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.
BOSTON — RLJ Lodging Trust has acquired the 275-room Embassy Suites Boston/Waltham for $64.5 million, or $235,000 per key. In 2011, the hotel underwent a $12 million renovation to convert the property from a DoubleTree Guest Suites to an Embassy Suites. The guest suites and public spaces have been significantly upgraded. The property is located next to multiple corporate office parks and two universities.
NEW BRAUNFELS — Berkadia Commercial Mortgage has arranged $10.6 million for the refinancing of the 125-room Courtyard by Marriott New Braunfels River Village, located at 750 Interstate 35 N. in New Braunfels. John Koeijmans and Andy Hill of Berkadia secured the 10-year loan with a 25-year amortization schedule through ViewPoint Bank NA on behalf of the borrower, New Braunfels Guadalupe River Hotel LP.
SAN FRANCISCO — The 114-room Larkspur Hotel Union Square in San Francisco has sold to a group of Canadian investors for $16.6 million. The property will revert to its original name, The Cartwright Hotel. The new owners will assume the hotel’s operations and management responsibilities, which were previously handled by Larkspur Hotels. The group was represented by Richard C. Ehmer of the Ehmer Group.
INDIANAPOLIS — Vista Capital Co. has arranged $17.3 million in financing for the Crowne Plaza Union Station in Indianapolis. The full-service hotel is listed on the National Register of Historic Places. Crowne Plaza features 273 rooms, including 26 original Pullman Traincar sleeping rooms. A European-based investment bank provided the financing. The 10-year, fixed-rate loan will be used to fund a large renovation to modernize the hotel interior. The financing will also be used to retire the existing financing.
SAN FRANCISCO — The 114-room Larkspur Hotel Union Square in San Francisco has sold to a group of Canadian investors for $16.6 million. The property will revert to its original name, The Cartwright Hotel. The new owners will assume the hotel’s operations and management responsibilities, which were previously handled by Larkspur Hotels. The group was represented by Richard C. Ehmer of the Ehmer Group.
TEXARKANA — Dallas-based Weis Builders has delivered the Texarkana Convention Center and the adjoining Hilton Garden Inn, Texarkana's first full-service hotel and convention center. The $17 million project provides 154 guest rooms and 25,000 square feet of event space. The hotel features a pool, whirlpool, fitness center, business center and full-service restaurant.
LINTHICUM HEIGHTS, MD. — RockBridge, an integrated hotel investment firm, has closed an $8.6 million first mortgage investment to finance the acquisition of the 137-room Comfort Suites Hotel at Baltimore-Washington International (BWI) Airport in Linthicum Heights. The hospitality property will undergo a $3.4 million renovation and be reintroduced as a Holiday Inn in mid-2013. Renovations will include a reconfigured lobby, refreshed exterior and upgraded guest rooms. The hotel is located two miles from BWI Airport with access to I-195 and Route 295.
MILWAUKEE — First Hospitality Group has opened the new 127-room Hilton Garden Inn Milwaukee Downtown hotel. The hotel is located in the former Loyalty Building, an original headquarters for Northwestern Mutual Life circa 1886. First Hospitality began converting the property in late 2011. The hotel features a fitness and business center and 4,500 square feet of meeting and event space. First Hospitality owns and manages the property. Milwaukee-based Kahler Slater served as the project architect.