CHAPEL HILL, N.C. — The Longiotti family has sold the 79-room Siena Hotel and the adjacent Il Palio Ristorante to a private buyer for an undisclosed amount. The $8 million property is located at 1505 E. Franklin St. in Chapel Hill. Raleigh, N.C.-based Plaza Associates represented the seller.
BAYTOWN, TEXAS — Houston-based Arch-Con Construction has broken ground for a new SpringHill Suites hotel, located at 5179 East Freeway in Baytown. The four-story building will contain 101 rooms and more than 7,500 square feet of meeting space. The design is a new prototype for Marriott Hotels, the franchisor of the SpringHill Suites brand. Completion is scheduled for 2010.
SAN ANTONIO — Starwood Hotels & Resorts Worldwide has opened the Four Points by Sheraton San Antonio Northwest. The six-story, 130-room hotel is owned by Galo Properties and managed by DePalma Hotels. Four Points is the first of three prototype hotels to open in North America as part of the rejuvenation campaign. The hotel features a fitness center, a heated outdoor swimming pool and 1,400 square feet of meeting space. The hotel anchors Promenade Place, a 12-acre lifestyle center, and is situated across from the University of Texas – San Antonio.
MILWAUKEE — A former Ramada Inn located at 6401 South 13th St. in Milwaukee has completed a $14 million transformation into a five-story, 194-guestroom Crown Plaza. The Crown Plaza Milwaukee Airport is located just 2 miles from General Mitchell International Airport, and features significant meeting and banquet space, a fitness center, a business center and an airport shuttle. The hotel is owned Amana Hospitality and managed by Interstate Hotels & Resorts, under a licensing agreement with a company in the InterContinental Hotels Group.
ST. LOUIS — The grand opening has been held for Hotel Indigo – St. Louis Central West End, a 127-room boutique hotel located in St. Louis. The project consisted of the $10 million renovation of the former Bel Air West Motel, which first opened in 1958. The new Hotel Indigo features high-speed Internet access in rooms and public spaces, a restaurant and bar, a 24-hour business center and more than 1,100 square feet of meeting space. The hotel is owned and managed by Roberts Hotel Group under a license agreement with InterContinental Hotels Group. It is the first of three Hotel Indigo properties that will open in St. Louis in the next 3 years. The second hotel will open in University City in 2011 and one in the downtown convention district will open in 2012.
PORTLAND, MAINE — CB Richard Ellis/New England has brokered the sale of the full-service Holiday Inn West located at 81 Riverside Street in Portland. The 200-room hotel was sold for an undisclosed price to Bangor-based Lafayette Hotels, an owner/operator of hotel facilities throughout Maine, New Hampshire and Michigan. Built in 1965, the two-story Holiday Inn West features an indoor swimming pool, a fitness center, an on-site restaurant and 7,000 square feet of meeting space. Situated immediately adjacent to I-95 in Portland, the property offers superior access and visibility and is located 3 miles from downtown Portland. The Holiday Inn by the Bay also features the largest hotel conference facility in Maine. The CBRE team of Dave McElroy and Scott Hutchinson of CB Richard Ellis/New England represented the seller, Harper Hotels, and procured the buyer in the transaction. The team also facilitated the recent sale of Harper Hotels’ Holiday Inn by the Bay, also in Portland, in early May.
BOSTON — Gemini Real Estate Advisors has recapitalized its Boston Holiday Inn Express Hotel & Suites. The company sourced a permanent $11 million loan from Camden National Bank as well as a $4.1 million of preferred equity. The capital was used for the construction loan that financed the purchase and redevelopment of the five-story, 72-room hotel.
THE WOODLANDS, TEXAS — Raymond Management Co. has acquired a land parcel located in the Woodlands for the construction of a new hotel. The parcel is situated on College Park Drive across from College Park Shopping Center. The developer plans to begin construction later this year for an approximately 135-room Spring Hill Suites by Marriott. The hotel will feature complimentary wireless Internet access, a lobby bar, a swimming pool, a fitness center and a convenience store. Raymond also plans to construct a freestanding restaurant on site. Barry Perkel provided in-house representation for Raymond Management Co. in the land transaction. Greg Jordan of The Woodlands Development Company provided in-house representation for the seller.
LONG KEY, FLA. — Tremont Realty Capital has represented an institutional portfolio lender in the sale of a $74.35 million note to an undisclosed party. The note is secured by 28 acres in the Florida Keys. The space is zoned for a luxury resort, but the Fiesta Key RV Resort and Marina currently sits on the land, which is located on the Overseas Highway in Long Key. Tom Lorenzini of the Tremont’s Chicago office and John Chase of the firm’s Annapolis, Md., office brokered the sale.
HOLLYWOOD BEACH, FLA. — The 200-unit Trump Hollywood condominium tower in Hollywood Beach is nearly complete. The 40-story property includes 9,000-square-foot penthouses and 4,000-square-foot residences. Miami Beach, Fla.-based Robert M. Swedroe Architects & Planners designed Trump Hollywood.