IRVING — Stephen Whitehead of NorthMarq Capital's Dallas regional office has arranged first mortgage financing of $5.3 million for a 120-room Fairfield Inn and Suites located at 4120 W. Airport Freeway in Irving. Financing was based on a 20-year term and a 20-year amortization schedule with 1-year interest only and was arranged for the borrower, Savoy Hospitality, through NorthMarq's relationship with Prosperity Bank.
Hospitality
SCOTTSDALE, AZ — Paramount Lodging Advisors has sold the 83-room Country Inn & Suites in Tempe, AZ, for $4.1 million. This represented a cumulative price per room of $56,626, including the property improvement plan. It was purchased by Manchester Alliance Group, which plans to operate the asset as a Country Inn & Suites. Lloyd Farley, Paramount Lodging Advisors’ managing director, represented the seller, Hallmark Inns & Resorts.
MIAMI — Pebblebrook Hotel Trust has acquired the 148-room Viceroy Miami, located on Brickell Avenue in downtown Miami, for $36.5 million. Amenities of the hotel include a 28,000-square-foot spa, 4,000 square feet of meeting space and a two-acre outdoor park that includes a wading pool, thermal hot tub and Olympic-length lap and recreational infinity pool overlooking Biscayne Bay. Viceroy Hotel Group will continue to manage the property.
ST. PETERSBURG, FLA. — The 22-room Grayl's Hotel, located in downtown St. Petersburg, has been sold for $1.85 million. Birchwood Inn LLC purchased the hotel from Cornerstone Community Bank, who recently acquired the property in an online foreclosure. Birchwood Inn LLC plans to renovate the hotel and rename it Birchwood Inn. The Arcus Group will be the architect on the project and Southwind Hospitality will provide hotel and restaurant management. Michael Heretick of St. Petersburg-based Vector Realty represented the buyer in the transaction.
GULF SHORES, ALA. — The 90-room Courtyard by Marriott in Gulf Shores has been sold to an affiliate of Peachtree Hotel Group. Scott Stephens of HREC Investment Advisors' Tampa office and Monty Levy of the Atlanta office represented the seller in the transaction.
NEW YORK CITY — Morgans Hotel Group has sold the 114-room Morgans Hotel and the 168-room Royalton Hotel to FelCor Lodging Trust for $140 million. Morgans Hotel underwent a $10.8 million renovation in 2008 and Royalton Hotel has completed more than $22 million in renovations in the last 3 years. Jeffrey Davis and Gilda Perez-Alvarado of Jones Lang LaSalle Hotel's New York office represented the seller in the transaction.
NASHVILLE, TENN.; HATTIESBURG, MISS.; AND KISSIMMEE, FLA. — PMZ Realty Capital's Hotel Finance Group has secured $74 million in first mortgage and mezzanine financing for Sun Development & Management Corp. for a five-hotel portfolio containing 635-units. The hotels were: Hilton Garden Inn in Ridgefield Park, N.J.; Embassy Suites in Palmdale, Calif.; Homewood Suites in Nashville; Candlewood Suites in Hattiesburg and Hampton Inn in Kissimmee. Financing was provide through the investment banking division of a large New York-based commercial bank.
DENVER — Hodges Ward Elliott has represented the seller in the disposition of the JW Marriott Cherry Creek. The recently renovated Marriott was sold to DiamondRock Hospitality for $72.6 million. The 11-story, 196-room hotel opened in Denver’s Cherry Creek neighborhood in 2004.
NEW YORK CITY — A joint venture between Brack Capital Real Estate (BCRE) and InterContinental Hotels Group (IHG) has completed the $46 million acquisition of 180 Orchard St. in New York City's Lower East Side from the developer, Morris Platt. The partnership was arranged by Joe Ferrera of Brunello Hospitality. The team plans to develop the multi-use property to include a 290-room Hotel Indigo with a retail component, restaurant, bar, fitness center and outdoor pool. BCRE will own 51 percent of the shares while IHG will own the remaining 49 percent. The hotel is scheduled to open in 2013.
CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has secured a $23 million first mortgage loan for the 186-room Doubletree Hotel in Chattanooga. Carl Bedwell and Chris Howe of Grandbridge's Nashville, Tenn. Office originated the refinance for Vision Hospitality Group through one of the firm's investor relationships. The permanent loan features a 10-year term, 25-year amortization and a fixed interest rate.