DENVER — Hodges Ward Elliott has represented the seller in the disposition of the JW Marriott Cherry Creek. The recently renovated Marriott was sold to DiamondRock Hospitality for $72.6 million. The 11-story, 196-room hotel opened in Denver’s Cherry Creek neighborhood in 2004.
NEW YORK CITY — A joint venture between Brack Capital Real Estate (BCRE) and InterContinental Hotels Group (IHG) has completed the $46 million acquisition of 180 Orchard St. in New York City's Lower East Side from the developer, Morris Platt. The partnership was arranged by Joe Ferrera of Brunello Hospitality. The team plans to develop the multi-use property to include a 290-room Hotel Indigo with a retail component, restaurant, bar, fitness center and outdoor pool. BCRE will own 51 percent of the shares while IHG will own the remaining 49 percent. The hotel is scheduled to open in 2013.
CHATTANOOGA, TENN. — Grandbridge Real Estate Capital has secured a $23 million first mortgage loan for the 186-room Doubletree Hotel in Chattanooga. Carl Bedwell and Chris Howe of Grandbridge's Nashville, Tenn. Office originated the refinance for Vision Hospitality Group through one of the firm's investor relationships. The permanent loan features a 10-year term, 25-year amortization and a fixed interest rate.
DALLAS — Norwalk, Conn.-based HEI Hotels & Resorts has acquired the 309-room Sheraton Dallas North, located at 4801 Lyndon B. Johnson Fwy. in Dallas' Galleria submarket. The hotel was acquired out of REO directly from a lender that foreclosed on the property. It is HEI's sixth hotel under Starwood's Sheraton brand and its 34th owned hotel.
NEW YORK CITY — Q10 | New York Realty Advisors has arranged $13.8 million in non-recourse financing for an 80-room, limited-service hotel located in the Midtown West submarket of Manhattan. The loan, which carries a 5-year term and a 5.11 percent fixed interest rate, will refinance a 2006 loan for the property. The borrower and lender were not disclosed.
SEATTLE — The 195-room Homewood Suites Seattle Convention Center has sold for $53 million to Chesapeake Lodging Trust. The seller was a joint venture between AEW and Stonebridge Cos., formed in 2006 to acquire the property, then known as Summerfield Suites Seattle.
CHICAGO — Starwood Hotels has sold the 22-story W Chicago, located at 172 West Adams St. in Chicago, to Chesapeake Lodging Trust for $128.8 million. Starwood has signed a 40-year management agreement with full extensions to continue operating the hotel under the W name. Amenities include more than 12,000 square feet of meeting and event space, a SWEAT state-of-the-art fitness center and the recently renovated IPO restaurant.
NEW YORK CITY — The new Four Point by Sheraton Long Island City/Queensboro Bridge has opened. The 88-room, select-service hotel is located at 27-05 39th Ave. in Queens. It features an American bistro, a rooftop lounge, fitness facilities, a business center and 2,500 square feet of meeting space. The hotel was developed and is owned by 39th Ave Holdings. Interstate Hotels & Resorts manages the property.
DEARBORN, MICH. — The 772-room Hyatt Regency Hotel, located in Dearborn, was sold to Royal Realties, a group of overseas investors, for an undisclosed price. The hotel features more than 62,000 square feet of function space, an indoor pool and a fitness center. As the court appointed hotel received, Capital Hotel Management was named the seller of the asset, acting on behalf of the special server. Mike Cahill of HREC Investment Advisors' Denver office represented the seller in the transaction.
EAST AURORA, N.Y. — Hotel Brokers International (HBI) has completed the sale of the Hampton Inn East Aurora, an 80-unit, select-service hotel located in the Buffalo suburb of East Aurora. The property traded for approximately $7.8 million. HBI affiliates Optimum Hotel Brokage and ProCom Lodging Brokers partnered to represent the seller, a California-based investment fund. The buyer's name was also not disclosed.