Hospitality

JOINT VENTURE ACQUIRES ICONIC NYC HOTEL FOR $115M

by admin February 2, 2012

NEW YORK CITY — In a joint venture, FelCor Lodging Trust purchased the Knickerbocker Hotel in Manhattan for $115 million. The property at Broadway and 42nd Street was purchased in a partnership with an affiliate of Highgate Holdings LLC. The hotel is FelCor's third New York property, and its redevelopment will be completed in late 2013. The hotel will include 330 guest rooms, a rooftop sky bar overlooking Times Square and a fitness facility. FelCor also announced it is marketing 16 hotels and plans to use the money from the sales to reduce debt.

February 2, 2012

HYATT NORTH HOUSTON OPENS

by admin February 2, 2012

HOUSTON — Hyatt North Houston, a 335-room hotel formerly known as the Crowne Plaza Houston North-Greenspoint and located at 425 N. Sam Houston Pkwy. E., has opened following a multi-million dollar renovation. Memphis, Tenn.-based Davidson Hotels & Resorts operates the hotel under a franchise agreement with Hyatt Hotels Corp. The property features a fitness facility, outdoor swimming pool, spa, business center, gift shop and Grill 425, an American-style restaurant.

February 2, 2012

Hospitality Northeast

CHESAPEAKE AGREES TO BUY NYC HOTEL FOR $76.5M

by admin February 1, 2012

NEW YORK CITY — Chesapeake Lodging Trust has agreed to acquire the 185-room Hyatt Place New York Midtown South in New York City, for $76.5 million. The hotel is currently under development at 52-54 W. 36th St. Chesapeake plans to close on its purchase following the completion of the hotel, which is slated for the third quarter. Additionally, the trust agreed to provide the seller $6.5 million in bridge financing for the development of the hotel.

February 1, 2012

Hospitality Midwest

BANK APPOINTS LODGING UNLIMITED RECEIVER OF INDIANA HOTEL

by admin January 31, 2012

MADISON, IND. — The Lodging Unlimited Group of Cos. has been appointed receiver of the Country Hearth Inns & Suites hotel in Madison by a Midwestern savings bank. The hotel is located at 308 DeMaree Dr. and will be operated by Lodging Unlimited's Chicago-based hotel management division. The hotel investment company reports a 50-year track record of operating and turning around troubled hotels. It is the eighth hotel currently owned and operated by the company.

January 31, 2012

Hospitality Southeast

COCONUT CREEK'S FIRST HOTEL TO BREAK GROUND

by admin January 27, 2012

COCONUT CREEK, FLA. — Doral, Fla.-based Morlin Hospitality Group has acquired a 2.5-acre site, located close to the intersection of the Sawgrass Expressway and State Road 7 in Coconut Creek, from a Peru-based university. The company plans to build a $12 million, 107-room limited service “flag” hotel on the property, the first hotel to be built in Coconut Creek. The flag has yet to be determined, but the company is in talks with a variety of hotel brands. Groundbreaking is slated for July, with completion anticipated for September of 2013.

January 27, 2012

Hospitality Texas

STONELEIGH TO BECOME LUXE HOTELS' FIRST TEXAS PROPERTY

by admin January 26, 2012

DALLAS — The 170-room Stoneleigh Hotel & Spa, located at 2927 Maple Ave. in uptown Dallas, has become the newest member of the Luxe Hotels portfolio. The hotel will be known as The Luxe Stoneleigh Dallas Hotel & Spa in the second quarter of 2012. CAM Hospitality Management manages the property.

January 26, 2012

Hospitality Northeast

OPTIMUM SELLS SPENCER SUITES IN PHILLY

by admin January 24, 2012

PHILADELPHIA — Optimum Hotel Brokerage has closed on the bank REO sale of the Spencer Suites (formerly Clarion Suites) in Manchester. Joseph McCann of Optimum represented the seller, a national bank located in California. The buyer was a local owner/operator. The 104-room property was developed in the early 1990s as a Generation One Residence Inn by Marriott. The asset was formerly held by an affiliate of Lehman Brothers. After the company's bankruptcy, the hotel was returned to its California-based lender, which hired Optimum to market the property.

January 24, 2012

Hospitality Texas

M&M BROKERS SALE OF MIDLAND COMFORT INN FOR $5.3 MILLION

by admin January 24, 2012

MIDLAND — Marcus & Millichap has secured the sale of a 68-room Comfort Inn, located at 902 Interstate 20 W. in Midland, for $5.3 million. Tyler Bean, Michael Yu and Rahul Bijlani of Marcus & Millichap's Houston office represented the seller, a limited liability company, in the transaction.

January 24, 2012

Hospitality Midwest

INTERSTATE HOTELS & RESORTS BUYS 300-ROOM HOTEL IN COLUMBUS

by admin January 23, 2012

COLUMBUS, OHIO — Interstate Hotels & Resorts and joint venture partner Waramaug Hospitality LLC have acquired the 300-room Crowne Plaza Columbus North hotel, along with an unnamed private investment group, for an undisclosed amount. The hotel will remain as a Crowne Plaza and immediately undergo a $5.25 million renovation. ArInterstate is owned by a joint venture between subsidiaries of Thayer Lodging and Jin Jiang.

January 23, 2012

Hospitality Northeast

RLJ CONVERTS THREE HOTELS FOR $24 MILLION

by admin January 23, 2012

PITTSBURGH — RLJ Lodging Trust has completed three hotel conversions for $24 million, including a hotel in Pittsburgh. The 202-room Hilton Garden Inn Pittsburgh University Place was converted from a Wyndham hotel Jan. 1, 2012. The $9 million renovation upgraded guest rooms, transformed the lobby and freshened up the exterior. The projects also included an $8 million renovation at the 175-room Hilton Garden Inn Durham and a $7 million renovation at the 194-room Embassy Suites West Palm Beach-Central. All three hotels remained open while under renovation.

January 23, 2012

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