CORPUS CHRISTI, TEXAS — The 103-room Hyatt Place Corpus Christi, located in the heart of Corpus Christi, has opened. The hotel is the first Hyatt Place hotel in the area. The hotel features 42-inch HDTVs in every room, free Wi-Fi, complimentary breakfast, 1,200 square feet of meeting space, a room service kitchen, an Intimate Bakery Cafe serving Starbucks coffee and beer, fitness center and an indoor pool.
SAN DIEGO — The 337-room Embassy Suites San Diego Bay – Downtown has sold to Pebblebrook Hotel Trust for $112.5 million. The hotel is located at the corner of Harbor Drive and Pacific Highway near Seaport Village in San Diego. The hotel underwent a $3.5-million renovation in May 2012. Pebblebrook will assume a $66.8-million secured, non-recourse loan as part of the transaction. HEI Hotels and Resorts will manage the property.
ALTOONA, PA. — HIAP and MMRE LP have sold the 111-room Hampton Inn in Altoona for $16.8 million. The sale also included vacant lots and two residential properties. The property is situated off I-99 at the West Plank Road exit. The hotel is surrounded by a significant amount of retail space, including the neighboring Logan Valley Mall and an adjacent Cracker Barrel Restaurant and Champs Sports Bar & Grill. Geoff Davis, Ted Anka and Ketan Patel of HREC Investment Advisors represented the seller in the transaction.
ATLANTA — Atlanta-based Peachtree Hotel Group has acquired two non-performing hotel first mortgage notes including a 135-room Hilton Garden Inn in Virginia and a 60-room Best Western in Florida from a regional bank. Peachtree Hotel Group has a diversified ownership and third-party management portfolio, and heavily targets the most recognized hotel brands in the select and limited-service categories. The company has completed 31 acquisitions during the past 24 months.
ORLANDO, FLA. — Summit Hotel Properties Inc. has acquired three hotels totaling 426 guestrooms from affiliates of Hyatt Hotels Corp. for $36.1 million. Two of the Hyatt hotels are located in Orlando with the other hotel in Illinois. Summit has entered into an agreement with Select Hotels Group LLC, an affiliate of Hyatt, to operate each hotel. The Orlando hotels include the 151-room Hyatt Place-Universal and the 149-room Hyatt Place-Convention Center.
CHICAGO — Summit Hotel Properties has closed its acquisition of three Hyatt hotels for $36.1 million, including a property in Illinois. The company purchased the 126-room Hyatt Place in Chicago, as well as the Hyatt Place-Universal and Hyatt Place-Convention Center in Orlando. Select Hotels Group, an affiliate of Hyatt, will operate each hotel.
BOSTON — Loews Hotels & Resorts has agreed to buy the 225-room Back Bay Hotel in Boston from The Doyle Collection. The financial terms were not disclosed. The hotel, located at the corner of Bekeley and Stuart streets, was built in the 1920s as the Boston Police Department Headquarters, and occupied as such until the late 1990s. The property was redeveloped in 2004. The hotel includes meeting and event space and two dining options, Cuffs, an Irish Bar, and the Stanhope Grille. The deal is expected to close next month.
ATLANTA — Crestline Hotels & Resorts Inc. has completed a $1.5 million renovation and upgrade to the Georgia Tech Hotel & Conference Center in Midtown Atlanta. The hotel and IACC Conference Center are located on the Georgia Institute of Technology campus, and both are managed by Crestline. All 252 guestrooms have been renewed with new wall coverings, carpeting, draperies, new lighting, new desk chairs, new lounge chairs and luggage benches. All of the hotel’s suites were also renovated.
ATLANTA — Host Hotels & Resorts LP has sold the 1,663-room Atlanta Marriott Marquis, located at 265 Peachtree Center Ave. in Atlanta, for $293 million. The buyer was undisclosed. The property includes 160,000 square feet of contiguous meeting space, 84 meeting rooms, 1,569 guest rooms and 94 suites. The hotel is subject to a long-term management agreement with Marriott International Inc. The proceeds will be used to fund future acquisitions, pay down debt or for general corporate purposes.
BAY CITY AND HARLINGEN, TEXAS — Marcus & Millichap has arranged the sale of a 120-room Best Western in Bay City and a 70-room Hampton Inn & Suites in Harlingen. Best Western is located at 407 Seventh St. and the Hampton Inn & Suites is located at 1202 Ed Carey Drive. The Hampton Inn & Suites had a list price of $7.1 million. Michael Yu and Rahul Bijlani, senior directors of Marcus & Millichap's National Hospitality Group in Houston, represented the sellers in both transactions. A bank sold the Best Western and a limited liability company sold the Hampton Inn & Suites. Eric Guerro of Marcus & Millichap's Houston office assisted Yu and Bijlani in the sale of the Best Western. Yu and Bijlani also secured and represented the buyers. A private investor purchased the Best Western while a limited liability company purchased the Hampton Inn & Suites. Tyler Bean of Marcus & Millichap's Fort Worth office assisted Yu and Bijlani in representing the Best Western buyer.