WILLIAMSBURG, VA. — A joint venture between Interstate Hotels & Resorts, Waramaug Hospitality and a private investment group has acquired the 295-room Williamsburg Hotel & Conference Center, located at 50 Kingsmill Road in Williamsburg. The hotel will undergo a $7.5 million comprehensive renovation and conversion to the DoubleTree by Hilton brand. The property includes 45,000 square feet of meeting space for up to 1,600 people and an auditorium with the capacity for more than 700 people. Additionally, the hotel features three dining options, an indoor/outdoor swimming pool, tennis courts, a fitness center and business center.
DUBLIN, OHIO — Sonesta International Hotels Corp. will manage the 106-room Residence Inn Dublin/Columbus in Dublin, starting Aug. 10. Sonesta will rebrand the hotel as the Sonesta ES Suites Dublin. The hotel features an outdoor swimming pool, 24-hour fitness center, guest laundry and a 24-hour business center.
NEW YORK CITY — SBE and Moin Development Corp. are teaming up to build a new SLS Hotel in New York, the first in the city for the luxury brand. Crews will convert an existing office building into a 190-room hotel located at 444 Park Ave. South in Manhattan. The hotel will also feature bar venues in the lobby and a restaurant concept on the rooftop. It will be the third SLS Hotel in the U.S. and is slated to open by 2013. The reported cost of construction is $85 million
HOUSTON — NorthMarq Capital has secured first mortgage refinancing for the 255-room Hotel Sorella, located in the CITYCENTRE development in Houston. John Burke and Chad Owens of NorthMarq Capital's Houston office arranged the 10-year loan through a CMBS lender on behalf of the borrower, CITYCENTRE HOTEL PARTNERS. The loan includes two restaurants located at the base of the hotel: Yard House and Straits Restaurant. The hotel is managed by Houston-based Valencia Group.
CHICAGO — Chicago developer Anshoo Sethi is aiming to finance a multi-hotel complex and convention center near O'Hare International Airport, in part, through the U.S. Immigrant Investor Program, also known as EB-5. The project, proposed by Sethi and the International Regional Center Trust of Chicago (IRCTC), would combine convention center facilities and several hotels on the same site. Over the course of the 24-month construction period and first 10 years of operation, the development is projected to produce a total economic impact of $2.6 billion, according to IRCTC. The development will be financed, in part, by the federal EB-5 program, created by Congress in 1990 to stimulate the U.S. economy and which offers a path to U.S. residency for foreign investors. Plans for the project, which is named A Chicago Convention Center, include eco-friendly architecture and design and high-tech amenities.
HYANNIS, MASS. — DoubleTree by Hilton has opened a newly renovated, full-service hotel in Hyannis. The hotel, previously a Radisson, has reopened as the 160-room DoubleTree by Hilton Cape Cod-Hyannis. Renovations were completed in all areas of the hotel. Guest rooms feature new carpeting, window treatments, furniture and bedding. An outdoor pool and fire pit have been added in the landscaped courtyard. The hotel is owned and operated by Ridgewood Hotel Associates under a franchise license agreement with a subsidiary of Hilton Worldwide.
NEW BRAUNFELS — Mercantile Capital Corp. has closed a $3.15 million SBA 504 loan for the 61-room Best Western Inn & Suites, located in New Braunfels. The 29,948-square-foot hotel features an outdoor pool, an outdoor spa and meeting facilities. Mercantile Capital Corp. provided the loan on behalf of the borrower, New Braunfels Hospitality.
WILMINGTON, DEL. — Developers have broken ground on the $37 million Westin hotel at the Wilmington waterfront. The 10-story hotel will be connected to the 87,000-square-foot Chase Center on the Riverfront and will be Wilmington's first full-service hotel in more than 20 years. The Westin will feature 180 rooms, a restaurant and bar, meeting space, a fitness center and a law center. Wilmington-based The Buccini/Pollin Group is developing the hotel, which is expected to open in 2014. Pollin Miller Hospitality Strategies will manage the hotel.
ROSLYN, N.Y. — Akash Hotels has purchased The Roslyn Claremont Hotel at 1221 Old Northern Blvd. in Roslyn for $10.5 million. The hotel includes 76 rooms, an upscale restaurant, more than 4,800 square feet of meeting space and a ballroom that can seat up to 200 guests. Askash is planning to invest $2 million to upgrade both rooms and common areas. Michael Vitale of Brown, Harris, Stevens represented the buyer in the transaction. Coldwell Banker Commercial Rosner & Associates represented the seller, the Claremont Group.
SMYRNA, TENN. — Summit Hotel Properties has purchased the 83-room Hampton Inn & Suites, located at 2573 Highwood Blvd. in Smyrna, for $8 million. The company plans to invest $500,000 in capital improvements. This is the company's 11th acquisition.