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.
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.