DALLAS — Dallas-based Accor North America has opened 22 franchise locations in the first half of 2011, 20 of which are Motel 6 and the other two are Studio 6. The new hotels are located in Manitoba, California, Iowa, Illinois, Mississippi, North Dakota, New Jersey, Ohio, Oklahoma, South Carolina, Texas, Utah, Virginia and West Virginia.
WASHINGTON, D.C. — Strategic Hotels & Resorts has closed on a $130 million limited-recourse loan for the Four Seasons Washington, D.C. The financing is interestå only and not subject to principal amortization through the full loan maturity date. Deutsche Bank Securities originated the financing and Eastdil Secured served as the placement agent.
CARLSBAD, CALIF. – Cassidy Turley BRE Commercial has arranged an $11-million loan for two hotel properties. The properties are Beach View Lodge and Beach Terrace Inn, both in Carlsbad. The 41-room Beach View Lodge is located at 3180 Carlsbad Blvd. The 48-room Beach Terrace Inn is located at 2775 Ocean St. The borrower secured a 10-year, fixed rate, non-recourse loan with a 6 percent interest rate with Morgan Stanley.
URBANA, ILL. — New York City-based NAI Chesterfield has arranged debt restructuring for the owners of a 74-room Holiday Inn Express and a 202-room Holiday Inn both of which are located in Urbana. The hotels were losing more than $1.2 million and the borrowers were at risk for a potential $9 million liability of personal guaranties. NAI Chesterfield negotiated with the lender, an investment group that recently acquired the loan, to settle for a 97 percent discount from those guaranties.
RAPID CITY, S.D. — Construction has started for a 111-room Cambria Suites, located along Interstate 90 in Rapid City. Appleton, Wis.-based Consolidated Construction Co. is developing the $12.5 million, 74,000-square-foot building, which is anticipated for completion in the spring of 2012.
NEW LONDON, Conn. –– J & H Hospitality has purchased the Radisson Hotel in New London, Conn., and plans on converting the property to the Holiday Inn brand. J & H utilized SBA financing to complete the acquisition. David Mumford and Ed James of the Newport News, Va., office represented the seller, PNL I. The property has 120 rooms and is located in downtown New London.
STAMFORD, CONN. –– Starwood Hotels & Resorts Worldwide has opened its new flagship Sheraton hotel in downtown Stamford, Conn. The location recently underwent a multi-million dollar renovation, which has resulted in an updated lobby and guestrooms. There are 370 guestrooms in the Sheraton Stamford Hotel, located at 700 Main Street near a train station.
LAFAYETTE, LA. — Homewood Suites by Hilton has opened a four-story, 129-room hotel at 201 Kaliste Saloom Rd. in Lafayette. The property is owned by KS Hotel Associates and managed by Dimension Development Co. Homewood Suites by Hilton Lafayette-Airport offers studio, one- and two-bedroom suites and features a 24-hour on-site pantry, fitness center, outdoor pool with hot tub and gazebo, tennis court, 24-hour executive business center, outdoor grills and approximately 3,400 square feet of flexible meeting space.
WAUWATOSA, WIS. — CB Richard Ellis has brokered the $2.6 million sale of the 72,887-square-foot Wauwatosa Days Inn and Bluemound Gardens Restaurant & Bar, located at 11811 W. Bluemound Ave. in Wauwatosa. Andy Stefanich of the firm's Milwaukee office represented the seller, George and Efthimia Graves, and Jennifer Green with Lannon, Wis.-based Commercial Realty Advisors represented the buyer, Lexington Hotel Development Group.
NEW YORK CITY –– Marriott is scheduled to open the Fairfield Inn & Suites hotel in Brooklyn this July. The hotel is located at 181 Third Ave. and will operate as a Marriott franchise. Freud Third Avenue Properties owns the location, which will be managed by Marshall Hotels & Resorts. The hotel offers 2,600 square feet of meeting space to host seminars, business meetings and private functions upwards of 75 people.
