MILFORD, CONN. —Washington Trust's Commercial Real Estate Group has provided an $8 mortgage loan to an affiliate of MCRS Milford Development LLC, for the financing of the Hilton Garden Inn in Milford. The 120-room hotel is located at 291 Old Gate Lane. Cate Fusco of Washington Turst served as the lead lender for the project.
NEW YORK CITY — Annapolis-based Chesapeake Lodging Trust has closed on its $52.2 million purchase of the newly developed 122-room Holiday Inn New York City Midtown on 31st Street in New York City. The REIT funded the acquisition through its revolving credit facility and entered into an agreement with Real Hospitality Group to manage the hotel. The 18-story hotel is located between 5th Avenue and Broadway.
CHICAGO — A joint venture between AJ Capital Partners and an affiliate of Chicago-based Walton Street Capital has purchased the Sutton Place Hotel in Chicago for an undisclosed amount. The 22-story property includes 246 rooms, a restaurant and bar and 7,160 square feet of meeting space. Peter Greene, Bill Stone, Deborah Borotsik and Mark Sparrow of CBRE Hotels represented the seller, Chicago Grande Inc., in the transaction.
HOUSTON — HFF has secured $50 million in refinancing for the 315-room Hotel Zaza, located at 5701 Main St. in Houston's Museum District. The luxury hotel includes ZaSpa, a pool with private cabanas, full-service bar, 21,000 square feet of meeting space and the Monarch Restaurant. Mark West and John Bourret of HFF's Dallas office and Colby Mueck of the firm's Houston office arranged the 10-year, fixed-rate refinancing through Goldman Sachs Commercial Mortgage Capital.
RALEIGH, N.C. — The $4.6 million conversion and renovation of the 190-room DoubleTree by Hilton Raleigh-Brownstone University, located at 1707 Hillsborough St. in Raleigh, has been completed. The hotel was previously a Holiday Inn. Highlights of the renovation include the redesign and upgrades of all guest rooms, a newly designed open lobby concept with a large atrium fireplace, new lounge seating and a multipurpose library.
CLEVELAND — Casino developer Rock Ohio Caesars has agreed to acquire the 205-room Ritz Carlton Hotel in Cleveland for $36.5 million. Rock Ohio is a joint venture between Caesars Entertainment Corp. and the Rock Gaming company. The entity has also acquired an attached 119,000-square-foot office building, which was sold in a mortgage default auction. The hotel and office building are adjacent to the entity's planned casino, Horseshoe Casino Cleveland, which is slated to open in March 2012. Both properties are owned by Forest City Enterprises Inc., a publicly traded real estate company. The hotel will remain a Ritz-Carlton under a long-term management contract. The transaction is expected to close Dec. 15.
BIRMINGHAM, ALA. — The 150-room former Hyatt Place Hotel, located at 2024 4th Ave. South in Birmingham, has been sold for $19.25 million. Additionally, the hotel has been converted to the SpringHill Suites by Marriott brand. Teague Hunter of Hunter Realty's Atlanta office represented Capmark Financial, the seller, in the transaction. The buyer was Ascent Hospitality.
BEDFORD, MASS. — Acting on behalf of a pension fund client, Lowe Enterprises Investors (LEI) has acquired the Doubletree Bedford Glen Hotel in Bedford from AEW Capital Management for an undisclosed amount. The 281-room hotel is located at 44 Middlesex Turnpike. The hotel underwent a significant renovation in 2006, but LEI plans to implement a $1 million capital improvement plan to upgrade the property, including the common areas and meeting space. The hotel will be managed by LEI affiliate Destination Hotels & Resorts and will continue to operate as a Doubletree branded hotel.
CARLE PLACE, N.Y. — Yonkers-based AVR Realty Co. has broken ground on a 150-unit Homewood Suites Hotel in Carle Place. The project, which is valued at $19 million, will replace an undeveloped automobile storage yard. The hotel is expected to open in about 15 months. Tritec Construction is building the hotel for AVR, the hotel's developer.
HOUSTON — Situs Asset Solutions has arranged the sale of a 57-room Comfort Inn & Suites, located at 3555 FM 1960 in Houston. Stephen Kradjian and Maury Bronstein of Situs' Houston office represented the seller, Champion 3555 FM 1960 W BACM07-02 LLC, in the transaction. Mahul Hajari of Avondale, La.-based Hajari Realty represented the buyer, an out-of-state investor.
