to $18 million invested in the acquisition. It plans to invest up to an additional $50 million to renovate and redevelop the facilities. The ranch contains a 27,000-square-foot main lodge, 250 casita units, a 144-acre golf course and club house, four tennis courts, equestrian facilities, two restaurants, a spa, campgrounds, three swimming pools, a private airport and meeting facilities. The deal was brokered by CBRE’s Jeff Woolson.

March 22, 2013

Hospitality Northeast

HFF ARRANGES $38.9M ACQUISITION FINANCING FOR HANOVER MARRIOTT IN N.J.

by admin March 22, 2013

WHIPPANY, N.J. — HFF has arranged $38.9 million in acquisition financing for the Hanover Marriott, an eight-story, 353-room hotel in Whippany, located about 50 miles west of New York City. HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company. The Hanover Marriott is located at 1401 Mount Pleasant Ave. near Interstate 287. The property underwent a $15 million renovation in 2011, which included a redesign of its main restaurant and lobby, guestrooms, bathrooms and corridor renovations, pool and fitness center upgrades and building system improvements. Steven Klein and John Bourret of HFF represented the borrower in the transaction.

March 22, 2013

Hospitality Texas

RLJ LODGING TRUST ACQUIRES HUMBLE OIL BUILDING FOR $79.5M

by admin March 22, 2013

HOUSTON — RLJ Lodging Trust has acquired the historic Humble Oil Building, a three-tower complex that occupies an entire city block in downtown Houston, for $79.5 million. The purchase price equates to approximately $151,000 per key, based on a combined forward room count of 528 keys. The Humble Oil Building consists of an 82-room apartment tower that will be converted to a 166-room SpringHill Suites, as well as two existing hotels. The hotels include the 191-room Courtyard Houston Downtown Convention Center and the 171-room Residence Inn Houston Downtown Convention Center. RLJ Lodging purchased the buildings with its revolving credit facility. The new SpringHill Suites is scheduled to open in mid-2015.

March 22, 2013

Hospitality Western

SLS HOTEL AT BEVERLY HILLS RECEIVES $125M REFINANCE

by admin March 22, 2013

March 22, 2013

Newer Posts

Older Posts