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.
KERRVILLE, TEXAS — Mumford Co. has brokered the sale of the Whitten Inn, located in Kerrville. The 98-room hotel is situates on Interstate 10 just outside of San Antonio. The buyer, Amer Host Inc., plans to extensively renovate the property and will seek franchise options following the summer travel season. The seller was Roarke-Whitten 3, Ltd. Acquisition financing was provided by a local bank.
BOSTON — Tishman Construction Corp. has completed the $17 million renovation of Copley Square Hotel, located in Boston’s Back Bay neighborhood. Construction to the hotel, which was first built in 1891, included full renovations to each of the 143 guestrooms. New finishes were installed and the bathrooms were also renovated. Guestrooms now include workstations and wireless Internet access. A new boiler was added to the hotel and a second elevator was installed as well. Amenities at Copley Square Hotel include a full-service concierge, a casual restaurant, a martini bar, a lounge and a nightclub. The project architect was Arrowstreet and the interior designer was Intra-Spec. The hotel’s owner is CapStar Copley LLC.
PHOENIX — The Phoenix City Council has green lighted the renovation of the historic Arizona Biltmore Resort & Spa, which is located at 2400 E. Missouri Ave. in Phoenix. The $600 million renovation includes a new world-class spa with corresponding amenities; a fine-dining restaurant; upgrades to trails; traffic enhancements; pool and landscaping redevelopment; a promenade along the Arizona Canal; a new resort entrance design and 300 new guest rooms. Beginning immediately, the first phase of construction includes a $120 million spa and its amenities. The second phase of the renovation will begin sometime before 2030. Gensler & Associates is providing architectural services for the spa component of the project. Arizona Biltmore Resort & Spa is a partnership between Morgan Stanley, Pyramid Advisors and investment partners.
NEW MARKET, VA. — BSPM Hospitality of VA has sold an 85-room Days Inn to Shree Vishnuji LLC for an undisclosed amount. The hotel is located adjacent to the New Market Battlefield in the Shenandoah National Park in New Market. The purchaser plans to undertake renovations to the property. David Mumford and Ed James of Mumford Co.’s Virginia office brokered the sale.
RIVERSIDE, CALIF. — Pinnacle Hotels USA has acquired Marriott Riverside, a 292-room hotel located in downtown Riverside, for $19.3 million or $66,000 per room. The 12-story hotel offers 14,000 square feet of meeting space, a restaurant, a lounge, a gift shop, an outdoor swimming pool and whirlpool, a fitness room and a business center. CB Richard Ellis Hotels represented the buyer; Pete Dannemiller of Hodges Ward Elliott represented the seller, Sunstone Hotels, in the transaction.
GRAFTON, WIS. — The grand opening has been held for the new Hampton Inn & Suites – Grafton, an 83-room hotel located in the northern Milwaukee suburb of Grafton. The four-story hotel features rooms with wireless Internet access, flat-screen televisions, and suites with microwaves and refrigerators. Hotel amenities include an indoor swimming pool, a fitness center, a business center, 600 square feet of meeting space and a boardroom. The hotel is situated within Gateway to Grafton, a 16-acre mixed-use development located at the interchange of Interstate 43 and State Highway 60. The hotel was developed by North Liberty, Iowa-based Kinseth Hospitality Corp. Gateway to Grafton is being master-developed by West Bend, Wis.-based American Design-Build.
HANOVER AND YORK, PA. — York-based ROCK Commercial Real Estate has completed three sales. In Hanover, Royal Farms purchased a 23,124-square-foot hotel located at 103-121 Carlisle St. ROCK represented the buyer. In York, Tekgard Inc. purchased a 21,863-square-foot light manufacturing facility located at 3390 Farmtrail Rd. ROCK again represented the buyer. Finally, 922 Loucks Road LLC purchased the 6,682-square-foot former Lone Star Steakhouse & Saloon building, located at 922 Loucks Rd. in York. ROCK represented the undisclosed seller in this transaction.