MOUNT PLEASANT, S.C. — Mumford Company has arranged the sale of the 119-room Masters Inn, located off Highway 17 near Interstate 526 in Mount Pleasant. The buyer, OTV Masters, will continue hotel operations under the Masters Inn brand until it finalizes future plans for the property. David Mumford of Mumford’s Newport News office, with Steve Kirby, Burton Brooks and David Holcombe of the firm’s Atlanta office advised the seller, Supertel Hospitality.
NEW YORK CITY — Meridian Capital Group has negotiated $85 million in acquisition and construction financing for Chetrit Group and Clipper Equities’ purchase and repositioning of the 175,900-square-foot Hotel Chelsea, located at 222 W. 23rd St. Natixis provided the loan and Meridian’s Ronnie Levine and Aaron Birnbaum negotiated the financing.
HALLANDALE BEACH, FLA. — Miami-based Edwards Realty Services has arranged the sale of the Hallandale Beach Hotel, located at 2000 S. Ocean Dr. in Hallandale Beach, for $10 million. The hotel is a Regency Resort and Spa property. Richard Edwards represented the seller, Bosta Co., and the buyer, GBP Regency, was unrepresented.
DALLAS — Orlando, Fla.-based Inland American Lodging Group, Inc., a subsidiary of Inland American Real Estate Trust, Inc., has purchased The Fairmont Dallas for $69 million. The Fairmont Dallas is comprised of two towers totaling 545 guestrooms and 70,000 square feet of meeting space for conventions. The Fairmont has received $14.9 million in capital improvements in the past 4 years. Atlanta-based Hodges Ward Elliot brokered the transaction.
NEW YORK CITY — Pebblebrook Hotel Trust has acquired a 49 percent interest in a joint venture with Denihan Hospitality Group that owns six upscale hotels in Manhattan valued at $910 million, which includes $596.6 million in mortgage and mezzanine debt. Pebblebrook will make a $153.6 million equity investment in the joint venture, and Pebblebrook and Denihan will make all decisions jointly. The six hotels — Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin — comprise 1,640 guest rooms.
CHICAGO — Strategic Hotels & Resorts has secured a $145 million loan for the InterContinental Chicago hotel. The financing retires the $121 million loan previously encumbering the property. The loan includes a 10-year term and a 30-year amortization schedule beginning the third year after closing. JPMorgan Chase Bank originated the financing and Eastdil Secured served as placement agent.
SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has helped sell Howard Johnson Express Inn Fiesta, located at 13279 Interstate 10 West in San Antonio. The property is comprised of 53 rooms. Allan Miller of Marcus & Millichap’s Austin office represented the seller and procured the buyer, both private investors.
KANSAS CITY, MISSOURI — Key Construction has started construction on three new hotels in Kansas City. The hotels include the 43-room Ambassador Hotel KC, the 123-room Courtyard at Briarcliff and the 109-room Holiday Inn Express & Suites. All projects are slated for completion in July 2012.
SAN ANTONIO — Meridian Design Build has completed the construction of a 93,500-square-foot Staybridge Suites hotel located in San Antonio for Montex Real Estate. The hotel is five stories with 135 suites, a 31,500-square-foot underground parking garage and a 10,000-square-foot activity deck. Joe Blanchard and Jim Cather coordinated construction efforts for Meridian. Roswell, Ga.-based Dellisart will manage the hotel, which is an InterContinental Hotel Group brand.
SURFSIDE BEACH, S.C. — HREC Investment Advisors has brokered the sale of the Holiday Inn located in Surfside Beach. The hotel features 133 guest rooms as well as 2,500 square feet of meeting space, a business center, a fitness center, a restaurant and lounge, and an outdoor swimming pool with a tiki bar. Scott Stephens of HREC's Tampa, Fla., office and Monty Levy of the firm's Atlanta office represented the seller, Lodgian Hotels Fixed IV LLC. The buyer was Guardian Group. The hotel will be managed by Hostmark Hospitality Group.