HOUSTON — NorthMarq Capital has arranged first mortgage refinancing for the 92-room Med Center Extended State Limited Service Hotel, located at 3134 Old Spanish Trail in Houston. Warren Hitchcock of NorthMarq's Houston office arranged the 10-year loan with a 25-year amortization schedule through a CMBS lender on behalf of the borrower, Med Center Hospitality LLC. The hotel has an occupancy above 75 percent.
HOUSTON — Marcus & Millichap has arranged the sale of the 72-room Holiday Inn Express & Suites Houston Kingwood and the sale of the 62-room Holiday Inn Express & Suites Houston Brookhollow. The Kingwood hotel is located at 22675 Highway 59 N. in Houston's Kingwood suburb, and the Brookhollow hotel is located at 12439 NW Freeway in Houston. The combined list price of the two hotels was above $7.2 million. Rahul Bijlani, Michael Yu and Eric Guerrero of Marcus & Millichap's Houston office represented the sellers, private investors, in the transaction. A Houston-based private investor purchased the Kingwood hotel, while a California-based private investor purchased the Brookhollow hotel.
PANAMA CITY, FLA. — UC Funding has arranged a $6.7 million bridge loan to recapitalize and complete the restoration of a 147-room hotel in Panama City. The borrower had acquired a shuttered, antiquated hotel with three acres of beach frontage, and will use part of the loan to complete $1.8 million in upgrades to the rooms, common areas and amenities. The aim is to transform the dilapidated hotel into a Class A resort.
SAN DIEGO — The 337-room Embassy Suites San Diego Bay – Downtown has sold to Pebblebrook Hotel Trust for $112.5 million. The hotel is located at the corner of Harbor Drive and Pacific Highway near Seaport Village in San Diego. The hotel underwent a $3.5-million renovation in May 2012. Pebblebrook will assume a $66.8-million secured, non-recourse loan as part of the transaction. HEI Hotels and Resorts will manage the property.
CORPUS CHRISTI, TEXAS — The 103-room Hyatt Place Corpus Christi, located in the heart of Corpus Christi, has opened. The hotel is the first Hyatt Place hotel in the area. The hotel features 42-inch HDTVs in every room, free Wi-Fi, complimentary breakfast, 1,200 square feet of meeting space, a room service kitchen, an Intimate Bakery Cafe serving Starbucks coffee and beer, fitness center and an indoor pool.
SAN DIEGO — The 337-room Embassy Suites San Diego Bay – Downtown has sold to Pebblebrook Hotel Trust for $112.5 million. The hotel is located at the corner of Harbor Drive and Pacific Highway near Seaport Village in San Diego. The hotel underwent a $3.5-million renovation in May 2012. Pebblebrook will assume a $66.8-million secured, non-recourse loan as part of the transaction. HEI Hotels and Resorts will manage the property.
ALTOONA, PA. — HIAP and MMRE LP have sold the 111-room Hampton Inn in Altoona for $16.8 million. The sale also included vacant lots and two residential properties. The property is situated off I-99 at the West Plank Road exit. The hotel is surrounded by a significant amount of retail space, including the neighboring Logan Valley Mall and an adjacent Cracker Barrel Restaurant and Champs Sports Bar & Grill. Geoff Davis, Ted Anka and Ketan Patel of HREC Investment Advisors represented the seller in the transaction.
ATLANTA — Atlanta-based Peachtree Hotel Group has acquired two non-performing hotel first mortgage notes including a 135-room Hilton Garden Inn in Virginia and a 60-room Best Western in Florida from a regional bank. Peachtree Hotel Group has a diversified ownership and third-party management portfolio, and heavily targets the most recognized hotel brands in the select and limited-service categories. The company has completed 31 acquisitions during the past 24 months.
ORLANDO, FLA. — Summit Hotel Properties Inc. has acquired three hotels totaling 426 guestrooms from affiliates of Hyatt Hotels Corp. for $36.1 million. Two of the Hyatt hotels are located in Orlando with the other hotel in Illinois. Summit has entered into an agreement with Select Hotels Group LLC, an affiliate of Hyatt, to operate each hotel. The Orlando hotels include the 151-room Hyatt Place-Universal and the 149-room Hyatt Place-Convention Center.
CHICAGO — Summit Hotel Properties has closed its acquisition of three Hyatt hotels for $36.1 million, including a property in Illinois. The company purchased the 126-room Hyatt Place in Chicago, as well as the Hyatt Place-Universal and Hyatt Place-Convention Center in Orlando. Select Hotels Group, an affiliate of Hyatt, will operate each hotel.