Hospitality

HILTON DFW LAKES HOTEL RECEIVES $43M IN FINANCING

by admin August 19, 2011

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.

August 19, 2011

JOINT VENTURE ACQUIRES MANHATTAN PARKING LOT FOR $20.8M

by admin August 18, 2011

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.

August 18, 2011

Hospitality Western

EDWARDIAN SF HOTEL SELLS FOR $4.2M

by admin August 18, 2011

SAN FRANCISCO – The Edwardian San Francisco Hotel has been sold for $4,187,500. The 28-room boutique hotel was built in 1913 and is centrally located near San Francisco’s City Hall, Castro District, Union Square and Twitter’s headquarters. It was recently renovated in 2008. The sale was brokered by Eric Gunderson of Cassidy Turley BT Commercial’s Hospitality Group.

August 18, 2011

Hospitality Southeast

BEST WESTERN IN FLA. CONVERTS TO MAINGATE LAKESIDE RESORT

by admin August 17, 2011

KISSIMMEE, FLA. — The 475-room Best Western Lakeside Hotel, located at 7769 W. Irlo Bronson Hwy. in Kissimmee, will undergo a multi-million dollar renovation to become the Maingate Lakeside Resort, an independent hotel. Richfield Hospitality will oversee the renovations, which will include upgrades to hotel rooms and public spaces. Hotel amenities include five pools, exercise facilities, arcade and on-site miniature golf course.

August 17, 2011

Hospitality Northeast

OMEGA HOSPITALITY PURCHASES HAMPTON INN LOCATION FOR $4M

by admin August 17, 2011

LEHIGHTON, PA. — Omega Hospitality has purchased a 78-room Hampton Inn Hotel by Hilton location for $4 million. The hotel is located at 877 Interchange Rd. in Lehighton and was in foreclosure at the time of the transaction. The hotel features an indoor pool, a fitness center and a whirlpool. DelShah Capital purchased the distressed asset’s mortgage note and sold the asset to Omega.

August 17, 2011

Hospitality Southeast

MUMFORD CO. ARRANGES SALE OF 122-UNIT HAMPTON INN

by admin August 16, 2011

KINSTON, N.C. — The Mumford Co. has negotiated the sale of the 122-unit Hampton Inn in Kinston to LRP Hotels of Carolina. The facility will undergo extensive renovations and continue to operate as a Hampton Inn. Ed James of Mumford Co.'s Newport News, Va., office and Steve Kirby of the firm's Atlanta office represented Neuse Hospitality, the seller, in the transaction.

August 16, 2011

Hospitality Southeast

NOBLE BUYS ATLANTA RESIDENCE INN

by admin August 15, 2011

ATLANTA — Noble Investment Group has purchased the 160-room Residence Inn Midtown Atlanta, located on Peachtree Road in Atlanta, in an off-market transaction. The buyer will complete renovations of public areas and guest rooms.

August 15, 2011

Hospitality Northeast

MARRIOTT, GRANITE BROADWAY TO DEVELOP NYC’S TALLEST HOTEL BUILDING

by admin August 11, 2011

NEW YORK CITY — Marriott International, Inc. and Granite Broadway Development have signed a franchise agreement to develop New York City’s tallest hotel — the Courtyard and Residence Inn Manhattan/Central Park. The 68-story development will house two hotels: Courtyard’s 378-room hotel and Residence Inn’s 261-room hotel. Designed by architect Nobutaka Ashihara, the new hotel building will rise 752 feet, making it the tallest stand-alone hotel building without office or residential space in New York City. The hotels will share a main entrance and a fitness center on the 34th floor, but Courtyard guests will stay on floors six through 32 and Residence Inn guests will stay on floors 36 through 64. There will be a restaurant on the second floor and a lounge and terrace with outdoor seating on the fifth floor. The project is slated for a late 2013 opening and will be managed by Interstate Hotels and Resorts.

August 11, 2011

Hospitality Northeast

RKF BROKERS $17.5M SALE OF RETAIL CONDOMINIUM IN JEWEL HOTEL

by admin August 10, 2011

NEW YORK CITY — Robert K. Futterman & Associates (RKF) has brokered the sale of the 4,000-square-foot retail condominium at 11 W. 51st St. in New York City’s Jewel Hotel for $17.5 million. The space is fully leased to Banco Popular. RKF’s Jeff Fishman, Mark Kapnick, Brian Segall and Jonathan Butwin represented the seller, 11 West 51 Realty. RKF also represented the buyer, Samson 51. Kapnick also arranged the 4,000-square-foot lease of retail space below Banco Popular to tapas restaurant Lizarran on behalf of Masterworks.

August 10, 2011

Hospitality Northeast

OPTIMUM HOTEL BROKERAGE SELLS NOTE ON SKYVIEW PLAZA HOTEL

by admin August 10, 2011

PHILADELPHIA — Optimum Hotel Brokerage has sold a first mortgage note securing the 240-unit Skyview Plaza Hotel in Philadelphia. Optimum’s Joseph McCann represented the seller, a regional bank, in the transaction. The buyer, a private equity fund, plans to renovate the 17-story hotel. Optimum has brokered other hotels in Pennsylvania recently, including the Hampton Inn Lehighton in Lehighton, Pa., and the York View Hotel in York, Pa.

August 10, 2011

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