LINCOLNWOOD, ILL. — Podolsky Northstar CORFAC International has negotiated the sale of two mortgage notes that are secured by the property formerly known as the Purple Hotel in Lincolnwood. The value of the transaction was undisclosed. North Capital Group, a holding entity for two local investment and management firms, acquired the notes from the seller, First Midwest Bank. The property is located at the intersection of Touhy and Lincoln avenues and is situated on a 5-acre site. Randy Podolsky and Adam Tarantur of Podolsky represented First Midwest Bank in the transaction. The future plans for the site are not known.
AUSTIN — In a new joint venture, Prudential Real Estate Investors (PREI) and Lodging Capital Partners has acquired the 291-room Austin Four Seasons, a luxury hotel located at 98 San Jacinto Blvd. in downtown Austin. The hotel features amenities such as a lakeside spa, pool, lounge, fitness center and TRIO steakhouse.
BEAVER, UTAH – The 35-unit Best Western Butch Cassidy Inn motel in Beaver has sold to Digvi Inc. for $1,425,000. Mike Francis, an investment specialist in Marcus & Millichap’s Salt Lake City office, marketed the listing exclusively on behalf of the seller, a limited liability company. Francis also secured the buyer.
MILFORD, CONN. —Washington Trust's Commercial Real Estate Group has provided an $8 mortgage loan to an affiliate of MCRS Milford Development LLC, for the financing of the Hilton Garden Inn in Milford. The 120-room hotel is located at 291 Old Gate Lane. Cate Fusco of Washington Turst served as the lead lender for the project.
NEW YORK CITY — Annapolis-based Chesapeake Lodging Trust has closed on its $52.2 million purchase of the newly developed 122-room Holiday Inn New York City Midtown on 31st Street in New York City. The REIT funded the acquisition through its revolving credit facility and entered into an agreement with Real Hospitality Group to manage the hotel. The 18-story hotel is located between 5th Avenue and Broadway.
CHICAGO — A joint venture between AJ Capital Partners and an affiliate of Chicago-based Walton Street Capital has purchased the Sutton Place Hotel in Chicago for an undisclosed amount. The 22-story property includes 246 rooms, a restaurant and bar and 7,160 square feet of meeting space. Peter Greene, Bill Stone, Deborah Borotsik and Mark Sparrow of CBRE Hotels represented the seller, Chicago Grande Inc., in the transaction.
HOUSTON — HFF has secured $50 million in refinancing for the 315-room Hotel Zaza, located at 5701 Main St. in Houston's Museum District. The luxury hotel includes ZaSpa, a pool with private cabanas, full-service bar, 21,000 square feet of meeting space and the Monarch Restaurant. Mark West and John Bourret of HFF's Dallas office and Colby Mueck of the firm's Houston office arranged the 10-year, fixed-rate refinancing through Goldman Sachs Commercial Mortgage Capital.
RALEIGH, N.C. — The $4.6 million conversion and renovation of the 190-room DoubleTree by Hilton Raleigh-Brownstone University, located at 1707 Hillsborough St. in Raleigh, has been completed. The hotel was previously a Holiday Inn. Highlights of the renovation include the redesign and upgrades of all guest rooms, a newly designed open lobby concept with a large atrium fireplace, new lounge seating and a multipurpose library.
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.