OKEECHOBEE, FLA. — A 40-room Travelodge Suites has sold in Okeechobee. Jonathan Ruprai and Dennis Hopper of Marcus & Millichap’s Tampa, Fla., office represented the seller, a local limited liability company. Ruprai secured the buyer, a North Carolina-based private investor.
WOODBURY, MINN. — Hunter Hotels Advisors has closed on the $14 million sale of the 150-room Sheraton Woodbury hotel located in the Twin Cities market. Schulte Hospitality Group in Kentucky purchased the five-story hotel, which was built in 2008. Atlanta-based Hunter Hotel Advisors represented both Schulte and the owner, Minneapolis-based Dougherty Funding in the deal.
AUSTIN, TEXAS — Summit Hotel Properties, a REIT, has closed on the acquisition of three hotels in Utah, New York and Florida for a combined total of $71.8 million. The hotels include: the 178-room Residence Inn by Marriott in Salt Lake City, Utah, for $20 million; the 122-room Hyatt Place in Long Island, N.Y., for $31 million; the 138-room Hampton Inn & Suites in Tampa, Fla. for $20.8 million. Summit expects to spend a total of $8.8 million on renovations of these hotels. Summit acquired the Hyatt Place hotel and Hampton Inn & Suites from OTO Development, which is based in Spartanburg, S.C. Additionally, Summit has consolidated its executive office to Austin.
CHICAGO — Cohen Financial’s Chicago and Phoenix offices have secured an $11.9 million loan for the purchase of two owner-occupied industrial properties, a 12,680-square-foot property in South Carolina and a 146,050-square-foot property in Georgia. The borrower, a manufacturer, is the only tenant in both properties. Zions National Real Estate provided the financing.
SAN ANTONIO — Laurus Corp., a private real estate investment and development firm, has acquired the 384-room Hilton San Antonio Airport Hotel, located at 611 NW Loop 410, less than two miles away from the San Antonio International Airport. The 14-story hotel features 16,000 square feet of meeting space, a sports bar, restaurant and an amenity package. The acquisition is the second investment for Laurus Corp.'s opportunistic Ethika Fund. The company plans to invest approximately $9 million in renovations.
KANSAS CITY, MO– Laurus Corp. has agreed to buy the Hilton Kansas City Airport hotel in Kansas City. The hotel, which includes 347 guest rooms, suites and provides 21,000 square feet of meeting space. The seller is an affiliate of RockBridge Capital. The hotel is located at 8801 NW 112th St.
NEW YORK CITY — Lehman Brothers Holding Inc. has secured an $80 million mortgage loan for the On The Ave Hotel near New York's Central Park. The 282-room boutique property is located on the corner of Broadway and 77th St. Lehman plans to begin a multi-million renovation project at the property, which will include upgrades to the guestrooms, corridors and the lobby. Jeffrey Davis, Mathew Comfort and Mike Huth of Jones Lang LaSalle arranged the loan.
PRINCETON, N.J. — Dallas-based Ashford Hospitality Inc. and its joint venture partner have received a $112.6 million loan for two hotel properties: the Westin Hotel in Princeton and the Renaissance Hotel in Nashville. The properties are part of the company's Highland Hospitality portfolio, in which Ashford has a 71.7 percent ownership interest. The five-year loans have a fixed interest rate of 4.4 percent and replace two existing loans, which had a combined balance of $76.8 million. The deal completes the refinancing of three CIGNA loans in the portfolio.
TEMPE, ARIZ. – The 209-room Sheraton Phoenix Airport Hotel in Tempe has sold to Tempe Hospitality Ventures LLC for an undisclosed sum. The all-cash purchase includes a new 20-year Sheraton franchise. The hotel will undergo significant capital improvements starting next summer. The seller, JER Tempe Hotel LLC, was represented by Bill Murney of HREC Investment Advisors’ Phoenix office.
TAMPA, FLA. — The 521-room Hyatt Regency at 211 N. Tampa St. in downtown Tampa has sold. Daniel Peek, Paul Hsu and Max Comess of HFF represented the seller, AREA Property Partners. Driftwood Hospitality Management LLC purchased the property for an undisclosed price. The hotel features a restaurant and bar, 30,000 square feet of meeting space, heated outdoor pool, rooftop sundeck, fitness center and gift shop. Following a renovation, the hotel will be converted to the Hilton brand.