MINNEAPOLIS — Dougherty Funding LLC has closed a $16 million loan for the acquisition and conversion of the Holiday Inn Minneapolis Metrodome hotel into a Courtyard by Marriott. The hotel, which is located at 1500 Washington Ave. in Minneapolis, has 265 rooms. The renovation and rebranding follows the hotel's recent sale to Minneapolis-based Heartland Realty Investors, according to the Minneapolis St. Paul Business Journal.
BEVERLY HILLS, CALIF. — The 297-room SLS Hotel at Beverly Hills has received $125 million in refinancing. The luxury hotel is located on La Cienega Boulevard at the crossroads of Beverly Hills and West Hollywood. Financing was arranged by Mathew Comfort, Reid McGlamery, Mike Huth, John Strauss and James Stockdale of Jones Lang LaSalle.
SAN PEDRO, CALIF. — The 226-room DoubleTree Hotel in San Pedro has sold to LA Sky Harbor, LLC for an undisclosed sum. The hotel is located along the Cabrillo Yacht Marina. The seller was San Pedro Ownership. The sale was executed by Michael Blahosky of HREC Investment Advisors.
SAN DIEGO — Pacific Hospitality Group (PHG) has acquired Warner Springs Ranch in San Diego County. The 2,400-acre property was purchased at auction. PHG will have $15 million to $18 million invested in the acquisition. It plans to invest up to an additional $50 million to renovate and redevelop the facilities. The ranch contains a 27,000-square-foot main lodge, 250 casita units, a 144-acre golf course and club house, four tennis courts, equestrian facilities, two restaurants, a spa, campgrounds, three swimming pools, a private airport and meeting facilities. The deal was brokered by CBRE’s Jeff Woolson.
WHIPPANY, N.J. — HFF has arranged $38.9 million in acquisition financing for the Hanover Marriott, an eight-story, 353-room hotel in Whippany, located about 50 miles west of New York City. HFF worked on behalf of Clarion Partners to secure a six-year, fixed-rate loan through a national life insurance company. The Hanover Marriott is located at 1401 Mount Pleasant Ave. near Interstate 287. The property underwent a $15 million renovation in 2011, which included a redesign of its main restaurant and lobby, guestrooms, bathrooms and corridor renovations, pool and fitness center upgrades and building system improvements. Steven Klein and John Bourret of HFF represented the borrower in the transaction.
HOUSTON — RLJ Lodging Trust has acquired the historic Humble Oil Building, a three-tower complex that occupies an entire city block in downtown Houston, for $79.5 million. The purchase price equates to approximately $151,000 per key, based on a combined forward room count of 528 keys. The Humble Oil Building consists of an 82-room apartment tower that will be converted to a 166-room SpringHill Suites, as well as two existing hotels. The hotels include the 191-room Courtyard Houston Downtown Convention Center and the 171-room Residence Inn Houston Downtown Convention Center. RLJ Lodging purchased the buildings with its revolving credit facility. The new SpringHill Suites is scheduled to open in mid-2015.
BEVERLY HILLS, CALIF. — The 297-room SLS Hotel at Beverly Hills has received $125 million in refinancing. The luxury hotel is located on La Cienega Boulevard at the crossroads of Beverly Hills and West Hollywood. Financing was arranged by Mathew Comfort, Reid McGlamery, Mike Huth, John Strauss and James Stockdale of Jones Lang LaSalle.
SAN PEDRO, CALIF. — The 226-room DoubleTree Hotel in San Pedro has sold to LA Sky Harbor, LLC for an undisclosed sum. The hotel is located along the Cabrillo Yacht Marina. The seller was San Pedro Ownership. The sale was executed by Michael Blahosky of HREC Investment Advisors.
SAN DIEGO — Pacific Hospitality Group (PHG) has acquired Warner Springs Ranch in San Diego County. The 2,400-acre property was purchased at auction. PHG will have $15 million to $18 million invested in the acquisition. It plans to invest up to an additional $50 million to renovate and redevelop the facilities. The ranch contains a 27,000-square-foot main lodge, 250 casita units, a 144-acre golf course and club house, four tennis courts, equestrian facilities, two restaurants, a spa, campgrounds, three swimming pools, a private airport and meeting facilities. The deal was brokered by CBRE’s Jeff Woolson.
SANTA ANA, CALIF. – The 121-room Santa Ana Hampton Inn & Suites has sold to Trigild, Blu Hotel Investors and Pacifica Real Estate Group (PREG) for an undisclosed sum. The hotel is located at 2720 Hotel Terrace Drive in Santa Ana. It is situated on 1.45 acres near South Coast Plaza and John Wayne International Airport. The hotel will undergo an extensive renovation and will continue operating under the current Hampton franchise agreement.