JACKSONVILLE, FLA — Mercury Investment Co. has acquired the 117-room Hampton Inn and Suites Ponte Vedra in Jacksonville. Originally built in 2000, the Hampton Inn recently underwent a major renovation, including upgrades to the lobby, fitness facility and guestrooms. The new owner plans to make additional enhancements, including the addition of a shuttle and manager's reception. Integral Hospitality Solutions will manage the property. CBRE Hotels represented the seller in the transaction.
NEW YORK CITY — Brack Capital Real Estate has sold The James New York, a boutique hotel located at 27 Grand St. in SoHo, for $85 million. Under new ownership, Denihan Hospitality Group will continue to manage the property. Newark, N.J.-based Prudential Finance Inc. purchased the building, according to Crains New York. Completed by Brack in 2010, the hotel was designed by locally based ODA Architecture in collaboration with Perkins Eastman and Thomas Schlesser. The property includes a rooftop lounge, private pool and bar with indoor and outdoor seating.
IRVINE, CALIF. – A 210-room Courtyard by Marriott Irvine Spectrum has broken ground in Irvine. The 131,667-square-foot hotel will contain a lap pool, spa area, 1,500-square-foot fitness center, lounge area and bar, guest laundry, 8,500 square feet of meeting space and a convenience market. The $50-million project will be built by R.D. Olson Development and designed by WATG. It is scheduled for completion in July 2014. R.D. Olson will retain ownership of the hotel, while Marriott International will provide management services.
OCALA, FLA. — A 109-room Hampton Inn & Suites in Ocala has sold to a limited liability company from Michigan for $5.8 million, or $53,211 per room. The hotel is located directly off I-75 on Highway 484, just minutes from Ocala's Florida Horse Park. Ahmed Kabani and Jonathan Gerszberg of Marcus & Millichap represented the seller, a Miami bank, in the transaction. David Greenberg of Marcus & Millichap represented the seller.
CHICAGO — Hotel Indigo, InterContinental Hotels Group’s upscale boutique brand, has plans for a third hotel in the Chicago market. The hotel, which will be located in the historic downtown area’s Atlantic Bank Building, is expected to open in spring 2014. The Hotel Indigo Chicago-Millenium Park hotel, located at 168 N. Michigan Ave. in Chicago, will undergo an estimated $20 million renovation by the ownership. The hotel will occupy a 101-year-old building that first opened in 1912 as the Federal Life Building. The 156-room hotel will feature design elements that reflect its local neighborhood just north of Millennium Park within Chicago’s central business district.
WASHINGTON, D.C. — Modus Hotels and Alex. Brown Realty have acquired the 75-room Normandy Hotel in Washington, D.C., for $16 million. Located in the Kalorama and Dupont neighborhoods, the acquisition brings Modus' portfolio to 13 hotels, with seven in the metro D.C. area. The hotel recently underwent a $6 million renovation.
MINNEAPOLIS — Chartres Lodging Group has purchased the Radisson Plaza Hotel Minneapolis from Carlson Real Estate Co., and plans to convert the property to a Radisson Blu, an upscale hotel. The San Francisco-based group acquired the 360-room property for $28 million, according to the Minneapolis/St. Paul Business Journal. The hotel occupies 17 floors of the 37-story Plaza Seven building, located at 35 S. 7th St. The hotel includes a restaurant and bar, as well as 22,000 square feet of meeting space, access to underground parking and a direct link to the city's climate-controlled skyway system.
MYRTLE BEACH, S.C. — Fred Ross Jr. of Dickinson, Logan, Todd & Barber Inc. has arranged a $30 million loan for the 227-room Hampton Inn & Suites Oceanfront Resort in Myrtle Beach. A New York City-based CMBS lender provided the loan to the borrower, SC LLC. The 10-year loan features a 25-year amortization schedule.
TYLER, TEXAS — Dallas-based LIG Assets Inc. has purchased a tract of land on Gentry Parkway in Tyler for the construction of a new hotel. LIG acquired the tract from OM SHRI JJB LLC.
NEW ORLEANS — The Laurus Corp. has completed the $2.7 million renovation of the Ramada Suites Hotel at New Orleans Airport and rebranded the facility as a Holiday Inn Express. The project included a complete overhaul of the guestrooms, public areas, exterior facade and landscaping. Laurus acquired the 130-room hotel in March 2012, which is situated at the entrance of the 200-acre James Business Park. Exterior renovations include a new pool deck, courtyard deck, fountain and a new paint job. Guestrooms will feature new flooring, furniture, lighting, window treatments and upgraded fixtures in the bathrooms.