DALLAS — Holliday Fenoglio Fowler (HFF) has arranged a refinancing for the Magnolia Hotel, a 29-story, 329-room hotel in Dallas’ central business district. HFF worked exclusively on behalf of borrower, Magnolia Hotels, to secure the 10-year fixed-rate loan through JP Morgan Chase Bank, N.A. Built in 1921, the property served as the headquarters for Mobil Oil’s predecessor, Magnolia Petroleum Co., until 1997 when it was renovated into the Magnolia Hotel. Dan Peek, Travis Anderson and John Bourret of HFF represented the borrower. Denver-based Magnolia Hotels is a privately held hotel management and development company.
Hospitality
THE WOODLANDS — Research Hotel Partners, L.P. has purchased a 4.3-acre site at the intersection of Research Forest Drive and Grogan's Mill Road for the construction of a Hyatt Place Hotel in The Woodlands, a 28,000-acre master-planned community located 27 miles north of downtown Houston. New Horizons Hospitality will develop the hotel, which will include 150 guestrooms and suites along with 6,000 square feet of meeting space. Construction is expected to begin later this year, with the opening planned for mid 2013. Todd Edmonds and Cody Christoph of Colliers International represented The Woodlands Development Company. New Horizons Hospitality also developed and owns the Hilton Garden Inn in The Woodlands Town Center.
ARLINGTON AND TEXARKANA — Hunter Realty has represented the undisclosed sellers of three separate hotel sales, including the Hampton Inn & Suites Dallas/Arlington South in Arlington, the Hampton Inn & Suites Texarkana in Texarkana and the Hampton Inn & Suites Pine Bluff in Pine Bluff, Ark. The aggregated price of the three hotels was $26 million. “These are premium branded properties in 'like-new' condition with an average age under 3 years old, which means they will require minimal product improvement plan investments,” said Teague Hunter, president of Hunter Realty, in a statement.
CHARLESTON, W.V. — An affiliated entity of Inland American Real Estate Trust has acquired Charleston Marriott in Charleston. Located at 200 Lee Street East, the property sold for $25.5 million. The hotel offers 347 guestrooms, five suites and 17,500 square feet of meeting space. A subsidiary of Forest City Enterprises sold the hotel, which is located within the 897,000-square-foot Charleston Town Center.
WASHINGTON, PA. — Concord Hospitality Enterprises has broken ground for the construction of a new Courtyard by Marriott in the Pittsburgh suburb of Washington. The new hotel will be located at 1800 Tanger Blvd. near an existing Tanger Outlets Mall. It will contain 124 suites and will be designed for LEED certification. Braun & Steidl Architects is designing it, and McCay Contracting is the general contractor. Completion is slated for summer 2011.
DENVER — Interstate Hotels & Resorts has formed a joint venture with Waramaug Hospitality LLC and an investment management company to acquire the 262-room Sheraton Denver Tech Center Hotel for an undisclosed amount. HREC Investment Advisors’ Mike Cahill arranged the sale. The only Sheraton-branded hotel in the high-density Tech Center area, the full-service property will immediately undergo a $5.75 million renovation, including a complete makeover of the guest rooms, public and meeting space, food and beverage areas, and recreational offerings. Located at 7007 South Clinton Street, the Sheraton Denver Tech Center Hotel offers 10,500 square feet of meeting space, a business center, an exercise room, an outdoor swimming pool, a gift shop and the full-service Redfire Restaurant & Lounge. Interstate assumed management of the hotel upon completion of the acquisition.
ARLINGTON, VA. — NorthMarq Capital has arranged $22.7 million in permanent first mortgage financing for Arlington Court Suites. The 187-room hotel is located in Arlington. Gery McGlynn and Kenneth Gentzel of NorthMarq's Washington, D.C., office arranged the financing for the undisclosed borrower.
COLUMBUS, OHIO — Concord Hospitality Enterprises, in a joint venture with Continental Real Estate Cos., has broken ground for the construction of SpringHill Suites by Marriott in Columbus. Located at 1421 Olentangy River Road, the 136-suite property is scheduled to open this summer. Meyers + Associates Architecture designed the four-story property to achieve LEED certification. Continental Building Systems is serving as general contractor.
BATON ROUGE, LA. — Hotel Indigo has opened Hotel Indigo Baton Rouge Downtown Riverfront in Baton Rouge. Located at the corner of Convention and Lafayette streets, the 93-room hotel features King Bar & Bistro, executive suites, executive floors, a 24-hour business center, a boardroom, complimentary WiFi and high-speed Internet access in guestrooms. The hotel is owned by Project King LLC and managed by Baton Rouge-based Nu Vieux LLC in a license agreement with a company in the InterContinental Hotels Group.
STILLWATER, OKLA. — Stillwater Plaza, a 122-room hotel located at 600 E. McElroy Rd. in Stillwater, has sold for $1.7 million. Jonathan Ruprai, a hospitality investment specialist with Marcus & Millichap's Tampa, Fla., office and David Bohanon with the firm's Oklahoma City, Okla., office marketed the hotel property on behalf of the seller, an unlisted bank and financial institution. Stillwater Plaza was built in 1982.