DALLAS — Norwalk, Conn.-based HEI Hotels & Resorts has acquired the 309-room Sheraton Dallas North, located at 4801 Lyndon B. Johnson Fwy. in Dallas' Galleria submarket. The hotel was acquired out of REO directly from a lender that foreclosed on the property. It is HEI's sixth hotel under Starwood's Sheraton brand and its 34th owned hotel.
NEW YORK CITY — Q10 | New York Realty Advisors has arranged $13.8 million in non-recourse financing for an 80-room, limited-service hotel located in the Midtown West submarket of Manhattan. The loan, which carries a 5-year term and a 5.11 percent fixed interest rate, will refinance a 2006 loan for the property. The borrower and lender were not disclosed.
SEATTLE — The 195-room Homewood Suites Seattle Convention Center has sold for $53 million to Chesapeake Lodging Trust. The seller was a joint venture between AEW and Stonebridge Cos., formed in 2006 to acquire the property, then known as Summerfield Suites Seattle.
CHICAGO — Starwood Hotels has sold the 22-story W Chicago, located at 172 West Adams St. in Chicago, to Chesapeake Lodging Trust for $128.8 million. Starwood has signed a 40-year management agreement with full extensions to continue operating the hotel under the W name. Amenities include more than 12,000 square feet of meeting and event space, a SWEAT state-of-the-art fitness center and the recently renovated IPO restaurant.
NEW YORK CITY — The new Four Point by Sheraton Long Island City/Queensboro Bridge has opened. The 88-room, select-service hotel is located at 27-05 39th Ave. in Queens. It features an American bistro, a rooftop lounge, fitness facilities, a business center and 2,500 square feet of meeting space. The hotel was developed and is owned by 39th Ave Holdings. Interstate Hotels & Resorts manages the property.
DEARBORN, MICH. — The 772-room Hyatt Regency Hotel, located in Dearborn, was sold to Royal Realties, a group of overseas investors, for an undisclosed price. The hotel features more than 62,000 square feet of function space, an indoor pool and a fitness center. As the court appointed hotel received, Capital Hotel Management was named the seller of the asset, acting on behalf of the special server. Mike Cahill of HREC Investment Advisors' Denver office represented the seller in the transaction.
EAST AURORA, N.Y. — Hotel Brokers International (HBI) has completed the sale of the Hampton Inn East Aurora, an 80-unit, select-service hotel located in the Buffalo suburb of East Aurora. The property traded for approximately $7.8 million. HBI affiliates Optimum Hotel Brokage and ProCom Lodging Brokers partnered to represent the seller, a California-based investment fund. The buyer's name was also not disclosed.
JACKSONVILLE, FLA. — Tampa, Fla.-based DeBartolo Development has purchased the note to the Holiday Inn Express and Suites located at 10148 New Berlin Rd. in Jacksonville directly from an undisclosed bank for a 29 percent discount to the current debt. The 90-unit hotel contains an outdoor pool, fitness center, a 2,000-square-foot meeting room and an atrium/breakfast room.
HILLSBORO — A 65-unit La Quinta Inn & Suites, located at 1513 Old Brandon Rd. in Hillsboro, has changed hands. Allan Miller of Marcus & Millichap's Austin office represented the seller, a limited liability company, while the unlisted buyer was secured by Chris Gomes of Marcus & Millichap's Dallas office. The La Quinta Inn & Suites opened in 2010 with modern limited service hotel amenities.
LOS ANGELES — A partnership that includes Marriott International, WIlliams/Dame & Associates, American Life, Regional Center Management Los Angeles and Nomad Ventures has announced its plans to build a 377-room, two-tower high-rise, which will contain a Courtyard by Marriott and a Residence Inn by Marriott, next to L.A. Live on the northwest corner of Olympic Boulevard and Francisco Street. Equity funding will be provided through the EB-5 Investor Green Card Program.