Hospitality

TRUMP TO REDEVELOP OLD POST OFFICE BUILDING

by admin February 10, 2012

WASHINGTON, D.C. — The U.S. General Services Administration has selected Trump Hotel Collection to redevelop the 100,000-square-foot Old Post Office Building, located at Pennsylvania Avenue and 12th Street in Washington, D.C. The property will become the 250-room Trump International Hotel, The Old Post Office. The building will be redeveloped to include guest rooms, penthouses and presidential suites, world-class restaurants, a cafe, a bar and lounge, extensive banquet, ballroom and meeting facilities, The Spa at Trump and a library, as well as a curated museum, exhibition gallery and indoor and outdoor gardens.

February 10, 2012

M&M ARRANGES $1.85M HOTEL SALE

by admin February 10, 2012

PASADENA — Marcus & Millichap has brokered the $1.85 million sale of the 60-room Former Holiday Inn Express, a hotel located at 2601 Spencer Hwy. in Pasadena. Eric Guerrero, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a partnership, in the transaction. Guerrero, Yu, Bijlani and Tyler Bean, also of Marcus & Millichap's Houston office, represented the buyer, a private investor.

February 10, 2012

Hospitality Southeast

NOBLE PLANS TWO HOTEL REDEVELOPMENTS

by admin February 9, 2012

ATLANTA AND MEMPHIS, TENN. — Atlanta-based Noble Investment Group has plans to begin a $40 million renovation of the 191-room Hyatt Atlanta Midtown and the 243-room Memphis Marriott East. The Hyatt Atlanta Midtown is located at the corner of Peachtree and 10th Streets in Atlanta. The $21 million renovation will include removal of the old facade and creation of a modern architectural design, as well as a complete renovation of guest rooms and public spaces. Completion is slated for early 2013. The Memphis Marriott East, located at the intersection of Interstate 240 and Poplar Avenue in Memphis, will undergo a $19 million renovation, which will include a modernized exterior as well as upgraded guest rooms, reconfigured public spaces, a new restaurant and bar, incorporation of a Marriott Great Room lobby and enhancement of 10,000 square feet of meeting and event space. Completion is scheduled for the fourth quarter of 2012.

February 9, 2012

Hospitality Texas

MARCUS & MILLICHAP BROKERS HOTEL SALE

by admin February 9, 2012

HOUSTON — Marcus & Millichap has brokered the sale of the 111-room Econo Lodge Webster, a hotel located at 904 E. NASA Rd. 1 in Houston. Tyler Bean, Rahul Bijlani and Michael Yu of Marcus & Millichap's Houston office represented the seller, a bank/financial institution, and secured the buyer, a private investor, in the transaction.

February 9, 2012

Hospitality Southeast

NORTHMARQ SECURES $6.8M REFINANCING

by admin February 7, 2012

FREDERICK, MD. — NorthMarq Capital has arranged $6.8 million in first mortgage refinancing for the 90-room Courtyard by Marriott, located at 5225 Westview Dr. in Frederick. Gary McGlynn and Brendan Scanlon of NorthMarq's Washington, D.C., office negotiated the loan through Wells Fargo, N.A.

February 7, 2012

Hospitality Texas

INDOOR WATERPARK HOTEL TO OPEN IN TEXAS

by admin February 6, 2012

SOUTH PADRE ISLAND — New Braunfels-based Schlitterbahn has plans to open a 221-room, beachfront indoor waterpark hotel known as Schlitterbahn Beach Resort in South Padre Island. The hotel will feature retail, restaurants and an indoor/outdoor convertible waterpark. Phase I of the development is slated to open summer 2012. The hotel will operate year-round.

February 6, 2012

Hospitality Northeast

DOUBLETREE OPENS FIFTH MANHATTAN HOTEL

by admin February 3, 2012

NEW YORK CITY —DoubleTree by Hilton has opened its fifth New York City area hotel in Manhattan. Formerly a Wyndham Garden Hotel, the new 224-room DoubleTree By Hilton New York-Times Square South is situated on 36th Street between Eighth and Ninth avenues. The hotel includes 1,600 square feet of conference space, a fitness facility and wireless Internet access. Additionally, the hotel features a 24-hour self-service business center and complimentary printing service.

February 3, 2012

Hospitality Northeast

JOINT VENTURE ACQUIRES ICONIC NYC HOTEL FOR $115M

by admin February 2, 2012

NEW YORK CITY — In a joint venture, FelCor Lodging Trust purchased the Knickerbocker Hotel in Manhattan for $115 million. The property at Broadway and 42nd Street was purchased in a partnership with an affiliate of Highgate Holdings LLC. The hotel is FelCor's third New York property, and its redevelopment will be completed in late 2013. The hotel will include 330 guest rooms, a rooftop sky bar overlooking Times Square and a fitness facility. FelCor also announced it is marketing 16 hotels and plans to use the money from the sales to reduce debt.

February 2, 2012

Hospitality Texas

HYATT NORTH HOUSTON OPENS

by admin February 2, 2012

HOUSTON — Hyatt North Houston, a 335-room hotel formerly known as the Crowne Plaza Houston North-Greenspoint and located at 425 N. Sam Houston Pkwy. E., has opened following a multi-million dollar renovation. Memphis, Tenn.-based Davidson Hotels & Resorts operates the hotel under a franchise agreement with Hyatt Hotels Corp. The property features a fitness facility, outdoor swimming pool, spa, business center, gift shop and Grill 425, an American-style restaurant.

February 2, 2012

Hospitality Northeast

CHESAPEAKE AGREES TO BUY NYC HOTEL FOR $76.5M

by admin February 1, 2012

NEW YORK CITY — Chesapeake Lodging Trust has agreed to acquire the 185-room Hyatt Place New York Midtown South in New York City, for $76.5 million. The hotel is currently under development at 52-54 W. 36th St. Chesapeake plans to close on its purchase following the completion of the hotel, which is slated for the third quarter. Additionally, the trust agreed to provide the seller $6.5 million in bridge financing for the development of the hotel.

February 1, 2012

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