BROOKLYN PARK, MINN. — Hotel Asset Value Enhancement and an institutional investment fund, which is managed by Fidelity Real Estate Group, have purchased The Northland Inn Brooklyn Park, a 231-room hotel in Brooklyn Park. The all-suite hotel features an eight-story atrium and 33,000 square feet of dedicated conference space. Jones Lang LaSalle Hotels was retained by a special servicer, Helios AMC, as the exclusive and sole agent in the disposition of the property.
SAVANNAH, GA. — The Carlton Hospitality Group has closed a $55 million performing loan sale secured by the Westin Savannah Harbor Golf Resort & Spa on Hutchinson Island in Savannah's River District. A private equity fund sponsored by a major sovereign wealth fund acquired the note from a private equity real estate fund. The 403-room hotel offers 35,000 square feet of indoor and outdoor meeting space and an 18-hole championship golf course, which was designed by Robert Cupp and Sam Snead. Brendan Sullivan of Carlton's Hospitality Group represented the seller in the transaction.
ROMULUS, MICH. — A local investment group has acquired Lexington Hotel, a 135-room hotel located at the entrance to the Detroit Metropolitan Airport in Romulus. Monty Levy and Ted Anka of HREC Investment Advisors, along with GF Management, assisted with the transaction. The seller and acquisition price were not disclosed.
NEW YORK CITY — Jones Lang LaSalle (JLL) has arranged a $92.5 million loan for the refinancing of the Hilton Times Square in New York City. The hotel comprises floors 21 through 45 of the building, which is located in the heart of Times Square. The loan carries a 10-year term and a fixed interest rate below 5 percent. The lender was Bank of America Merrill Lynch. The borrower, Sunstone Hotel Investors, plans to use the proceeds to retire the hotel's current $81 million loan, which carried a 5.95 percent interest rate and would have came to term in December. Mathew Comfort of JLL's Real Estate Investment Banking division and Jeffrey Davis of JLL Hotels secured the financing.
SAN ANTONIO — Embassy Suites Hotels has opened its newest location, the Embassy Suites San Antonio Riverwalk — Downtown at 125 E. Houston St. on the Riverwalk in central San Antonio. The full-service, all-suite property features 11,589 square feet of meeting space. It is owned by Blanco Rio, Ltd., which is a collaboration by IBC BancShares, Sam Friedman, president and CEO of Dimension Development, and Jack Guenther, a San Antonio native. It is the third Embassy Suites in the San Antonio area and the 22nd in Texas.
ARLINGTON, VA. — Ashford Hospitality Trust has closed a $105 million loan with Deutsche Bank secured by the Marriott Crystal Gateway in Arlington. The 10-year term loan, which carries a fixed interest rate of 6.26 percent, will replace an existing $60.3 million loan on the property that had an initial maturity date in March 2012. The excess loan proceeds will be used to pay down the company's credit facility and for general purposes.
MOUNT PROSPECT, ILL. — Casto Lifestyle Properties has selected Rosemont, Ill.-based McShane Construction Co. to construct a new 120-room Hampton Inn & Suites at Randhurst Village, a 100-acre, mixed-use development in Mount Prospect. The four-story, 166,650-square-foot hotel will feature conference areas, a fitness center, a swimming pool and 24,242 square feet of ground-floor retail space. Additionally, the hotel will feature sustainable features, including energy efficient HVAC and water systems, natural lighting and a construction waste recycling program. Construction is scheduled for completion in spring 2011.
NEW YORK CITY — A joint venture between Highgate Holdings and Rockpoint Group has acquired the Milford Plaza Hotel from an affiliate of Ogden CAP Properties. The hotel, constructed in the 1920's, is located in Manhattan's Theatre District, less than a block from Times Square. The new buyer plans to redevelop the property. Construction will include an upgrade to the infrastructure and public spaces, a renovation of the guest rooms, and the addition of a restaurant and retail space on the building's ground floor. Hodges Ward Elliott was the exclusive broker in the deal.
LAKE ELSINORE, CALIF. — Marcus & Millichap has announced the sale of a 73-room Holiday Inn Express and Suites located at 31573 Canyon Estates Drive in Lake Elsinore. The brokerage firm’s Tony Azzi represented both the private-investor buyer and the seller, a developer, in the transaction.
RICHMOND, VA. — Willis Hotels has acquired an Econo Lodge hotel in Richmond. Affiliates of Allen Management sold the property for an undisclosed price. The buyer plans to renovate the hotel and retain the Econo Lodge franchise. David Mumford and Steve Kirby of The Mumford Company represented the seller in the transaction.