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.
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.
