ORLANDO, FLA. — Atlanta-based Hodges Ward Elliott has arranged the $1.77 million sale of the 108-room Orlando Inn, located at 5900 American Way in Orlando. Anthony Falor of Hodges Ward Elliott's Select Service Division represented the undisclosed seller in the transaction. Florida-based Ark Hotel Group was the buyer. The property will be repositioned as the Super 8 Universal Studios — Orlando.
PHILADELPHIA — Ensemble Hotel Partners has reached an agreement with Liberty Property/Synterra and the Philadelphia Industrial Development Corp. to develop a 168-room hotel at the Philadelphia Navy Yard. The Courtyard by Marriott in the Navy Yard Corporate Center will be developed and owned by Ensemble Hotel Partners in conjunction with Louis Cicalese and managed by Marriott Corp. Ensemble is planning to break ground in the spring of 2012 and be complete in spring of 2013.
WILMINGTON, DEL. — Driftwood Hospitality Management has purchased the 217-room Doubletree by Hilton Downtown Wilmington Legal District, located at 700 N. King St. in Wilmington, for $12 million. The purchase was part of a joint venture agreement between Driftwood and AGRE U.S. Real Estate Fund.
PEACHTREE CITY, GA. — Atlanta-based Hodges Ward Elliott has arranged the sale of the 51-room Best Western Peachtree Inn & Suites, located at 976 Crosstown Rd. in Peachtree City. Anthony Falor and William Shiver with Hodges Ward Elliott's Select Service Division represented Atlas GA II SPE, the seller, in the all-case transaction. Coldwell Banker Metro Brokers represented the buyer, JDH Developers — World Debt Acquisitions.
NEW ORLEANS — Canyon Capital Realty Advisors has provided a $22.8 million senior leasehold bridge loan to HRI Lodging and Carey Watermark Investors for the reposition and reflagging of the 251-room Chateau Bourbon Hotel, located at 800 Iberville St. in New Orleans. Renovations will include a new lobby, open lounge and dining area, as well as a complete redesign for guest rooms. Upon completion the hotel will be reflagged under the Hyatt brand. Completion is slated for the summer of 2012.
DALLAS — Marcus & Millichap has closed on the $1.8 million sale of a 130-room Econo Lodge, located at 1625 Regal Row in Dallas. Tyler Bean, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a bank, and the buyer, an individual trust.
EVANSVILLE, IND. — Summit Capital and Aries Capital have secured a $7 million loan for the 199-unit Holiday Inn of Evansville Airport hotel, located at 7101 Hwy. 41 N. in Evansville. The loan has a 5-year rate and was secured through a consortium of credit unions.
AUSTIN, COLLEGE STATION AND HOUSTON — Inland American Real Estate Trust Inc. has completed the disposition of a portfolio of TownePlace Suites hotels , totaling 571 rooms, for more than $30 million. The portfolio includes the 127-room TownePlace Suites Austin Northwest, the 94-room TownePlace Suites Bryan College Station, the 128-room TownePlace Suites Houston Northwest and the 94-room TownePlace Suites Houston Clear Lake. The portfolio also included a 128-room property in Birmingham, Ala.
RALEIGH, N.C. — The 229-guestroom Renaissance Raleigh North Hills Hotel, located at 4100 Main at North Hills St. in the North Hills Lifestyle Center in Raleigh, has received $47.5 million in first mortgage financing. Mark Fisher and Rayna Karaivanov of CB Richard Ellis' New York City office, Bryan Kane of CBRE's Raleigh office, and Bradley Burwell and Jonathan Rice of CBRE Hotels secured the 10-year loan with a 30-year amortization schedule through RBS Commercial Real Estate on behalf of Concord Hospitality and Kane Realty Corp., the developers.
MIAMI — Jones Lang LaSalle Hotels has arranged the $13.5 million sale of the 243-room Continental Bayside Hotel, located at 146 Biscayne Blvd. in Miami. Gregory Rumpel and Andrew Dickey of Jones Lang LaSalle's Miami office represented the seller, RFR Holding Corp., in the transaction. The buyer was a joint venture between Insite Group and The Carlyle Group.