CHICOPEE, MASS. — BK Investments has broken ground on a new Residence Inn by Marriott at 500 Memorial Drive in Chicopee. The four-story hotel will feature 115 suites with fully equipped kitchens, including a full-sized refrigerator and stove. Amenities will include an indoor pool, exercise facilities and private meeting space. The hotel is owned by BK Investments and will operate as a Marriott franchise. Waterford Hotel Group will manage the property. The hotel is slated for completion in 2013. PeoplesBank is the lead lender for the project and Opechee Construction Corp. is serving as contractor and architect for the hotel.
ORLANDO, FLA. — GDC Properties has broken ground on the 118-room Aloft Orlando Downtown, a new Starwood Hotels & Resorts Worldwide hotel located at 500 S. Orange Ave. in Orlando. The hotel will include a w xyz bar, re:mix lounge, re:charge fitness center, splash outdoor pool and 5,000 square feet of flexible meeting space. Yedla Management Co. will operate the hotel upon completion, which is slated for 2013.
PORTLAND, MAINE — Starwood Hotels & Resorts will reflag the Eastland Park Hotel in Portland under its Westin brand next year, after the hotel undergoes a $40 million renovation. New Castle Hotels & Resorts and RockBridge acquired the 289-room hotel last year. It will be renamed Westin Portland Harborview when the upgrades are completed next year. The renovation will include the restoration of the hotel's rooftop lounge and modernization of the building's systems, such as wireless Internet service. Crews will also strip part of the property down to its original brick and steel structure. The project will be financed in part by historical-property tax credits backed by U.S. banks. Built in 1927, the Eastland Park Hotel is located at 157 High St.
AUSTIN — Seattle-based The Dow Hotel Company, in a joint venture with The Carlyle Group's Carlyle Realty Partners VI, has acquired the 174-room Lakeway Resort and Spa, a AAA Four Diamond resort located at 101 Lakeway Drive in Austin. The resort is situated on 12 acres with 1,000 feet of waterfront on Lake Travis. The facility features villas, 24,000 square feet of meeting and function space, the San Saba Spa, a full range of aquatic activities, 24 outdoor tennis courts and two indoor tennis courts that are climate-controlled. Palm Beach, Fla.-based Hospitality Funding advised the buyers on the transaction. The buyers plan to complete a $5 million renovation that was started by the previous ownership group. The renovation includes updating the guest rooms, ballroom, bathrooms, lobby and corridors.
MIAMI BEACH, FLA. — Hersha Hospitality Trust has refinanced the outstanding debt on the 263-room Courtyard Miami Beach Oceanfront, located at 4101 Collins Ave. in Miami Beach. The $60 million, interest-only loan includes a four-year term and a 4.32 percent interest rate. The initial funding for the loan is $45 million, with three additional draws of $5 million every 90 days to fund the construction of a new, 93-room oceanfront tower. Completion is slated for late 2013.
JACKSONVILLE, FLA. — Jax Hotel has sold the 112-room Hampton Inn East, located at 1021 Hospitality Lane in Jacksonville, to Sun Coast Hospitality. The buyer plans to renovate the hotel. David Mumford of Mumford Co.'s Newport News, Va., office, along with Steve Kirby of the firm's Atlanta office, represented the seller in the transaction.
NEW ORLEANS — The 364-room Doubletree by Hilton Hotel New Orleans, located in New Orleans' CBD, has received $42 million in first mortgage financing. Sonnenblick-Eichner Co. secured the five-year, fixed-rate loan with a 30-year amortization schedule through an international money center commercial bank.
HOUSTON — Lowe Enterprises Investors (LEI) has purchased the 314-room Hotel Derek, an independent, 14-story boutique hotel located at 2525 W. Loop S. in Houston's Galleria submarket. LEI purchased the hotel on behalf of a joint venture the firm formed last year with The Guardian Life Insurance Co. Destination Hotels & Resorts, an LEI affiliate, will take over the hotel's management. LEI plans to invest $4.5 million to revamp the guest rooms and common areas, as well as update the hotel's technology. The hotel features a business center, fitness center, a 4,800-square-foot ballroom, an outdoor pool and the Valentino Restaurant and Vin Bar. LEI was self-represented in the transaction. Eastdil Secured represented the seller, and Wells Fargo provided debt financing.
MIAMI BEACH, FLA. — Plaza Construction (formerly known as KM/Plaza) has been selected by The LeFrak Organization, Starwood Capital Group and Invesco Ltd. for the $100 million redevelopment of the Perry South Beach Hotel, located at 2377 Collins Ave. in Miami Beach. The 17-story, 345-room hotel will be re-branded following completion. The hotel also offers 259 condominium units. HKS is the lead architect for the project and Nichols Brosch Wurst Wolfe & Assocates will restore the facade. Completion is slated for late 2013.
ROCHESTER, N.Y. — NorthMarq Capital has arranged a $12.3 million loan for the acquisition and renovation of the former Strathallan Hotel, located at 546 E. Ave. in Rochester. The Strathallan contains 155 guest rooms and is located a few minutes from downtown Rochester. When the renovation is complete, the hotel will be rebranded as a Strathallan DoubleTree. Sam Berns of NorthMarq's Rochester office arranged the 10-year loan through a regional credit unit. The loan includes a 25-year amortization schedule.