CLEVELAND — Casino developer Rock Ohio Caesars has agreed to acquire the 205-room Ritz Carlton Hotel in Cleveland for $36.5 million. Rock Ohio is a joint venture between Caesars Entertainment Corp. and the Rock Gaming company. The entity has also acquired an attached 119,000-square-foot office building, which was sold in a mortgage default auction. The hotel and office building are adjacent to the entity's planned casino, Horseshoe Casino Cleveland, which is slated to open in March 2012. Both properties are owned by Forest City Enterprises Inc., a publicly traded real estate company. The hotel will remain a Ritz-Carlton under a long-term management contract. The transaction is expected to close Dec. 15.
BIRMINGHAM, ALA. — The 150-room former Hyatt Place Hotel, located at 2024 4th Ave. South in Birmingham, has been sold for $19.25 million. Additionally, the hotel has been converted to the SpringHill Suites by Marriott brand. Teague Hunter of Hunter Realty's Atlanta office represented Capmark Financial, the seller, in the transaction. The buyer was Ascent Hospitality.
BEDFORD, MASS. — Acting on behalf of a pension fund client, Lowe Enterprises Investors (LEI) has acquired the Doubletree Bedford Glen Hotel in Bedford from AEW Capital Management for an undisclosed amount. The 281-room hotel is located at 44 Middlesex Turnpike. The hotel underwent a significant renovation in 2006, but LEI plans to implement a $1 million capital improvement plan to upgrade the property, including the common areas and meeting space. The hotel will be managed by LEI affiliate Destination Hotels & Resorts and will continue to operate as a Doubletree branded hotel.
CARLE PLACE, N.Y. — Yonkers-based AVR Realty Co. has broken ground on a 150-unit Homewood Suites Hotel in Carle Place. The project, which is valued at $19 million, will replace an undeveloped automobile storage yard. The hotel is expected to open in about 15 months. Tritec Construction is building the hotel for AVR, the hotel's developer.
HOUSTON — Situs Asset Solutions has arranged the sale of a 57-room Comfort Inn & Suites, located at 3555 FM 1960 in Houston. Stephen Kradjian and Maury Bronstein of Situs' Houston office represented the seller, Champion 3555 FM 1960 W BACM07-02 LLC, in the transaction. Mahul Hajari of Avondale, La.-based Hajari Realty represented the buyer, an out-of-state investor.
PITTSBURGH — DoubleTree by Hilton is planning a $16 million renovation of its 465-room hotel in Pittsburgh. The hotel is Hilton's largest in the market, and the project is scheduled for completion by the end of 2012. RIDA Development Corp. will direct the redesign of the Doubletree by Hilton Pittsburgh-Green Tree. The team includes interior design company, Looney & Associates. Renovations are planned for the lobby, guest rooms and the business and fitness centers.
NEW YORK CITY — Manhattan-based owner Hidrock Realty has secured two loans totaling $66 million for the $126 million development of two new hotels in Midtown Manhattan. BBVA Compass Bank provided a $36 million construction loan for the $72 million development of the hotel located at 960 Avenue of Americas. The hotel is slated for completion in October 2012 and will include 167 guestrooms. The Bank of Nova Scotia provided a $30 million loan for the $54 million hotel, located at 25 W. 37th St. The project will include 173 guestrooms when completed in October 2013.
DALLAS — The Joule, a luxury hotel located at 1530 Main St. in downtown Dallas, has started a $78 million renovation and expansion. The hotel upgrades will include addition of 31 guest rooms (including two three-story penthouses), a new 8,000-square-foot spa, a 600-square-foot screening room, a 1,350-square-foot recording studio, a second Charlie Palmer restaurant and expanded event spaces. Interior designer Adam Tihany is designing the interior upgrades. Construction is slated for a fall 2012 completion, and the hotel will remain open throughout the renovation.
MIAMI BEACH, FLA. — Jones Lang LaSalle has arranged the $95 million sale of the 263-room Courtyard Miami Beach Oceanfront, a hotel located at 3925 Collins Ave. in Miami Beach. Gregory Rumpel of Jones Lang LaSalle Hotels' Miami office represented Beta Epsilon Cadillac, the seller, in the transaction. The buyer was Hersha Hospitality Trust.
MANHATTAN, KAN. — HWC, a real estate development company, has opened the new Hilton Garden Inn Hotel & Conference Center in Manhattan, Kan., following two years of construction. The 135-room Hilton Garden Inn is connected to a 30,000-square-foot conference center. The project is part of Manhattan's South End redevelopment project, which will include the Flint Hills Discovery Center, scheduled to open in the spring of 2012. The hotel is managed by Kinseth Hospitality Corp.