BURLINGTON, VT. — Construction is under way for the 125-bedroom Hotel Vermont, located at 41 Cherry St. in Burlington. The structure was designed by Israel Smith of Burlington-based Smith Buckley Architects and Kim Deetjen of TruexCullins Interiors to achieve LEED certification. The hotel will include the Hen of the Wood Restaurant, the Juniper Lounge, an outdoor terrace and two water-view event rooms. NBT Bank and the U.S. Department of Agriculture have financed the hotel, which is slated for an April 2013 opening.
ORLANDO, FLA. — Steven Rock of Marcus & Millichap's New York City office has closed a 3-year, $42 million refinance loan for the 1,100-room Double Tree by Hilton — Orlando SeaWorld, located on International Drive in Orlando. Rock secured the financing through an investment fund.
ATLANTA — North Point Hospitality Group has broken ground on a 226-unit, dual-branded Hilton Garden Inn and Homewood Suites by Hilton Hotel, located at the northeast corner of 10th and Williams streets. Amenities include a restaurant and lounge, outdoor pool and spa, a fitness center and valet parking. The hotel is expected to open in the first quarter of 2013.
NEW YORK CITY — The red brick façade work is continuing on a new 57,593-square-foot Holiday Inn that has just topped off at 150 Delancey St. in Manhattan’s Lower East Side in New York City. The 132-unit hotel is eight stories and will feature a lounge, restaurant, bar and fitness center. Gene Kaufman Architect P.C. designed the hotel, which is slated to be delivered in March 2012.
KILLEEN — NorthMarq Capital has arranged $14.5 million in first mortgage financing for two hotel properties in Killeen — a Holiday Inn and the Candlewood Suites of Killeen — totaling 170 rooms. Dhaliwal Enterprises borrowed the money based on a 5-year term with a 25-year amortization schedule. Rup Patel of NorthMarq’s Chicago office arranged the financing through NorthMarq’s relationship with a CMBS lender.
MEMPHIS, TENN. — Atlanta-based Hodges Ward Elliott (HWE) has negotiated the sale of the 243-room Holiday Inn Select Memphis East in Memphis for an undisclosed price. Tom Woodward with Hodges Ward Elliott represented the seller, Hospitality Properties Trust. The buyer was undisclosed.
PHILADELPHIA — Philadelphia-based Hersha Hospitality Trust has definitively agreed to sell 18 properties to an affiliate of Starwood Capital Group for approximately $155 million, including outstanding mortgage debt. The 18 hotels yielded an approximate 8.4 percent cap rate. Upon the sale, Hersha plans to generate approximately $54 million in net proceeds, reduce its consolidated mortgage debt by approximately $61.5 million and reduce its unconsolidated mortgage debt by approximately $18.3 million. The deal is expected to close by the end of the year.
NEW ROCHELLE, N.Y. — Chatham Lodging Trust has completed the $15.8 million non-recourse first mortgage financing for the 124-room Residence Inn by Marriott in New Rochelle. Regions Bank provided the 10-year loan with a 5.75 percent fixed interest rate and a 25-year amortization schedule. Sonnenblick-Eichner Co. of Beverly Hills, Calif., arranged the financing with Regions. Proceeds from Chatham’s loan will go to repaying outstanding borrowings and general business purposes under Chatham’s secured revolving credit facility.
GRAPEVINE — Holliday Fenoglio Fowler (HFF) has arranged $43 million in financing for Hilton DFW Lakes, a 395-room hotel and conference center comprised of two nine-story towers at 1800 Hwy. 26 E. in Grapevine. A joint venture between Somera Capital Management and affiliates of Zelman Development Co. and Quorum Hotels & Resorts received the financing through Cornerstone Real Estate Advisers. HFF’s John Bourret, Dan Peek and Paul Brindley represented the joint venture, while Tom Cross represented Cornerstone in house. The hotel and conference center features 60,000 square feet of meeting space, a 14,400-square-foot exhibition hall, a private lake, an indoor and outdoor pool, horseback riding, four restaurants and basketball, volleyball and tennis courts.
NEW YORK CITY — A joint venture between The Albanese Organization and The Buccini/Polin Group of Washington, D.C., has purchased a parking lot at 312-318 W. 37th St. in Manhattan from the Wenner and Larkin families for $20.8 million. The joint venture is expected to construct a 300-room hotel on the site, which is in Manhattan’s Garment District. Eastern Consolidated’s David Schechtman represented the families and procured the buyers.