EAGLE RIVER, WIS. — Hotel Source Inc. has brokered the sale of the Days Inn located at 844 Railroad St. in Eagle River. The hotel features an indoor swimming pool, a hot tub and a sauna. The Hotel Source team of Seth Glickman and Steve Marx arranged the deal between the two undisclosed parties.
LITCHFIELD, CONN. — Elkins Park, Pa.-based Optimum Hotel Brokerage has closed the sale of the 32-unit Litchfield Inn, a boutique hotel in Litchfield, for $2.08 million. Joseph McCann of Optimum was the exclusive broker. In addition to the hotel’s 32 guest rooms, the hotel features more than 4,000 square feet of ballroom facilities and a full service restaurant and tavern. The buyer is planning a complete renovation of the guest rooms.
NEW YORK CITY — RFR is scheduled to take over the Paramount Hotel located in Times Square at West 46th Street in New York City. The transaction is scheduled to close in late 2011. RFR is known for recapitalizing and rebranding high quality assets, and this transaction follows suit.The 597-room Paramount Hotel's most recent renovation, in 2009, cost nearly $40 million.
NEW YORK CITY — A 50,000-square-foot development site located in New York City has been sold to Fortuna Realty Hotel SoHo for $12.75 million. The buyer plans to construct a 124-room hotel on the site. Alan Miller, Roberto Ortiz and Paul Nigido of New York City-based Eastern Consolidated represented the seller, Patriot 523 Greenwich St., LLC, and procured the buyer.
BLOOMINGTON, MINN. — Welsh Companies and The Ramkota Companies will hold the ribbon cutting ceremony this week for the new Best Western Plus Bloomington Hotel at the Mall of America. The two companies, through affiliates, acquired the hotel, formerly a Days Inn, in 2008 and launched a renovation, which was completed by Genesis Architecture and Welsh Construction. The new hotel features 211 guest rooms and suites, meeting space for up to 280 people, a fitness center, and a family-friendly water play land.
NORTON, KAN. — Choice Hotels International has opened a new Sleep Inn hotel in Norton. The hotel is the first to open with the brand's new prototype design. Features of the Sleep Inn include a stone façade with a signature tower, a modern lobby design, and guestrooms with media boards and spa-like bathrooms.
SAN FRANCISCO — The Hotel Opal will become San Francisco's first Hampton Inn once its new owner, Wolff Urban, completes the 167-room conversion. The renovation will include a complete overhaul of the hotel's exterior, as well as some interior upgrades.
BOSTON — Bethesda, Md.-based Pebblebrook Hotel Trust has acquired the 235-room W Boston hotel for $89.5 million from Starwood. The hotel is located in the Theatre District and features 5,000 square feet of meeting space, a spa and fitness center. Also in the hotel are two restaurants, Market and W Lounge, with a third, Descent Theme Bar, scheduled to open in July. Starwood Hotels and Resorts will continue to manage the property. No brokers were used in the transaction.
NEW YORK CITY — The 176-room Aloft New York Brooklyn, located at 216 Duffield St. in Brooklyn, New York City, has opened. The hotel features a two-story lobby atrium, the w xyz bar, a roof terrace bar, a lobby lounge, a fitness center and an indoor pool. Aloft is owned by Starwood Hotels & Resorts. This is the second Aloft for New York City, with the other located in Harlem.
SCOTTSDALE, AZ — Strategic Hotels & Resorts has closed a definitive agreement to recapitalize the Fairmont Scottsdale Princess, a AAA Five-Diamond luxury resort. The company has created a new joint venture with an affiliate of Walton Street Capital, L.L.C. , a private equity real estate investment firm. The two are equal partners in the JV, though Strategic Hotels will serve as managing member. It will also continue to act as the property's asset manager. The recapitalization includes an amendment and extension of the existing CMBS first mortgage debt through the end of 2013. There is an option for a second extension through April 2015, upon satisfaction of certain terms and conditions. Included in the amendment is a $7-million principal payment for the CMBS first mortgage, among other terms and conditions. The JV has also acquired and retired the hotel's $40-million mezzanine debt. The Fairmont Scottsdale Princess' total property debt has been reduced from a total of $180 million to $133 million.