VICTORIA, TEXAS — Marcus & Millichap has arranged the sale of the 82-room Candlewood Suites Victoria, located at 7103 Navarro St. in Victoria. The hotel is located in the Eagle Ford Shale play, the largest oil/gas find in the history of Texas. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap's National Hospitality Group in Houston represented the seller, a hotel developer based in southeast Texas. The buyer, a West Coast-based hotel investor, purchased the property at 98 percent of its list price.
THE WOODLANDS, TEXAS — Dallas-based Quadrant Realty Finance (QRF) has secured construction and renovation financing for the redevelopment of The Woodland Resort & Conference Center in The Woodlands. The property is a 440-room hotel with 60,000 square feet of meeting and conference space located in the heart of The Woodlands. Randy Fleisher, Jason Piering and Dave Leach of QRF arranged the floating-rate loan through US Bank. The borrower will use the proceeds of the loan to remodel the facility, build a new wing of rooms, renovate and update the lobby, construct a steakhouse restaurant and build a lazy river water feature.
THE WOODLANDS, TEXAS — Marcus & Millichap has arranged the sale of the 85-room Fairfield Inn & Suites by Marriott, located at 24485 Interstate 45 in The Woodlands. Fairfield Inn is the closest hotel to the new ExxonMobil campus under construction. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap's National Hospitality Group in Houston represented the seller, a Houston-based hotel developer. The buyer was an out-of-state hotel investor who owns multiple hotels across several states.
MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of the 58-room Regency Inn McKinney, located at 951 S. Central Expressway in McKinney. The hotel's list price was $1.9 million. Michael Yu and Rahul Bijlani of Marcus & Millichap's National Hospitality Group, along with Tyler Bean of the firm's Fort Worth office, marketed the property on behalf of the seller, a partnership. Andrew Frosch of Marcus & Millichap's Houston office, along with Yu and Bijlani, secured and represented the buyer, a private investor.
LAS VEGAS – The Genting Group has purchased the 87-acre Echelon development site on the Las Vegas Strip for $350 million. The company plans to build a $2-billion hotel-casino complex called Resorts World Las Vegas. Construction is scheduled to begin on the first phase in 2014. It will include a 3,500- room hotel and a 175,000-square-foot casino. The resort is scheduled to open in 2016. The Echelon site was sold by Boyd Gaming, which halted construction on its $4.8-billion project in August. 2008. It would have contained five hotels and a 140,000-square-foot casino.
LAS VEGAS – The Genting Group has purchased the 87-acre Echelon development site on the Las Vegas Strip for $350 million. The company plans to build a $2-billion hotel-casino complex called Resorts World Las Vegas. Construction is scheduled to begin on the first phase in 2014. It will include a 3,500- room hotel and a 175,000-square-foot casino. The resort is scheduled to open in 2016. The Echelon site was sold by Boyd Gaming, which halted construction on its $4.8-billion project in August. 2008. It would have contained five hotels and a 140,000-square-foot casino.
MCCLELLAN, CALIF. – A new 70,000-square-foot conference center has opened at the Lions Gate Hotel at McClellan Park. The hotel is located in McClellan, which is seven miles southeast of Sacramento. The new addition includes a 38,000-square-foot General Session Room. The hotel previously contained only 8,000 square feet of meeting and event space.
HARVEY, LA. — Crews have broken ground on a $20 million hotel project at Boomtown Casino in Harvey, approximately seven miles south of New Orleans. The project will take about 14 months to complete. The Lemoine Co. is the general contractor for the five-story hotel, designed by three: living architecture and Stewart Slack. The 150-room property will be built on land adjacent to Boomtown's existing facility. The hotel will include a fitness center, meeting space and 250 additional parking spaces.
ORLANDO — Homewood Suites by Hilton has opened the 128-room Homewood Suites by Hilton Orlando Airport, adjacent to the Orlando International Airport. McKibbon Hotel Group Orlando Gateway HM owns the four-story hotel, which is managed by McKibbon Hotel Management Inc. The hotel includes complimentary Wi-Fi, a fitness center, outdoor pool, sport court and 760 square feet of meeting space.
ROCHESTER, MINN. — Dougherty Funding LLC has placed $170 million in financing for four hotels in Rochester, located about 85 miles south of Minneapolis. The hotel properties include the 660-room Kahler Grand Hotel, the 271-room Kahler Inn & Suites, the 220-room Marriott Rochester and the 89-room Residence Inn by Marriott Rochester. The four hotels make up almost 25 percent of the city’s hotel rooms. The financing is a combination of $145 million in senior and mezzanine financing and $25 million in preferred equity.