Hospitality

JOHNSON CAPITAL ARRANGES $24M REFINANCING LOAN FOR BROOKLYN HOTEL

by admin November 28, 2012

NEW YORK CITY — Johnson Capital has arranged a $24 million loan for the 133-room Marriott Fairfield Inn & Suites in the Boerum Hill neighborhood of Brooklyn. The 12-story limited service hotel opened in 2011 and is located at 181 3rd Ave. Troutbrook Co. developed the property on a site that formerly housed industrial and warehouse buildings. A CMBS lender provided the five-year loan, which will be used to refinance a construction loan. The financing features a fixed interest rate of approximately 4 percent.

November 28, 2012

SHERATON CRESCENT HOTEL, CROWNE PLAZA SELL IN PHOENIX

by admin November 28, 2012

PHOENIX — The Sheraton Crescent and the Crowne Plaza Phoenix Airport hotels have sold to separate all-cash investors. The purchase prices were not disclosed. The 342-room Sheraton Crescent in Phoenix was purchased by New Crescent Investments LLC from FelCor Lodging Trust Inc. The hotel previously operated as a Starwood property but will now function as a Sheraton franchise. The 300-room Crowne Plaza Phoenix Airport was purchased by CHPH, LLC from East Washington Hospitality LLC. The buyer is a partnership that includes Coast Hotels and Resorts. The property will soon be rebranded as a Coast Hotel. Both properties will undergo significant renovations. The hotels were sold by Bill Murney of HREC Investment Advisors' Phoenix office.

November 28, 2012

Hospitality Western

SHERATON INVESTS $230M IN FOUR OF ITS HAWAIIAN PROPERTIES

by admin November 28, 2012

HONOLULU — Starwood Hotels & Resorts Worldwide has spent more than $230 million refurbishing four of its Hawaiian properties. The 1,636-room Sheraton Waikiki in Honolulu received a $188-million renovation; the 508-room Sheraton Maui Resort & Spa underwent $6.5 million-worth of renovations; the 394-room Sheraton Kauai Resort recently completed a $16-million revitalization; and the newly renamed Sheraton Kona Resort & Spa at Keauhou Bay (formerly Sheraton Keauhou Bay Resort & Spa) saw $20 million invested in its resort.

November 28, 2012

Hospitality Northeast

MARRIOTT OPENS DOWNTOWN NEWARK'S FIRST HOTEL IN 40 YEARS

by admin November 26, 2012

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.

November 26, 2012

Hospitality Northeast

ALFA ACQUIRES MIDTOWN SOUTH HOTEL FOR $28.6M

by admin November 21, 2012

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.

November 21, 2012

Hospitality Northeast

EMBASSY SUITES BOSTON/WALTHAM TRADES FOR $64.5M

by admin November 19, 2012

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.

November 19, 2012

Hospitality Texas

BERKADIA ORIGINATES $10.6M REFINANCING LOAN FOR HOTEL

by admin November 19, 2012

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.

November 19, 2012

Hospitality Western

THE LARKSPUR HOTEL UNION SQUARE IN SAN FRANCISCO SELLS FOR $16.6M

by admin November 16, 2012

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.

November 16, 2012

Hospitality Midwest

VISTA ARRANGES $17.3M LOAN TO RENOVATE CROWNE PLAZA

by admin November 16, 2012

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.

November 16, 2012

Hospitality Western

THE LARKSPUR HOTEL UNION SQUARE IN SAN FRANCISCO SELLS FOR $16.6M

by admin November 16, 2012

November 16, 2012

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