Hospitality

HOME2 SUITES HOTEL BREAKS GROUND IN PHILLY

by admin April 19, 2012

PHILADELPHIA — A groundbreaking was held for a $60 million hotel in Philadelphia — one of the city's first ground-up hotels in nearly a decade. Home2 Suites by Hilton, with 246 guest rooms, will be located across from the Pennsylvania Convention Center. Wurzak Hotel Group and Parkway Corp. will develop the project. The project calls for 2,000 square feet of meeting space and 9,750 square feet of ground-floor retail and restaurants. The hotel will be largest hotel for the brand to date. A summer 2013 opening is planned.

April 19, 2012

JOHNSON, ANDREW GLASS ARRANGE $13M IN FINANCING

by admin April 18, 2012

NEW YORK CITY — Johnson Capital and Andrew Glass Brokerage have jointly arranged $13 million in financing for the 99-room Best Western Plus Prospect Park Hotel in Brooklyn. The 11-story, limited-service hotel is located at 764 4th Ave. It was developed by a Brooklyn-based developer on a site that once housed a gas station. A CMBS lender provided the 10-year loan, which will be used to refinance a construction loan.

April 18, 2012

Hospitality Southeast

JV BREAKS GROUND ON $11.1M ATL HYATT

by admin April 17, 2012

ATLANTA — A joint venture between Atlanta-based Noble Investments and an affiliate of Hyatt Hotels Corp. has broken ground on the $11.1 million, 149-room HYATT house Atlanta Cobb Galleria, located at 3625 Cumberland Blvd. in Atlanta. The hotel will be the first HYATT house in Atlanta, and will include amenities such as a pool, fitness center and dining space. Evergreen Construction is building the hotel, which was designed by Lawrenceville, Ga.-based Lindsay Pope Brayfield Clifford & Associates. Completion is slated for spring 2013.

April 17, 2012

Hospitality Southeast

ARIES CAPITAL SECURES $57M HOTEL LOAN

by admin April 17, 2012

ORANGE BEACH, ALA., AND PENSACOLA BEACH, FLA. — Aries Capital has arranged a $57 million non-recourse loan to refinance existing debt and fund seasonality reserves for three Gulf Coast hotels. The properties include a Hilton Garden Inn and a Holiday Inn Express in Orange Beach and a Hampton Inn in Pensacola. Jeff Bucaro of Aries Capital's Chicago office arranged the 10-year CMBS loan on behalf of the borrower, Innisfree Hotels.

April 17, 2012

Hospitality Midwest

EM PROPERTIES BUYS HISTORIC ILLINOIS HOTEL

by admin April 17, 2012

PEORIA, ILL. — EM Properties, a Peoria-based developer, has purchased the Hotel Pere Marquette in Peoria for an undisclosed amount. The company plans to begin a $92.8 million redevelopment of the property. The project will include transforming the 10-story landmark into a Marriott Hotel with renovated guest rooms and public spaces. The company also plans to build an adjacent Courtyard by Marriott, as well as a five-story parking garage. Husch Blackwell LP arranged the financing for the deal.

April 17, 2012

Hospitality Midwest

EM PROPERTIES PLANS LIQUIDATION BEFORE REMODELING PEORIA HOTEL

by admin April 13, 2012

PEORIA, ILL. — EM Properties is planning a multi-million renovation of its Hotel Pere Marquette in Peoria, and has scheduled a liquidation sale before the project commences. The sale begins Friday, April 13 at 10 a.m. and continue daily. The sale will include room furniture, banquet equipment, fine china, computers, historic pieces and more. Construction will begin after the liquidation and the hotel will re-open in 2013 as a Marriott hotel, connected to the Peoria Civic Center.

April 13, 2012

Hospitality Southeast

STARWOOD SELLS ATL HOTEL

by admin April 10, 2012

ATLANTA — Starwood Hotels & Resorts Worldwide has sold the 275-room Atlanta Perimeter Hotel & Suites, located at 111 Perimeter Center W. in Atlanta, to RockBridge Partners for an undisclosed price. The buyer has committed to extensive property enhancements, slated for completion in October 2014, after which the hotel will be rebranded as a Starwood Le Méridien hotel. The property will be franchised and managed by Minnetonka, Minn.-based Wischermann Partners.

April 10, 2012

Hospitality Midwest

HOTEL SELLS IN ST. PAUL, MINN.

by admin April 9, 2012

ST. PAUL, MINN. — Felcor Lodging Trust has agreed to sell six hotels for $103 million to an undisclosed buyer. The portfolio consists of 1,527 rooms, including the Embassy Suites in St. Paul and Boca Raton, Fla. The acquisition also includes the Holiday Inn San Antonio-Airport, the Sheraton Suites Ft. Lauderdale-Cypress Creek and Doubletree Guest Suite hotels in Raleigh/Durham and Tampa. The deal is expected to close in the second quarter.

April 9, 2012

Hospitality Texas

FELCOR TO SELL SIX HOTELS FOR $103M

by admin April 9, 2012

IRVING — Irving-based FelCor Lodging Trust Inc. has agreed to sell six non-strategic hotels for $103 million to an undisclosed buyer, which has paid a $3.9 million deposit toward the purchase. After repayment of $73 million of secured debt and closing costs, FelCor expects to use the remaining $30 million to pay a portion of its accrued preferred dividends. The six hotels include the Holiday Inn San Antonio-Airport, as well as five other hotels in Florida, North Carolina and Minnesota. The transaction is slated to close in the second quarter of this year.

April 9, 2012

Hospitality Southeast

GROUND BREAKS ON $16M CAMBRIA SUITES

by admin March 30, 2012

MIAMI — Sunflower Hospitality has broken ground on a $16 million, 122-room Cambria Suites, located on NW 7th St. in Miami. Sunflower Hospitality is developing the property and Delant Construction Co. is serving as the general contractor. Financing for the property was provided by Ocean Bank. Amenities will include 1,800 square feet of meeting room space, an outdoor pool and terrace, as well as a casual dining and gathering area, a state-of-the-art fitness center and a convenience store. Completion is slated for summer 2013.

March 30, 2012

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