SYRACUSE, N.Y. — A joint venture between Richfield Hospitality and Shelbourne Falcon Investors has purchased the Renaissance Syracuse Hotel in Syracuse. The partnership's short-term plans include converting the 279-room hotel to the Crowne Plaza brand as well as undertaking a $5 million renovation that will upgrade the guest rooms, public spaces and the property's façade. Richfield will operate the hotel. To complete the transaction the joint venture acquired the hotel's loan and negotiated a deed in lieu of foreclosure with the previous owner.
MARICOPA, ARIZ. — The PENTA Building Group has broken ground for the $20 million expansion of the Harrah’s Ak-Chin Casino Resort, a 148-room property located 39 miles south of Phoenix in Maricopa. Scheduled for completion in July 2011, the expansion will include construction of a five-story tower, adding 152 additional guest rooms, a sculpture and cactus garden, and new VIP Suites. Harrah’s Ak-Chin Casino Resort is owned by the Ak-Chin Indian Community and managed by Harrah’s.
SAN JOSE, CALIF. — Cassidy Turley BT Commercial San Francisco has brokered the $10.5 million sale of a 208-room Holiday Inn hotel property located at 399 Silicon Valley Blvd. in south San Jose. Built in 1990 and expanded in 1998, the three-story, 130,000-square-foot, full-service hotel includes the Summit Steakhouse, a heated pool and hot tub, a fitness room and a business center. Cassidy Turley’s Ric Russell represented both the buyer and seller in the transaction.
CHARLESTON, S.C. — Noble Investment Group has purchased the 126-room Holiday Inn Charleston Historic District and an adjacent land parcel from a private party for an undisclosed price. The company plans to add 50 units and 5,000 square feet of meeting space to the Charleston property and rebrand the hotel as a Courtyard by Marriott. Moeckel & Co.'s Bill Moeckel represented the seller in the transaction.
FITCHBURG, WIS. — Locally owned Oak Bank has completed the disposition of Country Inn & Suites, a 69-room hotel located at 6275 Nesbitt Road in Fitchburg. Fitchburg Lodging acquired the three-story property, which opened in 2005, for an undisclosed price. Freeport, Ill.-based Swift Hospitality Group, an investor of Fitchburg Lodging, will manage the hotel and complete a renovation of the property. Brian Silberman of CBRE|Hotels represented the buyer in the transaction.
HOUSTON — Chatham Lodging Trust has purchased the 120-room Hampton Inn & Suites Houston – Medical Center from an undisclosed seller for $16.5 million. The purchase is part of a planned four-property portfolio, which will eventually be acquired for $61 million. The other three hotels will be purchased once due diligence is completed.
HOUSTON — A Texas-based partnership has sold the 68-room La Quinta Inn & Suites Houston Normandy to a private party for an undisclosed amount. The Houston property, which was built in 2008, carried a list price of $5.2 million. Michael Yu, Rahul Bijlani and Eric Guerrero of Marcus & Millichap represented the seller.
INDIANAPOLIS — InterContinental Hotels Group (IHG) has opened Candlewood Suites Indianapolis East, an 81-room hotel located at 7040 E. 21st St. in Indianapolis. The property features complimentary high-speed Internet access, free local phone calls, free on-site guest laundry, a 24-hour fitness center and Candlewood Cupboard, a convenience retailer. Guestrooms feature studio or one-bedroom suite floorplans with a full kitchen, a comfortable recliner and a workspace with a desk chair and overhead lighting. The hotel is owned and managed by Sohum Hospitality under a license agreement with a company in the IHG.
NEW YORK CITY — A new hotel has opened in Brooklyn. The Best Western Arena Hotel is located at 1324 Atlantic Ave. near Barlcays Center, the future home of the NBA's New Jersey Nets. The hotel features 56 guestroooms with rates starting at $160 per night. Amenities include a fitness center, a business center and meeting space. The owner is Mukteshwar LLC.
COLUMBUS, OHIO — CB Richard Ellis | Hotels group has been awarded the disposition of a 600-unit, five-hotel portfolio. The hotels, which are located in various metropolitan Ohio locations, are estimated to be worth a combined $62.5 million. Eric Belfrage of CBRE’s Columbus office is representing the undisclosed seller. The portfolio consists of Hilton, Marriott and InterContinental branded hotels.