Hospitality

JLL BROKERS HILTON PORTFOLIO SALE

by admin June 3, 2013

ATLANTA AND ORLANDO — Jones Lang LaSalle (JLL) has brokered the sale of two Hilton Garden Inn properties located in Atlanta and Orlando. The first property is an eight-story, 193-room hotel located in Atlanta’s Perimeter submarket. It was constructed in 1999 and received $2.3 million in capital improvements in 2012. The hotel features six meeting rooms, an indoor swimming pool, a fitness center, a business center, a Great American Grill & Bar restaurant, and the Branch Water Lounge. The second property is an eight-story, 224-room hotel in Orlando that is the official on-site hotel for SeaWorld. Constructed in 2001, the property features seven meeting rooms, an outdoor swimming pool, a fitness center, a business center, a Great American Grill restaurant and Sting Ray’s Lounge. The JLL team of Mark Fair, Adam McGaughy and Katy Reynolds represented the sellers, Apollo Global Management and Sage Hospitality. The buyer was Blackstone. The two hotels were part of a four-property Hilton Garden Inn portfolio sale; the other two properties are located in Denver and San Francisco.

June 3, 2013

CBRE ARRANGES $34.7 MILLION IN HOTEL FINANCING

by admin June 3, 2013

FT. LAUDERDALE, FLA. — CB Richard Ellis (CBRE) has arranged $34.7 million for two hotels located adjacent to Ft. Lauderdale-Hollywood International Airport. The first property is a 157-room Fairfield Inn & Suites, and the second property is a 124-room Homewood Suites. Both hotels feature swimming pools, fitness centers and business centers. Jonathan Rice of CBRE Hotels and David Borge of CBRE Capital Markets arranged the financing on behalf of Economos Properties. Terms of the loan were not disclosed.

June 3, 2013

Hospitality Midwest

SUMMIT CLOSES $153M ACQUISITION OF MIDWEST HOTELS

by admin June 3, 2013

INDIANAPOLIS — Summit Hotel Properties Inc. (NYSE: INN) has closed on the purchase of four Midwest hotels for $153 million from affiliates of White Lodging Corp. The acquisition features a four-hotel portfolio with a combined total of 786 guestrooms. The properties include the 135-guestroom Fairfield Inn & Suites by Marriott and the 198-guestroom SpringHill Suites by Marriott in Louisville, Ky.; the 156-guestroom SpringHill Suites by Marriott and the 297-guestroom Courtyard by Marriott in Indianapolis. The Austin, Texas-based REIT funded the acquisition through a combination of bridge financing and borrowings under its senior secured revolving credit facility.

June 3, 2013

Hospitality Southeast

MUMFORD BROKERS HOTEL SALE

by admin May 29, 2013

MYRTLE BEACH, S.C. — Mumford Co. has brokered the sale of the former Econo Lodge in Myrtle Beach. The three-story, 96-room property is located next to the Tanger Outlet Mall and 10 minutes from downtown Myrtle Beach. Steve Kirby and Burton Brooks of Mumford’s Atlanta office arranged the transaction on behalf of the seller, Kelley Properties. The buyer was owner-operator Zeal LLC.

May 29, 2013

Hospitality Western

VISTA CAPITAL RAISES $32M FOR HOTEL PORTFOLIO IN ARIZONA, UTAH

by admin May 24, 2013

GOODYEAR, ARIZ. — Vista Capital Company has arranged and closed $32 million in financing for a five-property hotel portfolio. The 478-room portfolio includes the Hampton Inn & Suites, Holiday Inn Express, Residence Inn and Holiday Inn Hotel & Suites in Goodyear, as well as the Holiday Inn Express in Washington, Utah. The Goodyear hotels are located within a mile of one another.

May 24, 2013

Hospitality Western

VISTA CAPITAL RAISES $32M FOR HOTEL PORTFOLIO IN ARIZONA, UTAH

by admin May 24, 2013

May 24, 2013

Hospitality Southeast

THE WESTIN JEKYLL ISLAND BREAKS GROUND

by admin May 23, 2013

JEKYLL ISLAND, GA. — Jekyll Oceanfront Hotel LLC has broken ground on the $41 million Westin Jekyll Island, a 200-room beachfront hotel that will open in September 2014 as part of the Jekyll Island Beach Village project. The property will be located at 110 Ocean Way, adjacent to the new 128,000-square-foot Jekyll Island Convention Center. The hotel will feature a full-service restaurant and green design elements. When complete, New Castle Hotels and Resorts will operate the property.

May 23, 2013

Hospitality Texas

M&M BROKERS SALE OF COUNTRY INN & SUITES IN MIDLAND

by admin May 22, 2013

MIDLAND, TEXAS — Marcus & Millichap has arranged the sale of a Country Inn & Suites in Midland. The 66-room hotel is located at 920 W. Interstate 20. Jake Gaddy, Allan Miller and Chris Gomes of Marcus & Millichap's Austin, San Antonio and Dallas offices, respectively, represented the seller, a private investor, in the transaction. Gaddy and Miller also secured the buyer, an individual trust.

May 22, 2013

Hospitality Midwest

$25M RENOVATION OF ST. LOUIS UNION STATION BEGINS

by admin May 21, 2013

ST. LOUIS — Paric Corp. has begun a $25 million renovation of St. Louis’ landmark Union Station, now a hotel, meeting, restaurant, entertainment and retail center. Lodging Hospitality Management will update all 539 rooms in the DoubleTree hotel and the exhibition and grand halls. The renovation will add approximately 50,000 square feet of meeting space, doubling the size of the hotel’s current meeting facilities. Completion of the project is slated for spring 2014. Lawrence Group is serving as the architect.

May 21, 2013

Hospitality Northeast

SILVERSTEIN SECURES FINANCING FOR $950M NYC HOTEL, CONDO

by admin May 21, 2013

NEW YORK CITY — Silverstein Properties has secured construction financing for a $950 million, 82-story Financial District tower in downtown Manhattan that will house a Four Seasons hotel and condominium. The Children’s Investment Fund Management LLP provided financing for the project with a loan up to $660 million to Silverstein and the California State Teachers’ Retirement System (CalSTRS), a co-owner. At 926 feet, the building, which will be located at 30 Park Place, will be one of the tallest residential buildings in lower Manhattan. The hotel will include a 185-room Four Seasons-operated luxury hotel, as well as 157 Four Seasons branded luxury private residences. Construction will begin on the tower this fall, with the grand opening set for 2016. Robert A.M. Stern Architects is the architect for the building. Tishman Construction, which built 7 World Trade Center for Silverstein Properties in 2006 and is serving as construction manager on the project.

May 21, 2013

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