JACKSON, MISS. — American Real Estate Capital (AREC) has negotiated a $16 million loan secured by the fee simple interest in the 276-room Hilton Jacksonville, located in Jackson. The hotel features 27,000 square feet of meeting space. AREC arranged the three-year loan with two, one-year extension options.
KING OF PRUSSIA, PA. — A new $30 million full-service hotel is slated to open this fall at 480 North Gulph Rd. in King of Prussia. The Sheraton Valley Forge will feature 180 guest rooms, 25,000 square feet of meeting space and a 10,000-square-foot ballroom. The property will also include a landscaped courtyard, pool, outdoor fire pit, fitness center and a complimentary shuttle. Philadelphia-based Wurzak Hotel Group owns the property.
CONROE AND SAN ANTONIO — Marcus & Millichap has arranged the sales of a 123-room Motel 6 at 820 Interstate 45 S. in Conroe and a 113-room Motel 6 at 9503 N. Interstate 35 in San Antonio. Michael Yu, Rahul Bijlani, Eric Guerrero and Tyler Bean of Marcus & Millichap's Houston office represented the seller, ACCOR North America, in both transactions. A Houston-based investor purchased the Conroe motel and an investor from Texas purchased the San Antonio motel.
HOLLYWOOD BEACH, FLA. — CBRE Group has arranged the sale of the 52-room Driftwood on the Ocean and a 12-unit apartment property, located in Hollywood Beach, for $8.7 million. Property Markets Group purchased Driftwood on the Ocean, a hotel with condominium development approvals located at 2101 S. Surf Road, for $7.6 million. CBRE Group represented Dupont Hollywood LLC, the seller, in the transaction. A foreign investor purchased the apartment community, located at 335 Georgia St., for $1.1 million. Jeff Cohen of EWM represented the buyer in the transaction and CBRE Group represented the seller, a private individual.
TALLAHASSEE, FLA. — A joint venture between DeBartolo Development and Banyan Tree Cos. has acquired the 122-room Hampton Inn & Suites, located at 3388 Lonnhladh Road in Tallahassee, for $12.35 million. Gray Morgan and Charles Reyner of Greenville, S.C.-based Windsor/Aughtry Co. represented the seller, AHG Hotels, in the transaction.
BISMARCK, N.D. — TMI Hospitality has opened North Dakota's first Residence Inn by Marriott, located at 3421 N. 14th St. in Bismarck. The 92-room, extended-stay hotel is located minutes from the Kirkwood Mall, the North Dakota State Capital and Bismarck State College. Amenities at the hotel include a full break fast buffet, swimming pool, exercise facility, meeting rooms and outdoor patio with fireplace. TMI owns and operates two other properties in Bismarck, the Fairfield Inn and Suites North and Fairfield Inn and Suites South.
DALLAS — The 101-year-old Dallas Coffin Co. Building has been converted to a five-story, 76-room boutique hotel known as NYLO Dallas South Side Hotel, located at 1325 S. Lamar at Belleview in Dallas. The hotel is set to open in mid-August 2012 and will be NYLO's third hotel in the Dallas/Fort Worth market. The hotel will feature SODA Bar, a glass-enclosed bar and lounge featuring an infinity pool and panoramic views of Dallas. The hotel will also include a bistro in the lobby, 950 square feet of meeting space and 4,500 square feet of rooftop terrace space for special events or corporate gatherings.
ARLINGTON — Summit Hotel Properties has bought a 96-room Residence Inn by Marriott, located in Arlington, for $15.5 million. The purchase is Summit's 12th hotel acquisition since its initial public offering (IPO) in February 2011.
PHILADELPHIA — Campus Apartments has completed its first hotel development: the $50 million Homewood Suites by Hilton – University City. The property is located at 4109 Walnut St. in Philadelphia's University City District. The upscale, extended-stay hotel is aimed at attracting professionals, patients and families who require long-term accommodations in close proximity to the academic and medical facilities. The 110,000-square-foot hotel features 136 suits averaging 500 square feet each, a fitness center and indoor swimming pool. The project team included Alesker & Dundon Architects; L.F. Driscoll Co., the general contractor; and Floss Barber, the interior designer.
JOPLIN, MO. — Homewood Suites by Hilton has opened a new hotel in Joplin featuring its latest prototype, Gen9, which enables the extended-stay brand to target more urban locations. The four-story, 97-room hotel is owned by Joplin Hospitality Partners and managed by McHugh Hospitality Group. The building is one of the first businesses to open in Joplin since last year's deadly tornado. The Gen9 plan reduces the land area needed to build a Homewood by approximately 20 percent. Construction costs are reduced 10 to 15 percent, and the overall development cost per-key is reduced 4 to 6 percent. The Joplin hotel is located at 2642 East 32 St.