RAPID CITY, S.D. — Construction has started for a 111-room Cambria Suites, located along Interstate 90 in Rapid City. Appleton, Wis.-based Consolidated Construction Co. is developing the $12.5 million, 74,000-square-foot building, which is anticipated for completion in the spring of 2012.
NEW LONDON, Conn. –– J & H Hospitality has purchased the Radisson Hotel in New London, Conn., and plans on converting the property to the Holiday Inn brand. J & H utilized SBA financing to complete the acquisition. David Mumford and Ed James of the Newport News, Va., office represented the seller, PNL I. The property has 120 rooms and is located in downtown New London.
STAMFORD, CONN. –– Starwood Hotels & Resorts Worldwide has opened its new flagship Sheraton hotel in downtown Stamford, Conn. The location recently underwent a multi-million dollar renovation, which has resulted in an updated lobby and guestrooms. There are 370 guestrooms in the Sheraton Stamford Hotel, located at 700 Main Street near a train station.
LAFAYETTE, LA. — Homewood Suites by Hilton has opened a four-story, 129-room hotel at 201 Kaliste Saloom Rd. in Lafayette. The property is owned by KS Hotel Associates and managed by Dimension Development Co. Homewood Suites by Hilton Lafayette-Airport offers studio, one- and two-bedroom suites and features a 24-hour on-site pantry, fitness center, outdoor pool with hot tub and gazebo, tennis court, 24-hour executive business center, outdoor grills and approximately 3,400 square feet of flexible meeting space.
WAUWATOSA, WIS. — CB Richard Ellis has brokered the $2.6 million sale of the 72,887-square-foot Wauwatosa Days Inn and Bluemound Gardens Restaurant & Bar, located at 11811 W. Bluemound Ave. in Wauwatosa. Andy Stefanich of the firm's Milwaukee office represented the seller, George and Efthimia Graves, and Jennifer Green with Lannon, Wis.-based Commercial Realty Advisors represented the buyer, Lexington Hotel Development Group.
NEW YORK CITY –– Marriott is scheduled to open the Fairfield Inn & Suites hotel in Brooklyn this July. The hotel is located at 181 Third Ave. and will operate as a Marriott franchise. Freud Third Avenue Properties owns the location, which will be managed by Marshall Hotels & Resorts. The hotel offers 2,600 square feet of meeting space to host seminars, business meetings and private functions upwards of 75 people.
ORANGE — Marcus & Millichap Real Estate Investment Services announces sale of a Hampton Inn site, a 68-room hospitality location. Eric Guerrero, Michael Yu and Rahul Bijlani of Marcus & Millichap’s Houston office represented both the buyer, a private investor, and the seller, a partnership. The Hampton Inn site is located at 2080 Interstate 10 West. The list price on the location was $5.95 million.
INDIANAPOLIS — Indianapolis-based Flaherty & Collins Properties has commenced the $8.2 million redevelopment of the former south tower of the Sheraton Hotel in downtown Indianapolis into luxury apartments. The former hotel's 160 rooms, located on floors three through 12, will be converted into 129 apartments ranging in size from 487 to 1,225 square feet. The building will contain two-story units on the 11th and 12th floors. Monthly rents will range from $800 to $1,550. Amenities will include a swimming pool, rooftop sundeck, a fitness center, room service and valet parking. The first units will be delivered this fall. CSO Architects is the project architect. The building is located within Keystone at the Crossing, a 2.35 million-square-foot mixed-use development.
BOSTON — Chesapeake Lodging Trust has secured a $95 million, fixed-rate loan for the 498-room Hyatt Regency Boston, located in Boston. The 5-year loan has a 30-year amortization schedule and was provided by Goldman Sachs Commercial Mortgage. The financing will be used to repay outstanding borrowings under the company's revolving credit facility and for general business purposes.
NEW YORK CITY – Hersha Hospitality Trust has signed an agreement to acquire the 175-room Hyatt Union Square Hotel in New York City for $104.1 million after the seller completes construction. The four-star hotel is expected to open in 2012 and will feature a destination lobby bar, rooftop lounge, private terraces, a fitness facility and a pool. Consideration to the seller included the assumption of two mortgage loans totaling $55 million that were secured by the buyer. Hersha will manage the hotel upon completion of the acquisition.