HOUSTON — The Admiral Capital Real Estate Fund, founded by NBA hall of famer David Robinson, has acquired the majority equity interest in the 190-room Hilton Garden Inn, located at 12245 Katy Freeway in Houston's Energy Corridor, for an undisclosed price. Houston-based American Liberty Hospitality will continue to manage and partially own the hotel.
SAN ANTONIO — Marcus & Millichap has brokered the sale of Comfort Suites Alamo Downs, a 75-room hotel at 8021 Alamo Down Pkwy. in San Antonio. The seller, a financial institution, foreclosed on the property in July. Allan Miller of Marcus & Millichap's Austin office and Chris Gomes of the firm's Dallas office represented the buyer, a private investor.
ROCHESTER, MINN. —The Rochester Marriott Clinic Area, located at 101 First Ave. SW in Rochester, has completed a comprehensive hotel renovation for an undisclosed amount. Weis Builders undertook the construction, which included a renovated lobby, a new concierge level lounge and redesigned rooms.
NEW YORK — Investcorp's real estate arm based in the U.S. has purchased mezzanine debt supported by the 20-story Paramount Hotel in New York City's Time Square. Investcorp bought two existing loans of the mezzanine with a principal balance of $40 million from Fillmore Capital Partners, which was the existing lender for the Paramount at the time of RFR's purchase of the hotel. Highgate Holdings, a national hotel manager, will continue to operate the Paramount on behalf of new ownership.
KANSAS CITY, MO. — Summit Hotel Properties Inc. (NYSE: INN) has agreed to purchase the 96-room Residence Inn by Marriott in downtown Kansas City for $103,000 per key. The company has also agreed to purchase a 150-room Courtyard by Marriott in downtown Atlanta. The completion of the acquisitions is subject to lender approval.
WINTER PARK, FLA. — Rollins College has broken ground on the 112-room Alfond Inn, located at the former Langford Hotel site approximately one block from campus in Winter Park. The 100,000-square-foot facility will feature 8,000 square feet of a ballroom and meeting space, a conservatory, signature restaurant, elevated pool deck, bar, fitness center and a series of courtyards. Baker Barrios Architects is the architect for the project and Hardin Construction Co. is the construction manager. The Olympia Cos. will manage the property upon completion in the spring of 2013. The Harold Alfond Foundation donated $12.5 million to the college to construct the project.
MANHATTAN — Gene Kaufman Architect is designing two new hotels, both developed by Hidrock Realty, in Midtown Manhattan. The company is reinventing the former office building at 960 Sixth Ave. into a Courtyard by Marriott and developing a groundup SpringHills Suites by Marriott at 25 W. 37th St. The 100,000-square-foot Courtyard will include 167 rooms with retail space on the ground floor. The 70,000-square-foot SpringHill Suites will include 173 rooms. The Courtyard is slated for completion in the fall of 2012, while SpringHill is expected to be completed by 2013.
BOSTON— Hospitality Properties Trust of Newton, Mass. has agreed to acquire Boston's Sonesta International Hotels Corp. for $150 million. Sonesta's management team will remain in place and continue to run the companies properties, including the 22,000-square-foot Royal Sonesta Hotel in Cambridge. The deal is expected to take place early next year. Deutsche Bank Securities served as financial advisor to Sonesta and Goodwin Procter served as legal counsel to Sonesta in the transaction.
ORMOND BEACH, FLA. — The 194-unit Coral Sands Resort, located at 1009 Ocean Shore Blvd. in Ormond Beach, has sold for $6.15 million. Charles Wayne of Daytona Beach, Fla.-based Charles Wayne Properties represented Ocean Shore Investments, the seller, in the transaction. The buyer was Island Club Associates.
ATLANTA — Cushman & Wakefield has negotiated the sale of the 387-room Renaissance Concourse Atlanta Airport Hotel, located at 1 Hartsfield Centre Pkwy. in Atlanta. Tom McConnell and Ernest Lee of Cushman & Wakefield Sonnenblick Goldman's New York office represented the seller, an institutional owner. The buyer was an investment group between Clearview Hotel Capital and a real estate fund managed by Oaktree Capital Management.
