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.
TRUCKEE, CALIF. — Kennedy Wilson has purchased The Ritz-Carlton, Lake Tahoe, a 170-room luxury resort in Truckee. The purchase price was not disclosed. The resort is located mid-mountain at Northstar California. The acquisition included 23 unsold condominium units and a neighboring 3.4-acre development site. The resort also features a 17,000-square-foot Ritz-Carlton Spa, 15,000 square feet of indoor meeting space, two heated outdoor pools, a fitness center and a business center, in addition to three restaurants.The seller, Truckee Highlands Syndicated Holdings, LLC, was represented by HFF’s Dan Peek, Holden Lim, Michael Leggett, Gerry Rohm, Max Comess and Cyrus Vazifdar.
TRUCKEE, CALIF. — Kennedy Wilson has purchased The Ritz-Carlton, Lake Tahoe, a 170-room luxury resort in Truckee. The purchase price was not disclosed. The resort is located mid-mountain at Northstar California. The acquisition included 23 unsold condominium units and a neighboring 3.4-acre development site. The resort also features a 17,000-square-foot Ritz-Carlton Spa, 15,000 square feet of indoor meeting space, two heated outdoor pools, a fitness center and a business center, in addition to three restaurants. The seller, Truckee Highlands Syndicated Holdings, LLC, was represented by HFF’s Dan Peek, Holden Lim, Michael Leggett, Gerry Rohm, Max Comess and Cyrus Vazifdar.
PEORIA, ILL. — Johnson Capital has arranged a $6.8 million loan for the refinancing of a 76-room Hampton Inn & Suites hotel property in Peoria. The borrower is a private regional owner with significant hospitality and nursing home assets. Richard Caterina of Johnson Capital arranged the 10-year, non-recourse loan, which was funded by a CMBS lender. The property is located nine miles from Peoria's downtown riverfront area and was built in 2009.
SAN DIEGO – The 317-room Courtyard San Diego Mission Valley/Hotel Circle has sold to Carey Watermark Investors for $85 million. The hotel is located on San Diego’s Hotel Circle in Mission Valley. The seller was a private investment group that employed Tarsadia Investments as its agent. The sale was executed by John Strauss, James Stockdale and Samantha Fisher of Jones Lang LaSalle Hotels.
MIAMI — Laurus Corp., a private real estate investment and development firm, has acquired the Sofitel Miami hotel. The 14-story luxury hotel sits on 10 acres with 281 rooms and 17,351 square feet of meeting and event space. Approximately $4.5 million will be invested in renovations for the hospitality property, and the site includes 1.3 acres for additional development. Sofitel Miami hotel is located at 5800 Blue Lagoon Dr., adjacent to Miami International Airport in Miami.
ATLANTA — The dual-branded Hilton Garden Inn and Homewood Suites by Hilton has opened in Midtown Atlanta. The 12-story hotel is located at 97 10th St. and includes 136 Hilton Garden Inn guestrooms and 92 Homewood Suites studios. North Point Hospitality Group Inc. owns and manages the property. The hotel splits its lobby between the brands, offering two separate check-in desks and lodging and dining areas. Communal areas include meeting rooms, a business center, pool and fitness center.
SAN DIEGO – The 317-room Courtyard San Diego Mission Valley/Hotel Circle has sold to Carey Watermark Investors for $85 million. The hotel is located on San Diego’s Hotel Circle in Mission Valley. The seller was a private investment group that employed Tarsadia Investments as its agent. The sale was executed by John Strauss, James Stockdale and Samantha Fisher of Jones Lang LaSalle Hotels.
COLUMBUS, OHIO — A joint venture between Driftwood Hospitality Management and Apollo Global Real Estate Management has purchased the DoubleTree Suites by Hilton Columbus Downtown. The hotel features 194 guestrooms and 2,600 square feet of event space. The property is within walking distance of the State Capitol, Ohio Supreme Court and Columbus City Hall. The property will continue to operate under the DoubleTree flag. The purchase marks the fifth hotel acquisition between the joint venture.
WASHINGTON, D.C. — Jones Lang LaSalle (JLL) Hotels has secured $31.5 million to refinance the Club Quarters Washington, D.C., a 161-room full-service hotel two blocks from the White House. Mike Huth of JLL Hotels real estate investment banking team led the transaction on behalf of the borrower, Rockwood Capital LLC, which has refinanced three Club Quarters hotels during the past year.