NEW ORLEANS — The 111-room Dauphine Orleans Hotel, located at 415-420 Dauphine St. in New Orleans' French Quarter, has received $10 million in financing. Johnson Capital and CRCapital Advisors arranged the 10-year loan with a 25-year amortization schedule through a CMBS lender. The non-recourse debt was used to pay off existing recourse bank debt.
PECOS — Marcus & Millichap has arranged the sale of a 97-room Quality Inn, located at 4002 S. Cedar St. in Pecos. Allan Miller of Marcus & Millichap's Austin office, along with Chris Gomes of the firm's Dallas office, represented the seller, a California-based private investor, in the transaction. Gomes procured the buyer, a Dallas-based private investment fund.
DALLAS — Dallas-based BMC Capital has provided a $3.75 million loan to refinance a 102-room La Quinta Suites, located in Dallas. Jim Tennial of BMC arranged the 3- to 5-year loan with a 25-year amortization schedule.
ELYRIA, OHIO — Elyria Hotels Inc., a regional hotel owner and operator, has acquired the 248-room Ramada Inn Elyria Ohio for $1.1 million. The hotel includes a restaurant, lounge and more than 10,000 square feet of meeting space. The new owner plans to keep the property under the Ramada brand and begin renovations to the guest rooms and public areas. Ed James and Lance Potter of Mumford Co. represented the seller, an institutional entity, in the transaction.
DALLAS — A 364-room Holiday Inn Select North Dallas, located at 2645 LBJ Freeway in Dallas, has been sold. The 217,789-square-foot, two-tower hotel features 14,223 square feet of meeting space and an indoor/outdoor atrium pool. Hank Wolpert of Colliers International's Dallas office represented the seller, LNR Property, in the transaction.
JACKSONVILLE, N.C. — A new 105-room Home2 Suites by Hilton, located at 139 Circuit Ln. in Jacksonville, has opened. Amenities include an indoor saline swimming pool and scenic walking trail, as well as complimentary breakfast. This is the second Home2 Suites in North Carolina. Onslow Hospitality built the property, and LBA Hospitality will manage it.
BRAINTREE, MASS. — A 204-room Hyatt Place hotel will open its doors in Braintree on May 15. The Hyatt Place Boston/Braintree is located 12 miles outside of Boston at the intersection of Routes 95 and 128. The project will also include a 32,000-square-foot building for retail and restaurants, and another 6,000-square-foot retail building. The building is slated to roll out later this summer. The new hotel includes a fitness center and five meeting spaces. Carpenter & Co. developed the property, while Cambridge Seven Associates provided the architectural services. Interstate Hotels & Resorts Worldwide will manage the hotel.
ROSLYN, WASH. – A joint venture between Lowe Enterprises and Suncadia Grand Avenue Partners, LLC, a subsidiary of a fund managed by Oaktree Capital Management L.P., has assumed ownership of the Suncadia Resort in Roslyn. The 6,300-acre resort features the 254-room Lodge at Suncadia, the Glade Springs Spa, privately-owned residences and three golf courses, among other amenities. The new joint venture and its subsidiaries will own all aspects of the resort, which includes the real estate, hospitality operations, recreational facilities and utility company.
CHICAGO — Lowe Enterprises Investors, on behalf of an investment client, has acquired the 28-story Affinia Chicago Hotel from Denihan Hospitality Group. Concurrent with the sale, Destination Hotels & Resorts will take over the hotel management and implement the property's rebranding as “MileNorth, a Chicago Hotel.” The name was inspired by the property's location one block from North Michigan Avenue, also known as the Magnificent Mile. The 213-room hotel includes 3,000 square feet of meeting space and a ground-floor restaurant. Eastdil Secured represented the seller in the transaction. Lowe was represented in-house.
BOSTON — Hersha Hospitality Trust has agreed to acquire the 80-room Bulfinch Hotel in Boston for $18.2 million, or $228,000 per hotel room. Hersha plans to invest $2.5 million in the hotel to upgrade guest rooms and improve the fitness and business amenities. The hotel is located in Boston's West End, within walking distance of Beacon Hill and the North End. The acquisition is expected to close later this month.