LONG BRANCH, N.J. — United Capital Corp. has purchased the 12-story Ocean Place Resort & Spa in Long Branch. The 254-room hotel includes 40,000 square feet of meeting and event space, a private beach, two restaurants and a fitness facility. United Capital plans to invest $15 million in renovations to the property. The New York-based company also owns and operates hotels in Windsor Locks, Conn.; Utica, N.Y.; Nashua, N.H.; as well as Atlanta and Miami. Additional terms of the deal were undisclosed.
PHILADELPHIA — Philadelphia-based Hersha Hospitality Trust has closed on the sale of 14 of 18 secondary-market hotels with an affiliate of Connecticut-based Starwood Capital Group for $40.5 million. The real estate investment trust announced the sale last August as part of a portfolio restructuring. Hersha owns upscale and mid-priced hotels in major markets including Boston and New York. Starwood, a privately held global investment firm, bought a 49.9 percent stake in Hersha last year to target the U.S. hospitality sector. Six of the 18 properties in the deal are located in Pennsylvania.
ATLANTA — Noble Investment Group has purchased the 191-room Hotel Midtown — Atlanta, located at 125 10th St. NE in Atlanta, from CW Capital Asset Management for $16 million. The buyer plans to invest up to $21 million to renovate and upgrade the hotel, and convert it to the Hyatt brand. Teague Hunter, Bob Hunter and Lee Hunter of Hunter Realty's Atlanta office, along with Kyle Stevenson of the firm's Washington, D.C., office, represented the seller in the transaction.
OMAHA, NEB. — An affiliate of Hyatt Hotels Corp. has purchased land in Omaha for the construction of a Hyatt hotel. The hotel is expected to open in 2014. Construction is expected to begin later this year. The Hyatt Place Omaha Downtown/Old Market will include 159 rooms in a nine-story building on the northwest corner of Jackson and 12th streets. The Chicago office of DLR Group is designing the building, which will be the first Hyatt hotel in Nebraska.
DUNCAN, OKLA. — Hunter Realty has arranged the $7.5 million sale of the 78-room Hampton Inn, located off of U.S. Highway 81 in Duncan. Gary Mills of Hunter Realty's Dallas office represented the seller, Simran Hotels, in the transaction. The buyer was St. Louis-based Midas Hospitality. The deal includes a 1-acre parcel of land fronting the hotel.
BOSTON — A former Radisson hotel and adjoining playhouse in Boston's theater district will be reborn this spring as the Revere Hotel. The 365-room hotel will include more than 35,000 square feet of meeting space and the Emerald Lounge, an entertainment venue. The hotel is owned by Northwood Hospitality and will feature interiors designed by an in-house design team and BBGM Interiors. The hotel is slated to open this April.
HOUSTON — Marcus & Millichap has arranged the $3 million sale of the 76-room Interstate Motor Lodge Houston, a hotel located at 13213 Interstate 10 E in Houston. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap's Houston office represented the seller and procured the buyer in the transaction.
PORTLAND, MAINE — New England hotel company Portland C.I. LLC has purchased a 127-room Comfort Inn Airport in Portland for an undisclosed amount. The company plans to retain the Comfort Inn brand affiliation and renovate the hotel later this year. NEHR represented the seller, Hotel Holdings of Maine, in the transaction.
HOUSTON — Greenwich, Conn.-based Wheelock Street Capital has acquired the 380-room DoubleTree Suites by Hilton, located on Westheimer Road in the Houston Galleria submarket. The hotel features 10,000 square feet of meeting space. Westmont Hospitality will manage the hotel on behalf of Wheelock. The Plasencia Group represented the seller, an institutional investor group, in the transaction.
NEW ORLEANS — The 246-room Bourbon Orleans Hotel, located at 717 Orleans St. in New Orleans, has completed a multi-million dollar renovation. Upgrades to guestrooms include new bedding, carpeting, wall colors and coverings, interior plantation shutters and furnishings. The bathrooms received extra counter space, black granite surfaces and black tile and glass-enclosed showers. Property renovations include repainting all exterior balconies and window frames, as well as the addition of an enlarged fitness center. The renovation began in August 2011.