ROSEMONT, ILL. — Construction is complete on the $1 million renovation of the Fairfield Inn & Suites Chicago Naperville hotel in Rosemont. The project included upgrading the guest rooms, lobby, front desk, exercise room, breakfast area and meeting room. The hotel also features new carpet, wall vinyl and lighting. The hotel, which is located off of I-88, is owned by Geneva, Ill.-based Shodeen Hospitality and managed by First Hospitality Group.
QUAPAW, OKLA. — CIT Group has arranged two senior credit facilities totaling $41.6 million for the Downstream Development Authority, a subsidiary of the Quapaw Tribe of Oklahoma, for the development of a 150-room hotel tower and to refinance an existing credit facility. The hotel tower will be part of the Downtown Casino Resort, located in Quapaw. CIT Bank provided the loans, and CIT Communications, Media & Entertainment served as the sole lead arranger, lead administrative agent and sold book runner for the loans.
MINNEAPOLIS — Hyatt Regency Minneapolis has completed a $25 million renovation of the hotel's guest rooms, public areas and restaurants. A joint venture between affiliates Starwood Capital Group, Haberhill and Hyatt Hotels funded and conducted the renovations. Construction included the new Prairie Kitchen & Bar, a 5,500-square-foot restaurant specializing in locally grown and seasonal food. The project also included adding new furniture to the guest rooms, including leather chairs and walnut desks, and remodeling the bathrooms. New York-based Stonehill & Taylor was responsible for the architecture and interior design.
NEW YORK CITY — Deerwood Real Estate Capital has arranged $160 million in financing for the Gansevoort Park Hotel, located at 420 Park Ave. South in Manhattan. Deerwood's Abe Katz, Mark Silbersher and Russell Kimyagarov negotiated the 10-year, fixed-rate loan, comprised of senior and mezzanine debt. Opened since 2010, the hotel includes 249 rooms, a heated indoor and outdoor pool, six event spaces and a full-service spa. The hotel is also home to Ristorante Asellina and Winston's Champagne Bar.
SOUTH LAKE TAHOE, CALIF. — The 262-room Best Western Plus Timber Cove Lodge in South Lake Tahoe has sold to Urbana Realty Advisors for an undisclosed sum. The seller, the property’s original developer, was represented by Tom Sommer and Mike Armstrong of HREC Investment Advisors.
NORTH BRANCH, MINN. — Marcus & Millichap has arranged the sale of Budget Host Inn & Suites, a 42-room economy hotel in North Branch. Jonathan Ruprai of Marcus & Millichap's Tampa office represented the seller, a financial institution. He also secured the buyer, a limited liability company.
NEW YORK — MCR Development LLC has acquired three hotels in Florida and New Jersey for approximately $40 million. The properties, which total 329 rooms, include a Homewood Suites by Hilton, Courtyard by Marriott and Hampton Inn & Suites. In addition, MCR recently began the development and expansion of two Residence Inn by Marriott hotels in New Jersey. MCR owns and manages 19 hotels with 2,158 rooms in 10 states.
SOUTH LAKE TAHOE, CALIF. – The 58-room Ambassador Hotel in South Lake Tahoe has sold to an unnamed buyer for $1,475,000. It is located at 4130 Manzanita Ave. The property was built in 1981. The seller, a private investor, was represented by Taylor Flynn of Marcus & Millichap’s Oakland office. The buyer was represented by Adam Levin and Philip Batlin of the firm’s Palo Alto and San Francisco offices.
CHARLOTTE, N.C. — UPHIC Associates has plans to invest $5 million for a renovation of the 174-room Holiday Inn Charlotte University, located at 8520 University Exec Park Drive in Charlotte. Amenities include 5,000 square feet of flex meeting space, a business center, free wireless internet, fitness center, outdoor pool and The University Patio & Grill. The company, an affiliate of GF Management, recently acquired the property. Beacon Hospitality Partners represented the seller in the transaction.
ANDOVER, MASS. — A new extended-stay hotel brand will operate at 4 Tech Dr. in Andover. The hotel currently known as Staybridge Suites Boston-Andover will come under Sonesta International Hotels Corp. management July 25. The 133-room property will be renamed Sonesta ES Suites Andover. The hotel is located at the junction of Interstates 93 and 495, north of Boston. The property features a heated outdoor swimming pool, an exercise room and sports court.
