NEW YORK CITY — Developer John Lam has acquired a development site at 1227 Broadway in the Midtown West neighborhood of Manhattan for $16 million. The site is a triangularly shaped parcel that totals 5,412 square feet. The zoning designation allows for 51,420 square feet of building space. The site currently contains two buildings and a parking lot. The buyer recently purchased the buildings at 1205 and 1225 Broadway and the new acquisition completes the entire blockfront. The new owner plans to use the site for the construction of one or two hotels. Bob Knakal and John Ciraulo of Massey Knakal represented the seller.
ROSENBERG — Guru Krishna Corp. has purchased the 77-room Hampton Inn, located at 3312 Vista Drive in Rosenberg. R.S. Patel of Colliers International Hotels represented both the seller, Janmangal LTD, and the buyer in the transaction. The transaction was a short sale for Comerica Bank.
PHOENIX — The Sheraton Crescent and the Crowne Plaza Phoenix Airport hotels have sold to separate all-cash investors. The purchase prices were not disclosed. The 342-room Sheraton Crescent in Phoenix was purchased by New Crescent Investments LLC from FelCor Lodging Trust Inc. The hotel previously operated as a Starwood property but will now function as a Sheraton franchise. The 300-room Crowne Plaza Phoenix Airport was purchased by CHPH, LLC from East Washington Hospitality LLC. The buyer is a partnership that includes Coast Hotels and Resorts. The property will soon be rebranded as a Coast Hotel. Both properties will undergo significant renovations. The hotels were sold by Bill Murney of HREC Investment Advisors' Phoenix office.
HONOLULU — Starwood Hotels & Resorts Worldwide has spent more than $230 million refurbishing four of its Hawaiian properties. The1,636-room Sheraton Waikikiin Honolulu received a $188-million renovation; the 508-room Sheraton Maui Resort & Spaunderwent $6.5 million-worth of renovations; the 394-room Sheraton Kauai Resortrecently completed a $16-million revitalization; and the newly renamedSheraton Kona Resort & Spa at Keauhou Bay(formerly Sheraton Keauhou Bay Resort & Spa) saw $20 million invested in its resort.
HINESVILLE, GA. — A 53-room former Quality Inn at 706 E. Oglethorpe Highway in Hinesville has traded. Jonathan Ruprai of Marcus & Millichap’s Tampa, Fla., office represented the seller, a financial institution, and the buyer, a Georgia-based limited liability company. John Leonard is Marcus & Millichap’s broker of record in Georgia. The former Quality Inn was built in 1995.
NEW YORK CITY — Johnson Capital has arranged a $24 million loan for the 133-room Marriott Fairfield Inn & Suites in the Boerum Hill neighborhood of Brooklyn. The 12-story limited service hotel opened in 2011 and is located at 181 3rd Ave. Troutbrook Co. developed the property on a site that formerly housed industrial and warehouse buildings. A CMBS lender provided the five-year loan, which will be used to refinance a construction loan. The financing features a fixed interest rate of approximately 4 percent.
PHOENIX — The Sheraton Crescent and the Crowne Plaza Phoenix Airport hotels have sold to separate all-cash investors. The purchase prices were not disclosed. The 342-room Sheraton Crescent in Phoenix was purchased by New Crescent Investments LLC from FelCor Lodging Trust Inc. The hotel previously operated as a Starwood property but will now function as a Sheraton franchise. The 300-room Crowne Plaza Phoenix Airport was purchased by CHPH, LLC from East Washington Hospitality LLC. The buyer is a partnership that includes Coast Hotels and Resorts. The property will soon be rebranded as a Coast Hotel. Both properties will undergo significant renovations. The hotels were sold by Bill Murney of HREC Investment Advisors' Phoenix office.
HONOLULU — Starwood Hotels & Resorts Worldwide has spent more than $230 million refurbishing four of its Hawaiian properties. The 1,636-room Sheraton Waikiki in Honolulu received a $188-million renovation; the 508-room Sheraton Maui Resort & Spa underwent $6.5 million-worth of renovations; the 394-room Sheraton Kauai Resort recently completed a $16-million revitalization; and the newly renamed Sheraton Kona Resort & Spa at Keauhou Bay (formerly Sheraton Keauhou Bay Resort & Spa) saw $20 million invested in its resort.
NEWARK — Marriott International has opened a 150-room Courtyard property near Newark's Prudential Center, the first new hotel in the city's downtown in four decades. Along with its location near the Prudential Center, which hosts about 200 sporting, concert and other events annually, the property is also a few blocks from Newark Penn Station. Tucker Development Corp., the owner and project developer, has also recently secured a lease with Joe's Crab Shack to anchor part of the ground-floor retail space. The restaurant will occupy 5,138 square feet of the 14,000 square feet of retail.
NEW YORK CITY — Alfa Development has purchased the Hotel Grand Union, located at 34 East 32nd St. in Manhattan, for $28.6 million or $320,000 per room. The 90-room hotel is located two blocks from the Empire State Building and a short walk from Macy's Herald Square. Alfa has enlisted Marshall Hotels & Resorts manage the property.