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.`
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.