COLUMBIA, S.C. — North Carolina-based Suite Development has acquired InnPlace Suites in Columbia for an undisclosed price. The two-story, 128-room hotel offers wireless high-speed Internet access, microwaves, refrigerators, coffee makers, irons, ironing boards, hair dryers, premium cable television, a seasonal outdoor pool and a fitness center. The buyer plans to renovate the property and reposition the hotel with Affordable Suites of America. Hodges Ward Elliott's Select Service Division represented the seller, ING Clarion Partners, in the all-cash transaction.
LEHIGHTON, PA. — Optimum Hotel Brokerage has completed the sale of the first-mortgage note secured by the Hampton Inn Lehighton, a 79-room, select-service hotel located in Lehighton. The sale was completed for 90 percent of the mortgage balance. Joe McCann of Optimum brokered the sale between the seller, a New York-based regional bank, and the buyer, a Manhattan-based private real estate investment company.
ATLANTA — Pebblebrook Hotel Trust has received a $52.5 million secured loan from Goldman Sachs Commercial Mortgage Capital. The 5-year loan, which carries a 4.88 percent fixed-annualized interest rate, was collateralized by the 422-unit InterContinental Buckhead Hotel in Altanta's Buckhead district. Proceeds from the loan will be used to fund future acquisitions and for general business purposes.
SAN ANTONIO — Houston-based XE Hospitality, represented by JJ Williams and Jason Brumm of Grubb & Ellis, has purchased 3 acres of land in northwest San Antonio from Thomas Enterprises. The company intends to use the land to develop a Hilton Garden Inn. The hotel calls for 130 rooms and 3,000 square feet of meeting space and is expected to be completed in the third quarter of 2012. It is located in The Rim, a master-planned, 2 million-square-foot, mixed-use center developed by Thomas Enterprises at the intersection of Interstate 10 and La Cantera Parkway.
CANNON BEACH, ORE. — Sonnenblick-Eichner Co. has arranged $20.5 million in first-mortgage financing for the 97-room Surfsand Resort, located at 148 West Gower in Cannon Beach. To be used to pay off an existing renovation and redevelopment loan previously placed by Sonnenblick-Eichner, the new 5-year, LIBOR-based, non-recourse loan was financed by a private debt fund. The full-service resort underwent a $13.2 million renovation and redevelopment in 2008. Situated 90 minutes from Portland and approximately 3 hours from Seattle by car, Surfsand Resort offers a restaurant with a lounge and bar, a spa, a fitness center, an indoor pool and 3,600 square feet of meeting space.
PHILADELPHIA — Local student housing developer Campus Apartments has broken ground for the construction of a new hotel in Philadelphia's University City submarket. The new Homewood Suites by Hilton will be located at 4109 Wanut St., within close proximity to the University of Pennsylvania and Children's Hospital of Philadelphia. It will contain 136 extended-stay suites that will feature full kitchens, dining tables and separate work areas with phone and Internet access. The $50 million project will also feature a fitness center, an indoor pool, a convenience store, and dining and meeting spaces. It will seek LEED certification. Completion is slated for spring 2012. Alesker & Dundon Architects is designing the project, and L.F. Driscoll Co. will serve as general contractor.
BOSTON — Northwood Investors has secured a $75 million acquisition loan for the Radisson Boston Hotel. Constructed in 1972, the 23-story hotel is located at 200 Stuart St. in Boston's Theatre District. The hotel features the 260-seat bistro Rustic Kitchen, a 120-seat café, 20,000 square feet of meeting space, the 490-seat Stuart Street Playhouse and an 8,000-square-foot auditorium. The loan carries a 4-year term with an adjustable-to-fixed interest rate. The lender was Wells Fargo Bank. Northwood plans to use part of the proceeds to convert the hotel into an independent property. Daniel Peek of HFF's Miami office and Riaz Cassum of the firm's Boston office arranged the loan.
WHIPPANY, N.J. — HEI Hotels & Resorts has completed Phase I of a $20 million renovation to the Hanover Marriott, a 353-room hotel located at 1401 Route 10 E in Whippany. The first phase of construction included upgrades to the hotel's common areas and systems. Auto-dimming systems that adjust interior lights based on the amount of natural light were installed. Water-efficient fixtures were installed, and mechanical and HVAC systems now have sensor controls. Phase II construction will upgrade the hotel's guest rooms with flat-screen televisions, new furniture and luxury bedding.
SALISBURY, MD. — Salisbury-based Marshall Hotels & Resorts has received assignments for three distressed hotel properties in the Northeast. The company has been named receiver for the Four Points by Sheraton Hotel & Suites Allentown Airport, a 145-room hotel located in Allentown, Pa., as well as the Holiday Inn Danbury, a 114-room hotel located in Danbury, Conn. It also has been named operator for the Holiday Inn Buffalo Amherst Hotel, a 199-room hotel located in Buffalo, N.Y., which is currently in receivership.
ROCKLIN, CALIF. — Cassidy Turley BT Commercial has brokered the $2.025 million sale of the 67-room Rocklin Park Hotel, located at 5450 China Garden Road in Rocklin. Onsite amenities include the Chops Grill & Oven and the luxurious Spa LaLé. Cassidy Turley BT Commercial’s Scott Griemsmann and Eric Gunderson represented the seller, LNR Partners LLC, in the transaction; the buyer was OMKAR Rocklin Inc.