LAS VEGAS – SLS Las Vegas has broken ground at the site of the former Sahara Hotel & Casino on the Las Vegas Strip. The Sahara, which was shuttered in 2011, will receive a $415-million makeover before reopening as the 1,600-room SLS Las Vegas hotel-casino in fall 2014. The Bazaar by Jos
SAN FRANCISCO — The 252-room Holiday Inn Express on Fisherman’s Wharf in San Francisco has sold to a joint venture between Summit Hotel Properties and an affiliate of InterContinental Hotels Group for $60.5 million. The JV will invest an additional $3 million into the property over the next 12 months. The hotel will be operated under a long-term IHG management agreement.
OKLAHOMA CITY — The 225-room Courtyard by Marriott Oklahoma City Downtown, located adjacent to historic Bricktown at 2 W. Reno Ave. in Oklahoma City, has undergone a $2 million renovation of its guest rooms and meeting spaces. The facelift included a new paint palette for the rooms, plush carpet, new furnishings and HDTVs in all rooms. The hotel is expected to undergo Phase II of its renovation in August. Phase II will include a stylish lobby, a 57-inch LCD TV GoBoard with touch screen, media booths, lounge, local library, coffee bar, nighttime bar and a Starbucks location. John Q. Hammons Hotels & Resorts owns and operates the eight-story hotel.
LAS VEGAS – SLS Las Vegas has broken ground at the site of the former Sahara Hotel & Casino on the Las Vegas Strip. The Sahara, which was shuttered in 2011, will receive a $415-million makeover before reopening as the 1,600-room SLS Las Vegas hotel-casino in fall 2014. The Bazaar by José Andrés, Katsuya by Starck, The Sayers Club and Shelter nightclub have already signed on at the new resort, as has Fred Segal, which will operate a 10,000-square-foot retail outlet on property. SLS Las Vegas is owned by SBE Entertainment Group LLC and its equity partner, Stockbridge Capital Group.
SAN FRANCISCO — The 252-room Holiday Inn Express on Fisherman’s Wharf in San Francisco has sold to a joint venture between Summit Hotel Properties and an affiliate of InterContinental Hotels Group for $60.5 million. The JV will invest an additional $3 million into the property over the next 12 months. The hotel will be operated under a long-term IHG management agreement.
MT. CRESTED BUTTE, COLO. – The Elevation Hotel and Spa in Mt. Crested Butte has sold to Boxer Property for an undisclosed sum. The resort features more than 260 rooms, as well as an indoor heated pool and hot tub, ski-in/ski-out convenience, and a spa and fitness center. The seller was represented by HFF’s John Bourret.
MT. CRESTED BUTTE, COLO. – The Elevation Hotel and Spa in Mt. Crested Butte has sold to Boxer Property for an undisclosed sum. The resort features more than 260 rooms, as well as an indoor heated pool and hot tub, ski-in/ski-out convenience, and a spa and fitness center. The seller was represented by HFF’s John Bourret.
WEST PALM BEACH, FLA. — Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5.5 million in financing for The DoubleTree by Hilton hotel at 1808 S. Australian Ave. in West Palm Beach. The 175-room hotel was renovated in 2008 and is located near the Palm Beach International Airport. Commercial Bank placed the loan.
BELOIT and GREEN BAY, WISC. — HREC Investment Advisors has arranged a $7.9 million loan for the refinancing of the 62-room Fairfield Inn in Green Bay and the 94-room Fairfield Inn & Suites in Beloit. HREC placed the five-year, fixed-rate conduit loan with an international investment bank. Scott Kaniewski represented the borrower in the deal.
WARWICK, R.I. — Hersha Hospitality Trust has sold its 92-room Courtyard by Marriott hotel for $7.1 million. The property, which was acquired by Hersha in August 2005, was sold to a joint venture. The hotel is located at 55 Jefferson Park Road in Warwick, about 12 miles south of Providence. The sale of the property removes another secondary market asset from Hersha’s portfolio, according to a statement released by the trust.`