IRVING — HFF has secured $75 million in refinancing for the 506-room Westin DFW Airport, located at 4545 W. John Carpenter Fwy. in Irving, less than 2 miles away from the Dallas/Fort Worth International Airport. Mike Tepedino and Michael Gigliotti of HFF's New York City office and John Bourret of the firm's Dallas office arranged the financing through J.P. Morgan Chase Bank on behalf of the borrowers, Investcorp International and The Procaccianti Group. The hotel features 38,000 square feet of meeting space, a business center, restaurant with bar and lounge, a fitness center and a heated outdoor pool.
NASHVILLE, TENN. — Noble Investment Group has acquired the 226-room Courtyard by Marriott Nashville Vanderbilt/West End hotel, located at 1901 West End Ave. in Nashville. The buyer plans to invest $7 million in renovations, including an upgraded lobby, addition of a Courtyard Bistro restaurant, a state-of-the-art fitness center, contemporary furnishings and high-tech amenities added to hotel guest rooms and other areas of the hotel.
BURLINGTON, MASS. — Sonesta International Hotels Corp. plans to convert a 141-room Staybridge Suite in Burlington to its new Sonesta ES Suites upscale extended-stay brand this June. Located 15 miles from Boston, the Sonesta ES Suites will include “oversized” suites, ranging from 400 to 750 square feet, and fully equipped kitchens and work areas. The hotel will also include a heated outdoor pool and 24-hour exercise room. The conversion marks the debut of the new brand.
PRINCETON, N.J. — The Landis Group has completed renovation work on the 120-room The Residence Inn by Marriott at Carnegie Center in Princeton. The plan included upgrading the guest rooms, expanding the breakfast area and installing a new buffet and enhancing the lobby. The hotel, which is located at 3563 U.S. Route 1, was developed by Landis. Paramount Hotel Group manages the property.
PHILADELPHIA — A groundbreaking was held for a $60 million hotel in Philadelphia — one of the city's first ground-up hotels in nearly a decade. Home2 Suites by Hilton, with 246 guest rooms, will be located across from the Pennsylvania Convention Center. Wurzak Hotel Group and Parkway Corp. will develop the project. The project calls for 2,000 square feet of meeting space and 9,750 square feet of ground-floor retail and restaurants. The hotel will be largest hotel for the brand to date. A summer 2013 opening is planned.
NEW YORK CITY — Johnson Capital and Andrew Glass Brokerage have jointly arranged $13 million in financing for the 99-room Best Western Plus Prospect Park Hotel in Brooklyn. The 11-story, limited-service hotel is located at 764 4th Ave. It was developed by a Brooklyn-based developer on a site that once housed a gas station. A CMBS lender provided the 10-year loan, which will be used to refinance a construction loan.
ATLANTA — A joint venture between Atlanta-based Noble Investments and an affiliate of Hyatt Hotels Corp. has broken ground on the $11.1 million, 149-room HYATT house Atlanta Cobb Galleria, located at 3625 Cumberland Blvd. in Atlanta. The hotel will be the first HYATT house in Atlanta, and will include amenities such as a pool, fitness center and dining space. Evergreen Construction is building the hotel, which was designed by Lawrenceville, Ga.-based Lindsay Pope Brayfield Clifford & Associates. Completion is slated for spring 2013.
ORANGE BEACH, ALA., AND PENSACOLA BEACH, FLA. — Aries Capital has arranged a $57 million non-recourse loan to refinance existing debt and fund seasonality reserves for three Gulf Coast hotels. The properties include a Hilton Garden Inn and a Holiday Inn Express in Orange Beach and a Hampton Inn in Pensacola. Jeff Bucaro of Aries Capital's Chicago office arranged the 10-year CMBS loan on behalf of the borrower, Innisfree Hotels.
PEORIA, ILL. — EM Properties, a Peoria-based developer, has purchased the Hotel Pere Marquette in Peoria for an undisclosed amount. The company plans to begin a $92.8 million redevelopment of the property. The project will include transforming the 10-story landmark into a Marriott Hotel with renovated guest rooms and public spaces. The company also plans to build an adjacent Courtyard by Marriott, as well as a five-story parking garage. Husch Blackwell LP arranged the financing for the deal.
PEORIA, ILL. — EM Properties is planning a multi-million renovation of its Hotel Pere Marquette in Peoria, and has scheduled a liquidation sale before the project commences. The sale begins Friday, April 13 at 10 a.m. and continue daily. The sale will include room furniture, banquet equipment, fine china, computers, historic pieces and more. Construction will begin after the liquidation and the hotel will re-open in 2013 as a Marriott hotel, connected to the Peoria Civic Center.