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.
NEW YORK CITY — Gemini Real Estate Advisors has broken ground for the new GEM Hotel Union Square. The 18-story, 113-room hotel will be located at 52 W. 13th St. within Manhattan's Greenwich Village neighborhood. It will include a full-service restaurant and lounge, a fitness center and a business lounge. Upon completion, which is expected in 2012, the hotel will be the fouth GEM hotel in Manhattan, joining locations in Chelsea, Midtown West and SoHo. Gemini owns the hotel and will operate it. Andres Escobar designed the hotel, and Gene Kaufman Architect is the project architect. KSK Construction Group is the general contractor.
PHILADELPHIA — San Francisco-based Kimpton Hotels & Restaurants has acquired Philadelphia's Lafayette Building and plans to convert it into a four-star hotel. Constructed in 1906, the Lafayette Building is located across from Independence Hall. Once groundbreaking occurs in spring 2011, its 11 stories will be converted into a Hotel Monaco that will feature 271 rooms, a chef-driven restaurant and bar, and 12,000 square feet of meeting space that will include a 3,200-square-foot ballroom. The opening is slated for the third quarter of 2012. Kimpton made the purchase on behalf of its Kimpton Hospitaliy Partners II equity fund, which also ownes the nearby Hotel Palomar that opened last October.
BOSTON — Berkadia Commercial Mortgage has originated a $7 million loan for the refinancing of a Marriott Residence Inn located in suburban Boston. The hotel was built in 1999 and contains 108 rooms. The loan carries a 5.3 percent fixed interest rate, a 5-year term, a 25-year amortization schedule and a 60 percent loan-to-value ratio. Fred Fanganello and Brian Huff of Berkadia's Denver office secured the loan on behalf of the borrower, a national hotel REIT, through a national bank. The parties involved were not released.
NEW YORK CITY — Blackstone has acquired a $72 million mezzanine loan from a joint venture between Fortress and Northstar. The loan is secured by the Columbia Sussex hotel portfolio, which comprises 14 hotels and approximately 5,800 rooms located nationwide. Thirteen of the properties have been recently rebranded from the Wyndham flag to Starwood, Hilton, Sheraton and Marriott hotels. Blackstone originally sold the portfolio to Columbia Sussex in 2005. Savills served as advisor to Fortress and Northstar in the deal.
MINNEAPOLIS — San Francisco-based Kimpton Hotels & Restaurants has added The Grand Hotel Minneapolis to its hotel management portfolio. Owned by Pebblebrook Hotel Trust, the four diamond-rated hotel is located in downtown Minneapolis. Under Kimpton management, the hotel will feature personalized services, programs and amenities such as Tall Rooms, which are customized for tall guests.
NEW YORK CITY — The grand opening has been held for the new Sheraton Tribeca, a 369-room hotel located at 370 Canal St. in the Tribeca neighborhood of Manhattan. Amenities at the hotel include a full-service restaurant and lounge, a fitness center, a Starbucks Café, a business center and more than 1,000 square feet of flexible meeting space. This latest opening marks the second Sheraton hotel to open in New York City; the Sheraton Brooklyn opened in April. The Sheraton brand is operated by Starwood Hotels & Resorts.
FORT ROYAL, VA. — Jericho, N.Y.-based Navika Capital Group has purchased Holiday Inn & Suites in Front Royal. Located at 111 Holiday Drive, the 2-year-old property features 124 rooms, an indoor pool, 5,000 square feet of meeting space and a Houlihan's Resaurant + Bar. Kyle Stevenson of Hunter Realty brokered the transaction. The seller and acquisition price were not disclosed.
BECKLEY, W.V. — Affiliates of H&W Hotels have completed the disposition of a Fairfield Inn hotel in Beckley. Greatway Hospitality acquired the property for an undisclosed price. The buyer plans to renovate the hotel and convert the property to the Fairfield Inn & Suites brand. David Mumford and Steve Kirby of The Mumford Company represented the seller in the transaction.
MYRTLE BEACH, S.C. — Deesha Hotels has acquired a Value Inn in Myrtle Beach for an undisclosed price. Located off Highway 501, the property offers 120 guestrooms and proximity to shopping, entertainment and restaurants. Jones Lang LaSalle Hotels was retained by a court-appointed receiver as the exclusive and sole agent in the disposition of the property. Ros Mallory and Mark von Dwingelo of JJL Hotels negotiated the transaction.
