MIDLAND — Marcus & Millichap has arranged the sale of the 98-room Baymont Inn & Suites, a hotel property located at 10000 Airport Road in Midland. Jake Gaddy, Allan Miller and Chris Gomes of Marcus & Millichap's Austin, San Antonio and Dallas offices represented the seller, a private investor, in the transaction. Miller and Gaddy also represented the buyer, a developer.
WEST CHESTER, OHIO — FAE Holdings 413133R LLC has acquired 5 acres at the corner of Allen and Mulhauser roads in West Chester for $2.1 million. Hi Five Development Services, a locally-based hotel developer, plans to build a full-service hotel and conference center on the site for the buyer, which is an operator of several hotels throughout the region. Mike Halonen of Edge Real Estate Group represented the seller, JaNaka Ltd., in the transaction.
SAN ANTONIO — Marcus & Millichap has arranged the short sale of the 112-room Days Inn Splashtown/AT&T Center, a distressed hotel located at 3443 Pan Am Expressway in San Antonio. Allan Miller of Marcus & Millichap's San Antonio office, Jake Gaddy of the firm's Austin office and Chris Gomes of the firm's Dallas office represented the seller, a limited liability company, in the transaction. Michael Laurencelle of Marcus & Millichap Capital Corp. arranged financing for the transaction.
NEW YORK CITY — Hersha Hospitality Trust has agreed to purchase the 205-room Hilton Garden Inn at 52nd Street in New York City for $74 million. The transaction is expected to close shortly after the developer completes the hotel's construction in the fourth quarter of 2013. Jay Shah, CEO of Hersha, says the hotel is expected to appeal to both corporate and leisure travelers. Hersha owns 64 hotels in New York City, Washington, Boston, Philadelphia, Miami and Los Angeles.
COCOA BEACH, FLA. — The 148-room Doubletree Hotel Resort, located at 2080 N. Atlantic Ave. in Cocoa Beach, has traded for $15.1 million. Oklahoma City, Okla.-based Southern Hospitality sold the resort to Pandey Hotel Corp., the U.S. division of New Zealand-based CP Group. Robert Taylor and Lisa Zaranek of CBRE Hotels represented the seller.
BLOOMINGTON, IND. — The Grant Street Inn in Bloomington has opened its new 16-room addition. The new building was designed to match the 1890s-style of the original inn. The addition was also designed to meet LEED certification requirements, and includes energy-saving light fixtures, low-flow showers and solar panel water heaters.
CHICAGO — Chesapeake Lodging Trust has completed its 35-room expansion at the W Chicago — City Center for $5.1 million. The company purchased the property in May 2011. As a result of the project, Chesapeake has expanded the hotel's room count from 368 to 403 keys. The full-service hotel is located at 172 W. Adams St., near Willis Tower and the Civic Opera House. The property also features 12,000 square feet of meeting space, a fitness center and a recently renovated restaurant.
PHILADELPHIA — Crews have broken ground on the $34 million Courtyard by Marriott at the Philadelphia Navy Yard. Ensemble Hotel Partners is developing the 172-room hotel, which is the first for the Navy Yard Business Park. The Navy Yard is home to more than 120 companies, including Urban Outfitters, Tasty Baking Co. and Flowers Foods. The new 90,000-square-foot hotel will feature 2,000 square feet of meeting space, an upscale restaurant and a fitness center. Erdy McHenry Architects is designing the property and INTECH Construction will serve as the design-build contractor. The property will be at the corner of Rouse Boulevard and Intrepid Avenue.
NEW YORK CITY — Johnson Capital and Better Commercial Mortgage have arranged a $9.5 million loan for the 128-room Wyndham Garden Hotel in the Long Island City section of Queens. The debt will be used to refinance an existing land and bridge loan. A Queens-based developer opened the select-service hotel in May, which is located at 44-29 9th St. Daniel Lisser of Johnson Capital and Better Commercial Mortgage jointly arranged the three-year loan through Hall Structured Finance, a private direct lender.
ORLANDO, FLA. — The 315-room Westin Imagine Hotel, located adjacent to the Orange County Convention Center at 9501 Universal Blvd. in Orlando, has sold to ERGS WI Orlando REO LLC. A bank group named REDUS Imagine LLC foreclosed on the hospitality property earlier this year. Daniel Peek, Max Comess, Michael Weinberg, Paul Hsu and Cyrus Vazifdar of HFF represented the seller, which was legally represented by the Orlando law office of Lowndes, Drosdick, Doster, Kantor & Reed. The Pittsburgh, Pa., office of Eckert Seamans Cherin & Mellott and the Miami office of Greenberg Traurig represented the buyer. Pyramid Hotel Group operates the Westin Imagine Hotel and will remain in place.
