Hospitality

PEBBLEBROOK HOTEL TRUST, DENIHAN HOSPITALITY COMPLETE $910M JOINT VENTURE

by admin August 2, 2011

NEW YORK CITY — Pebblebrook Hotel Trust has acquired a 49 percent interest in a joint venture with Denihan Hospitality Group that owns six upscale hotels in Manhattan valued at $910 million, which includes $596.6 million in mortgage and mezzanine debt. Pebblebrook will make a $153.6 million equity investment in the joint venture, and Pebblebrook and Denihan will make all decisions jointly. The six hotels — Affinia Manhattan, Affinia Shelburne, Affinia Dumont, Affinia 50, Affinia Gardens and The Benjamin — comprise 1,640 guest rooms.

August 2, 2011

STRATEGIC HOTELS REFINANCES INTERCONTINENTAL CHICAGO

by admin July 29, 2011

CHICAGO — Strategic Hotels & Resorts has secured a $145 million loan for the InterContinental Chicago hotel. The financing retires the $121 million loan previously encumbering the property. The loan includes a 10-year term and a 30-year amortization schedule beginning the third year after closing. JPMorgan Chase Bank originated the financing and Eastdil Secured served as placement agent.

July 29, 2011

Hospitality Texas

MARCUS & MILLICHAP FACILITATES SAN ANTONIO HOTEL SALE

by admin July 29, 2011

SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has helped sell Howard Johnson Express Inn Fiesta, located at 13279 Interstate 10 West in San Antonio. The property is comprised of 53 rooms. Allan Miller of Marcus & Millichap’s Austin office represented the seller and procured the buyer, both private investors.

July 29, 2011

Hospitality Midwest

KEY CONSTRUCTION TO BUILD THREE NEW KC HOTELS

by admin July 27, 2011

KANSAS CITY, MISSOURI — Key Construction has started construction on three new hotels in Kansas City. The hotels include the 43-room Ambassador Hotel KC, the 123-room Courtyard at Briarcliff and the 109-room Holiday Inn Express & Suites. All projects are slated for completion in July 2012.

July 27, 2011

Hospitality Texas

MERIDIAN FINISHES STAYBRIDGE SUITES HOTEL CONSTRUCTION

by admin July 27, 2011

SAN ANTONIO — Meridian Design Build has completed the construction of a 93,500-square-foot Staybridge Suites hotel located in San Antonio for Montex Real Estate. The hotel is five stories with 135 suites, a 31,500-square-foot underground parking garage and a 10,000-square-foot activity deck. Joe Blanchard and Jim Cather coordinated construction efforts for Meridian. Roswell, Ga.-based Dellisart will manage the hotel, which is an InterContinental Hotel Group brand.

July 27, 2011

Hospitality Southeast

133-UNIT HOLIDAY INN IN S.C. SELLS

by admin July 26, 2011

SURFSIDE BEACH, S.C. — HREC Investment Advisors has brokered the sale of the Holiday Inn located in Surfside Beach. The hotel features 133 guest rooms as well as 2,500 square feet of meeting space, a business center, a fitness center, a restaurant and lounge, and an outdoor swimming pool with a tiki bar. Scott Stephens of HREC's Tampa, Fla., office and Monty Levy of the firm's Atlanta office represented the seller, Lodgian Hotels Fixed IV LLC. The buyer was Guardian Group. The hotel will be managed by Hostmark Hospitality Group.

July 26, 2011

Hospitality Texas

DALLAS-BASED MOTEL 6 EXPANDS WITH 22 NEW PROPERTIES YTD

by admin July 26, 2011

DALLAS — Dallas-based Accor North America has opened 22 franchise locations in the first half of 2011, 20 of which are Motel 6 and the other two are Studio 6. The new hotels are located in Manitoba, California, Iowa, Illinois, Mississippi, North Dakota, New Jersey, Ohio, Oklahoma, South Carolina, Texas, Utah, Virginia and West Virginia.

July 26, 2011

Hospitality Southeast

STRATEGIC HOTELS CLOSES ON $130M LOAN FOR D.C. HOTEL

by admin July 25, 2011

WASHINGTON, D.C. — Strategic Hotels & Resorts has closed on a $130 million limited-recourse loan for the Four Seasons Washington, D.C. The financing is interestå only and not subject to principal amortization through the full loan maturity date. Deutsche Bank Securities originated the financing and Eastdil Secured served as the placement agent.

July 25, 2011

Hospitality Western

CASSIDY TURLEY ARRANGES $11M LOAN FOR TWO HOTELS

by admin July 25, 2011

CARLSBAD, CALIF. – Cassidy Turley BRE Commercial has arranged an $11-million loan for two hotel properties. The properties are Beach View Lodge and Beach Terrace Inn, both in Carlsbad. The 41-room Beach View Lodge is located at 3180 Carlsbad Blvd. The 48-room Beach Terrace Inn is located at 2775 Ocean St. The borrower secured a 10-year, fixed rate, non-recourse loan with a 6 percent interest rate with Morgan Stanley.

July 25, 2011

Hospitality Midwest

NAI CHESTERFIELD COMPLETES DEBT RESTRUCTURING IN ILL.

by admin July 22, 2011

URBANA, ILL. — New York City-based NAI Chesterfield has arranged debt restructuring for the owners of a 74-room Holiday Inn Express and a 202-room Holiday Inn both of which are located in Urbana. The hotels were losing more than $1.2 million and the borrowers were at risk for a potential $9 million liability of personal guaranties. NAI Chesterfield negotiated with the lender, an investment group that recently acquired the loan, to settle for a 97 percent discount from those guaranties.

July 22, 2011

Newer Posts

Older Posts

Upcoming Events

Apr
22