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.
LOS ANGELES – The 95-room Holiday Inn Express Los Angeles Downtown West has reopened after undergoing a $1.25-million renovation. The renovation, which was undertaken after InterContinental Hotels Group converted the property from a Ramada Limited hotel,included upgrades to the guest rooms and exteriors. It is part of the new $1-billion Holiday Inn relaunch that IHG announced in 2007.
KISSIMMEE, FLA. — Hardin Construction has topped off the 300-unit Embassy Suites Orlando – Lake Buena Vista South, located at 4955 Kyng's Heath Rd. in Kissimmee. Helman Hurley Charvat Peacock Architects is the architect of record for the project, which is slated for completion in the fall of 2012.
CHARLESTON, S.C. — RLJ Lodging Trust has purchased the 176-room Courtyard by Marriott Charleston Historic District, located at 125 Calhoun St. in Charleston, from Noble Investment Group for $42 million. A new tower was recently completed at the hotel, which added an additional 53 guest rooms and 2,100 square feet of meeting space. Atlanta-based Hodges Ward Elliott represented the seller in the transaction.
COLUMBUS, GA. — Home2 Suites by Hilton has broken ground on an 81-room hotel, located at 1664 Whittlesey Rd. in Columbus. Ram Hotels is developing the four-story property. Upon completion, Nirvana Hospitality will own the hotel and Ram Hotel Management will manage it. The property is slated to open in September 2012.
GALVESTON — Grandbridge Real Estate Capital has secured a $16.4 million construction/permanent loan for an 85-room Marriott Courtyard and an 88-room TownePlace Suites, both located in Galveston. Gary Dunkum of Grandbridge's Houston office arranged the financing with an 18-month term for construction and a 5-year permanent loan with a 24-year amortization schedule through one of Grandbridge's correspondent lenders.
GALVESTON — Grandbridge Real Estate Capital has secured a $16.4 million construction/permanent loan for an 85-room Marriott Courtyard and an 88-room TownePlace Suites, both located in Galveston. Gary Dunkum of Grandbridge's Houston office arranged the financing with an 18-month term for construction and a 5-year permanent loan with a 24-year amortization schedule through one of Grandbridge's correspondent lenders.
EL SEGUNDO, CALIF. – A 2.15-acre hotel site at Campus El Segundo has sold to OTO Development, LLC for $4.4 million. OTO plans to use the site for a 143-room Hyatt Place hotel, which will begin construction immediately. There are still 24 acres that remain at Cam pus El Segundo. Jim Thomas, chairman and CEO of the seller, Thomas Property Group, noted his company still has flexible entitlements for about 1.7 million square feet of future development space.
NEW YORK — The New York-based Fitzpatrick Hotel Group recently completed a reported $3.5 million renovation to the 155-room Fizpatrick Grand Central hotel, located at 141 E. 44th St. in New York. The renovations include a newly furnished lobby and redesigned guest rooms. The hotel group has spent three years and $12 million renovating both of its New York properties.
ARLINGTON, VA. — The Donohoe Co. has broken ground on the 183-room Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Arlington. Additionally, the company closed on a $36 million construction loan through Capital One Bank. The hotel is part of the more than 1 million-square-foot Founders Square, a mixed-use, five-building complex adjacent to the Ballston Metro. Donohoe Construction Co. is the general contractor for the project and Donohoe Hospitality Services will manage the hotel. Completion is slated for the second quarter of 2013.