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.
Hospitality
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.
CHICAGO — Jones Lang LaSalle, on behalf of Tishman Hotel & Realty, has secured a $158.5 million in senior debt financing form Goldman Sachs Real Estate Mezzanine Partners for the refinancing of Sheraton Chicago Hotel & Towers. The 1,209-room, full-service convention hotel is located along the Chicago River in downtown Chicago. The property features 20,000 square feet of flexible meeting space, an executive conference center, six distinct food and beverage outlets, an indoor swimming pool, a health club, a club-level lounge, a business center, a gift shop and a 420-space underground parking garage. Tishman Hotel & Realty built and developed the hotel in 1992 and has owned the property since its construction.
ATLANTA — The Atlanta office CB Richard Ellis Hotels Group has completed the sale of five limited-service hotels located in the Carolinas and Florida. The five hotels comprise 756 guestrooms and were sold to separate buyers for a total consideration of more than $24 million. The assets include Comfort Inn Riverview in Charlestown, S.C.; Comfort Inn University in Durham, N.C.; the former Hampton Inn Crabtree Valley in Raleigh, N.C.; Comfort Inn Medical Park in Durham; and Comfort Suites in Orlando. Terms of the transaction were not released. Arpit Shah and Dipan Patel of CBRE Hotel Groups represented the seller, Inland American Real Estate Trust, in the transaction.
MIAMI — Lionstone Group has completed the disposition of Seville Hotel, which is located in Miami's South Beach. Marriott and hotelier Ian Schrager acquired the 400-key hotel for $57.5 million. Phillip Hudson III, a partner with Arnstein & Lehr, lead negotiations on behalf of the Lionstone Group regarding the underlying loan with FirstBank Puerto Rico. The previous owner of the hotel was 2901 Beach Ventures, which consisted of two equal partners, Lionstone Group and Fortune International Management. The buyers plan to redevelop the 12-story property into an new boutique hotel.
LATROBE, PA. — A joint venture between Palmer Hospitality, Concord Hospitality and Keith McGraw has announced plans to develop a new Springhill Suites hotel in Latrobe. The four-story building will have 109 suites and will be located near the intersection of routes 30 and 981. It is directly across from Kennametal Inc., the area's largest employer, and within a short distance from Latrobe Country Club, the home course of Palmer's Hospitality's owner, Arnold Palmer. The building is being designed for LEED certification. Construction will begin in December, and completion is expected by the end of 2011.
WARRENS, WIS. — CB Richard Ellis has arranged the sale of Three Bears Lodge and Indoor Waterpark in Yoga Bear's Jellystone Park in Warrens. The 93-unit hotel and themed indoor waterpark sold for $5 million. Brian Wolff and John Karver of CB Richard Ellis represented the receiver, Milwaukee-based Attorney Michael Polsky, in the transaction. Additional terms of the lease were not disclosed.
ROWLETT, TEXAS — Marcus & Millichap has completed the sale of Comfort Suites Lake Ray Hubbard in Rowlett. The 62-suite property is situated at 8791 East Interstate 30. It was constructed in 2000. Chris Gomes of Marcus & Millichap's Dallas office represented the seller, a locally based private investor, and procured the buyer, a Dallas-based limited liability company.