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.
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.