SAN DIEGO — Chatham Lodging Trust has signed a $32 million contract to acquire an upscale, extended-stay hotel in north San Diego in an all-cash transaction. Upon completion of the acquisition, the hotel REIT’s 13th property purchased or under contract in the past 4 months, the property will be managed by Island Hospitality Management.
Hospitality
WOODWAY — Best Western has opened an 82-room hotel in Woodway. The Best Western Atrea Colonnade Parkway, which is located near Providence Hospital, is a prototype aimed at business travelers. Features include three conference rooms, an indoor pool and spa, a fitness center and a cocktail lounge. This is the 28th Atrea hotel the company has built in the United States since the prototype was announced in 2007.
SANTA BARBARA, CALIF. — Recordan Real Estate Development LLC has purchased an approximately 15,000-square-foot hotel building, located at 117-121 State Street in Santa Barbara, from First-Citizens Bank & Trust Co. for an undisclosed amount. Hagelis Group’s Rob Devericks and Prudential California Realty’s Mitch Stark represented the buyer in the foreclosure sale, and Scott Glenn of Radius Group represented the bank.
NEW ROCHELLE, N.Y. — Chatham Lodging Trust has agreed to acquire the Residence Inn by Marriott – New Rochelle for $21 million. The 10-story, 124-suite hotel is located at 35 LeCount Place in New Rochelle. It features a fitness center, a swimming pool and a parking garage. Upon completion of the deal, the hotel will be managed by Chatham affiliate Island Hospitality Management. This transaction represents the 12th property property acquired or put under contract by Chatham since its April initial public offering.
GRANDVILLE, MICH. — First Hospitality Group has re-opened Residence Inn Grand Rapids West in Grandville. Located at 3451 Rivertown Point Court SW, the three-story, 90-room hotel recently underwent a $3 million renovation. The hotel now features contemporary guest suites with new carpet, beds, vanities, sofas, tables, wall coverings, dining tables, lighting and stainless steel appliances. Hotel amenities include an outdoor swimming pool and sports court that features a fire pit and built-in gas grill, a business center and an expanded complimentary breakfast and dining area.
HOLTSVILLE, N.Y. — Chatham Lodging Trust has acquired the Residence Inn by Marriott – Long Island for $21.3 million. Located at 25 Middle Ave. in Holtsville, the hotel contains 124 suites. Amenities include a fitness center, an indoor swimming pool and an outdoor sports court. Island Hospitality Management, an affiliate of Chatham, will manage the property. The seller's name was not disclosed.
ANAHEIM, CALIF. — Grubb & Ellis has negotiated the $25 million sale of the 153-room Courtyard by Marriott Anaheim Hotel at Disneyland. Tarsadia Hotels sold the asset to Annapolis, Md.-based Chesapeake Lodging Trust; Grubb & Ellis’ Jordan Richman and Felix Cacciato of Hotel Equity Advisers represented both parties in the deal. Opened in 2006, the property includes a Ruth’s Chris Steak House, a fitness center, and indoor and outdoor pools. Tarsadia will continue to manage the hotel.
LAS VEGAS — Colliers International Hotels, Las Vegas, has completed the $12 million sale of the 150-unit Clarion Suites Hotel located on 5.68 acres at 325 Flamingo Road near the Las Vegas Strip. Colliers’ Mike Mixer represented the seller, Pacific East Flamingo LLC, in the lengthy, bank-owned transaction; the overseas investment-group buyer, 325 Flamingo LLC, has re-branded the property as a Ramada, which is owned by Wyndham Hotel Group.
AUSTIN, TEXAS — Lodging Capital Partners and Syndicated Equities Group have borrowed a $56 million loan for the Four Seasons Austin. Messa West Capital provided the financing through its Messa West Real Estate Income Fund II; Blackstone Real Estate Debt Strategies also provided a mezzanine loan. Cushman & Wakefield Sonnenblick-Goldman's Mark Gordon and Jared Kelso arranged the loan with the assistance of Elizabeth Kogen of JMB Financial Advisors.
CAROLINAS AND FLORIDA — Inland American Lodging Advisor has sold five limited-service hotels to private buyers for more than $24 million. The portfolio includes the Comfort Inn Riverview in Charleston, S.C.; the Comfort Inn University and the Comfort Inn Medical Park in Durham, N.C.; the Hampton Inn Crabtree Valley in Raleigh, N.C.; and a Comfort Suites in Orlando, Fla. CB Richard Ellis' Hotels Group brokered the sale.