MINNEAPOLIS — Hyatt Regency Minneapolis has completed a $25 million renovation of the hotel's guest rooms, public areas and restaurants. A joint venture between affiliates Starwood Capital Group, Haberhill and Hyatt Hotels funded and conducted the renovations. Construction included the new Prairie Kitchen & Bar, a 5,500-square-foot restaurant specializing in locally grown and seasonal food. The project also included adding new furniture to the guest rooms, including leather chairs and walnut desks, and remodeling the bathrooms. New York-based Stonehill & Taylor was responsible for the architecture and interior design.
NEW YORK CITY — Deerwood Real Estate Capital has arranged $160 million in financing for the Gansevoort Park Hotel, located at 420 Park Ave. South in Manhattan. Deerwood's Abe Katz, Mark Silbersher and Russell Kimyagarov negotiated the 10-year, fixed-rate loan, comprised of senior and mezzanine debt. Opened since 2010, the hotel includes 249 rooms, a heated indoor and outdoor pool, six event spaces and a full-service spa. The hotel is also home to Ristorante Asellina and Winston's Champagne Bar.
SOUTH LAKE TAHOE, CALIF. — The 262-room Best Western Plus Timber Cove Lodge in South Lake Tahoe has sold to Urbana Realty Advisors for an undisclosed sum. The seller, the property’s original developer, was represented by Tom Sommer and Mike Armstrong of HREC Investment Advisors.
NORTH BRANCH, MINN. — Marcus & Millichap has arranged the sale of Budget Host Inn & Suites, a 42-room economy hotel in North Branch. Jonathan Ruprai of Marcus & Millichap's Tampa office represented the seller, a financial institution. He also secured the buyer, a limited liability company.
NEW YORK — MCR Development LLC has acquired three hotels in Florida and New Jersey for approximately $40 million. The properties, which total 329 rooms, include a Homewood Suites by Hilton, Courtyard by Marriott and Hampton Inn & Suites. In addition, MCR recently began the development and expansion of two Residence Inn by Marriott hotels in New Jersey. MCR owns and manages 19 hotels with 2,158 rooms in 10 states.
SOUTH LAKE TAHOE, CALIF. – The 58-room Ambassador Hotel in South Lake Tahoe has sold to an unnamed buyer for $1,475,000. It is located at 4130 Manzanita Ave. The property was built in 1981. The seller, a private investor, was represented by Taylor Flynn of Marcus & Millichap’s Oakland office. The buyer was represented by Adam Levin and Philip Batlin of the firm’s Palo Alto and San Francisco offices.
CHARLOTTE, N.C. — UPHIC Associates has plans to invest $5 million for a renovation of the 174-room Holiday Inn Charlotte University, located at 8520 University Exec Park Drive in Charlotte. Amenities include 5,000 square feet of flex meeting space, a business center, free wireless internet, fitness center, outdoor pool and The University Patio & Grill. The company, an affiliate of GF Management, recently acquired the property. Beacon Hospitality Partners represented the seller in the transaction.
ANDOVER, MASS. — A new extended-stay hotel brand will operate at 4 Tech Dr. in Andover. The hotel currently known as Staybridge Suites Boston-Andover will come under Sonesta International Hotels Corp. management July 25. The 133-room property will be renamed Sonesta ES Suites Andover. The hotel is located at the junction of Interstates 93 and 495, north of Boston. The property features a heated outdoor swimming pool, an exercise room and sports court.
ARLINGTON — Summit Hotel Properties has acquired the 103-room Courtyard by Marriott in Arlington for $15.25 million. The price also includes planned property improvements.
HOUSTON — Marriott International has opened a 120-suite Residence Inn, located at 1550 Barker Cypress Road in Houston. Dallas-based Texas Western Hospitality owns and manages the hotel, which goes by the name Residence Inn Houston I-10 West. The hotel features an outdoor swimming pool, a lobby area with HD TVs, a fitness center, breakfast buffet, outdoor fire pit, weeknight social hour and a complimentary business center.