SAN ANTONIO — Greenwood Hospitality Group has acquired the 322-unit Sheraton Gunter Hotel, located in downtown San Antonio adjacent to the San Antonio Riverwalk. The property features 23,000 square feet of meeting/conference room space, Barron's Restaurant and the Gunter Bakery.
TYSONS CORNER, VA. — Hyatt Regency, an affiliate of Hyatt Hotels Corp., will manage a 17-floor, 300-room hotel within Tysons Corner Center, a mixed-use development in Tysons Corner. The Hyatt Regency at Tysons Corner Center will open in 2014. It will include an executive conference center, a restaurant, a bar and lounge, a pool, a fitness center, and 15,500 square feet of meeting and event space. The hotel is part of a redevelopment of Tysons Corner Center that will include a 22-story Tysons Tower office building and a 28-story apartment building. Macerich, a real estate investment trust, has owned Tysons Corner Center since 2005.
NEW ORLEANS AND NASHVILLE, TENN. — Irving, Texas-based FelCor Lodging Trust Inc., a publicly traded real estate investment trust, has sold the 370-room Embassy Suites – New Orleans-Convention Center and the 296-room Embassy Suites – Nashville-Airport for an aggregate price of $70 million to an unlisted buyer. FelCor is using the net proceeds to pay the remaining $37.7 million of accrued preferred dividends and to repay debt. The company is selling 39 non-strategic hotels as part of its long-term portfolio repositioning strategy. With the sale of these two Embassy Suites, FelCor has sold 18 of the 25 hotels it has brought to market since December 2010.
DAYTONA BEACH, FLA. — The 157-room Days Inn Speedway Hotel, located at the Interstate 4 and International Speedway Boulevard intersection in Daytona Beach, has traded. Jeffrey Kolessar of GF Management, in his capacity as receiver for the ownership entity as appointed by the Circuit Court of Volusia County, sold the hospitality property to Executive Eagles Investment Group LLC. Paul Sexton and Scott Stephens of HREC Investment Advisors represented the seller<
TOLEDO, OHIO — The Historic Hillcrest, a nine-story apartment building in Toledo, has sold for $2 million. The property was originally built as a hotel in 1927. In 1999, the building underwent a $12 million conversion to include 106 apartment units, with floor plans that average 1,025 square feet. The building also contains 8,000 square feet of vacant commercial space on the street level. Cary Belovicz of Commercial Property Advisors represented the seller in the transaction.
FORT WORTH — Summit Hotel Properties has purchased the 98-room Hilton Garden Inn in Forth Worth for $7.2 million. Summit expects to spend approximately $2.4 million in capital improvements for the hotel in the next 18 months, which Summit will fund with available cash and additional borrowings from its senior secured revolving credit facility.
MINNEAPOLIS — Hyatt Hotels Corp. has acquired a select-service hotel in downtown Minneapolis and will rebrand the property as Hyatt Place Minneapolis Downtown following a $20 million renovation. The rebranding is scheduled for the summer of 2013. After upgrades to the hotel are complete, Summit Hotel Properties plans to purchase the hotel and enter a management agreement with a Hyatt affiliate. The hotel offers easy access to the city's professional sports stadiums.
BOSTON — Trinity Stuart LLC, a local development partnership, has announced plans for the redevelopment of the existing Boston Common Hotel and Conference Center. The project includes replacing the existing structure with a 33-story, mixed-use building. The new property will be comprised of a 220-room hotel and 142 apartment units that will range in size from compact studios to three-bedroom units. Plans for the lower level call for two restaurants and 100 parking spaces. Suffolk Construction is the construction manager for the project and The Architectural Team and Stonehill & Taylor Architects are designing the building. Construction is expected to begin in the fall of 2013.
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.