MIAMI BEACH, FLA. — InSite Group has purchased the 251-room, 146,000-square-foot Continental South Beach Hotel in Miami Beach for $61 million. The eight-story hotel has direct ocean access and is located in “SoBe 10”, the area of South Beach from 15th Street to 24th Street. The seller, RFR Holding, was represented by Jones Lang LaSalle Hotel's Miami office. InSite Group was self-represented in the transaction.
LEXINGTON, N. C. — The two-story, 120-unit Comfort Suites, located on Cotton Grove Road in Lexington, sold for an undisclosed price. Neither the seller or buyer were disclosed. Anthony Falor of Atlanta-based Hodges Ward Elliot's Select Service Division represented the seller in the all-cash transaction. The buyer was not represented.
NEW YORK CITY — A joint venture between The Blackstone Group and Square Mile Capital Management has acquired a portfolio of hotel loans from the Federal Deposit Insurance Corporation (FDIC). The portfolio consists of the first mortgages for 45 full-, select- and limited-service hotels. The loans, most of which are performing, carry a face value of $385 million. The previous noteholder, Silverton Bank, was closed by the FDIC in 2009. The acquisition amount was not disclosed.
ISLE OF PALMS, S.C. — American Real Estate Capital of Coral Gables, Fla., closed on a 5-year, $30.75 million loan for the refinance of Wild Dunes in Isle of Palms. The four star resort includes a AAA Four Diamond rated hotel, condominiums, luxury vacation rental homes, two championship golf courses, retail and dining venues and a nationally ranked tennis court.
CHICAGO — Davidson Hotel Co. has completed a $12.3 million renovation at Embassy Suites Chicago-Downtown in Chicago. Located at 600 N. State St., the 11-story, 367-suite hotel features an indoor, heated swimming pool, two on-site restaurants, 6,000 square feet of flexible meeting space, a 24-hour business center, a fully-equipped fitness center and complimentary, cooked-to-order breakfast. Denver-based Design Force provided architectural services for the renovation. The hotel is owned by Sunstone Hotel Investors.
HOUSTON AND CHANNELVIEW — InterContinental Hotels Group (IHG) has opened two Holiday Inns on the east and west side of Houston. The hotels reflect the completion of the $1 billion Holiday Inn global brand relaunch, which included a renewed focus on quality, improved arrival and welcome features, enhanced bedding and showers, and a new service culture. The 130-room, five-story Holiday Inn Westchase, located at 10609 Westpark Dr. in Houston, features 22 guest suites and 2,700 square feet of meeting space, including one ballroom that accommodates 285 people, and two smaller meeting rooms. Meanwhile, the 111-room Holiday Inn Houston East, located at 16311 East Fwy. in Channelview, features eight guest suites and offers banquet facilities and meeting space totaling more than 2,300 square feet, which accommodates 240 people. Holiday Inn Westchase is owned by Versatile Hotels LLC and managed by Pika Management, while Holiday Inn Houston East is owned by Amir Khan and managed by Ashland Hospitality.
NEWARK, N.J. — The groundbreaking has occurred for the new Courtyard by Marriott at the Prudential Center in downtown Newark. The project will be connected to Prudential Center, which is the home of the NHL's New Jersey Devils. It will contain approximately 150 rooms as well as approximately 14,000 square feet of ground-floor retail space. Tucker Development Corp. is developing the project and will lease and manage the retail space. The construction timetable was not released. According to city officials, the project marks the first hotel to be construction in downtown Newark in the last 40 years.
OMAK, WASH. — Bluestone & Hockley Real Estate Services has presided over the $2.75 million sale of The Omak Inn, located at 912 Koala Drive in Omak. The hospitality property consists of 67 mini-suite guest rooms. Bluestone & Hockley’s Brian Resendez represented both the buyer, Sukhleen LLC, and the seller, Omak Inn LLC, in the transaction.
PORTSMOUTH, N.H. — Minnesota-based Mercury Investment Co. has purchased the 125-room Hampton Inn Portsmouth for an undisclosed amount. North Carolina-based Concord Hospitality has been tapped to manage it. Hodges Ward Elliott represented the seller, Greenwich, Conn.-based MillRoc Portsmouth NH LLC.
TUCSON, ARIZ. — Marcus & Millichap has managed the $1 million trade of the 131-room Executive Inn & Suites, located at 333 West Drachman Street in Tucson. The full-service, interior-corridor hotel was built in 1960. With assistance from David Guido, Marcus & Millichap’s Jonathan Ruprai and Aseem Tandon represented both the buyer and the seller, a financial institution, in the transaction.