EVANSVILLE, IND. — Summit Capital and Aries Capital have secured a $7 million loan for the 199-unit Holiday Inn of Evansville Airport hotel, located at 7101 Hwy. 41 N. in Evansville. The loan has a 5-year rate and was secured through a consortium of credit unions.
AUSTIN, COLLEGE STATION AND HOUSTON — Inland American Real Estate Trust Inc. has completed the disposition of a portfolio of TownePlace Suites hotels , totaling 571 rooms, for more than $30 million. The portfolio includes the 127-room TownePlace Suites Austin Northwest, the 94-room TownePlace Suites Bryan College Station, the 128-room TownePlace Suites Houston Northwest and the 94-room TownePlace Suites Houston Clear Lake. The portfolio also included a 128-room property in Birmingham, Ala.
RALEIGH, N.C. — The 229-guestroom Renaissance Raleigh North Hills Hotel, located at 4100 Main at North Hills St. in the North Hills Lifestyle Center in Raleigh, has received $47.5 million in first mortgage financing. Mark Fisher and Rayna Karaivanov of CB Richard Ellis' New York City office, Bryan Kane of CBRE's Raleigh office, and Bradley Burwell and Jonathan Rice of CBRE Hotels secured the 10-year loan with a 30-year amortization schedule through RBS Commercial Real Estate on behalf of Concord Hospitality and Kane Realty Corp., the developers.
MIAMI — Jones Lang LaSalle Hotels has arranged the $13.5 million sale of the 243-room Continental Bayside Hotel, located at 146 Biscayne Blvd. in Miami. Gregory Rumpel and Andrew Dickey of Jones Lang LaSalle's Miami office represented the seller, RFR Holding Corp., in the transaction. The buyer was a joint venture between Insite Group and The Carlyle Group.
BURLINGTON, VT. — Construction is under way for the 125-bedroom Hotel Vermont, located at 41 Cherry St. in Burlington. The structure was designed by Israel Smith of Burlington-based Smith Buckley Architects and Kim Deetjen of TruexCullins Interiors to achieve LEED certification. The hotel will include the Hen of the Wood Restaurant, the Juniper Lounge, an outdoor terrace and two water-view event rooms. NBT Bank and the U.S. Department of Agriculture have financed the hotel, which is slated for an April 2013 opening.
ORLANDO, FLA. — Steven Rock of Marcus & Millichap's New York City office has closed a 3-year, $42 million refinance loan for the 1,100-room Double Tree by Hilton — Orlando SeaWorld, located on International Drive in Orlando. Rock secured the financing through an investment fund.
ATLANTA — North Point Hospitality Group has broken ground on a 226-unit, dual-branded Hilton Garden Inn and Homewood Suites by Hilton Hotel, located at the northeast corner of 10th and Williams streets. Amenities include a restaurant and lounge, outdoor pool and spa, a fitness center and valet parking. The hotel is expected to open in the first quarter of 2013.
NEW YORK CITY — The red brick façade work is continuing on a new 57,593-square-foot Holiday Inn that has just topped off at 150 Delancey St. in Manhattan’s Lower East Side in New York City. The 132-unit hotel is eight stories and will feature a lounge, restaurant, bar and fitness center. Gene Kaufman Architect P.C. designed the hotel, which is slated to be delivered in March 2012.
KILLEEN — NorthMarq Capital has arranged $14.5 million in first mortgage financing for two hotel properties in Killeen — a Holiday Inn and the Candlewood Suites of Killeen — totaling 170 rooms. Dhaliwal Enterprises borrowed the money based on a 5-year term with a 25-year amortization schedule. Rup Patel of NorthMarq’s Chicago office arranged the financing through NorthMarq’s relationship with a CMBS lender.
MEMPHIS, TENN. — Atlanta-based Hodges Ward Elliott (HWE) has negotiated the sale of the 243-room Holiday Inn Select Memphis East in Memphis for an undisclosed price. Tom Woodward with Hodges Ward Elliott represented the seller, Hospitality Properties Trust. The buyer was undisclosed.