BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of a 136-room hospitality portfolio in Burlington, a city in southeast Iowa. The sales price was undisclosed. The portfolio includes the 60-room Fairfield Inn & Suites and the 76-room Holiday Inn Express & Suites. Jared Plamann, Jon Ruzicka, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the seller and procured the buyer, which completed a 1031 exchange.
ANAHEIM, CALIF. — Seven Hills Realty Trust (NASDAQ: SEVN) has arranged a $29 million first mortgage floating rate bridge loan to refinance SunCoast Park Hotel Anaheim, located at 1640 S. Clementine St. in Anaheim. The borrower is Irvine-based SunCoast Properties. Part of the Tapestry Collection by Hilton, the select-service hotel features 174 guest rooms. The loan has a two-year initial term with three one-year extension options, subject to the borrower meeting certain requirements. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by Robert Douglas, which advised SunCoast Properties. Tremont Realty Capital is an affiliate of The RMR Group.
SEDONA, ARIZ. — MIG Real Estate has completed the sale of Sedona Real Inn & Suites, a hotel in Sedona, just south of Flagstaff. Wyoming-based Crystal Creek Capital purchased the property for an undisclosed price. Scott Hall, Aaron Lapping and Spencer Scott of Berkadia Hotels & Hospitality represented the seller in the deal. Sedona Real Inn & Suites features 89 guest rooms.
BOSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of the 164-room Copley Square Hotel in Boston’s Back Bay area. The seven-story boutique hotel was recently renovated and offers a fitness center, communal kitchen and multiple onsite food-and-beverage options. Mike Huth, Amy Lousararian, Maddie Blount and Brandon Smith of JLL arranged the loan through an undisclosed lender on behalf of the borrower, Hawkins Way Capital.
TRUCKEE, CALIF. — JLL Capital Markets has arranged $22.5 million in acquisition financing for The Hampton Inn & Suites Tahoe-Truckee. The property is located in Truckee, just north of Lake Tahoe and west of the Nevada border. Jordan Angel, Mike Huth and Ethan Habecker of JLL Capital Markets secured the loan from MetLife Investment Management for the borrower, JMA Ventures LLC. The Hampton Inn & Suites Tahoe-Truckee features 109 guest rooms and suites spread across two buildings, a heated outdoor pool, hot tub, fitness center and more than 1,000 square feet of meeting space. The hotel offers access to major transportation routes, including Interstate 80, CA 267 and the Truckee Airport, as well as bike lanes.
LEWISVILLE, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of a 48-site mobile home park in the northern Dallas suburb of Lewisville. Lewisville Mobile Home Park spans 217,800 square feet and consists of 31 mobile home lots, 17 RV lots and one single-family residence. Arthur Varela, Kevin Puder, and Chad Kurz of Matthews represented the buyer, which acquired the property via a 1031 exchange, in the off-market transaction. The property was fully occupied at the time of sale.
YARMOUTH, MASS. — JLL has negotiated the sale of the 128-room Bayside Resort Hotel in Yarmouth, located at the base of Cape Cod. The hotel sits on a 3.9-acre site and offers amenities such as an indoor and outdoor pool, fitness center, family fun center and over 2,300 square feet of meeting and event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the undisclosed seller in the transaction. The buyer was an entity doing business as Bayside Yarmouth LLC.
ORLANDO, FLA. — A joint venture between SED Development LLC, JMA Ventures LLC and Machete Group Inc. has released new plans and renderings for a mixed-use destination in downtown Orlando. The development, dubbed the Orlando Sports + Entertainment District, will span 8.5 acres adjacent to Amway Center, the home arena for the NBA’s Orlando Magic. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The 900,000-square-foot destination will include a 260-room hotel with an outdoor lounge and pool deck, as well as meeting space and a chef-driven restaurant. Other components will include a 270-unit high-rise apartment tower, 200,000 square feet of Class A offices that are 30 percent preleased, 1.5 acres of central green space, 100,000 square feet of shops and restaurants and a 3,500-seat live music venue that can double as an events space with the capacity to host up to 1,000 guests. The construction timeline for Orlando Sports + Entertainment District was not released.
LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.
COLORADO SPRINGS, COLO. — Marcus & Millichap has arranged the sale of Wingate by Wyndham Colorado Springs, a hotel located at 7245 Commerce Center Drive in Colorado Springs. A private investor acquired the asset from a limited liability company for an undisclosed price. The buyer plans to re-position the 125-key hotel under a new brand. Onsite amenities include an indoor pool, fitness center, business center, meeting space, laundry facility, breakfast area and bus parking. Additionally, the property allows easy access to downtown Colorado Springs, Garden of the Gods and Pikes Peak.