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.
CAVE CITY, KY. — Supertel Hospitality has sold a 96-room Masters Inn to Fine Hospitality for an undisclosed amount. The two-story property is located on Interstate 65 in Cave City. Fine Hospitality plans on renovating the hotel and franchising it with Days Inn. Mumford Co.'s David Holcombe and Burton Brooks brokered the sale.
NAPA VALLEY, CALIF. — PKF Capital has arranged the sale of Silverado Resort and Spa in Napa Valley to a group led by golfing legend Johnny Miller. Opened a half century ago, the Silverado Resort offers more than 400 rentable condominium units, 36 holes of golf, 16 tennis courts, 41,000 square feet of meeting and event space, and a 16,000-square-foot spa. Former Sega Corp. chairman Isao Okawa bought the 300-acre Silverado in 1989. A Colliers International PKF Capital team led by Bob Eaton negotiated the sale of behalf of the family of the late Okawa.
GALVESTON, TEXAS — Cathay Bank has sold the former Jean LaFitte Hotel to Itex Partners for an undisclosed amount. The Galveston property will be reconfigured as a mixed-use, mixed-income apartment complex. Moody Rambin Investment Services' Derek Hargrove and Christopher Dray represented the seller.
SAN FRANCISCO — For $90 million, Pebblebrook Hotel Trust has acquired the 416-room Sir Francis Drake Hotel, located at the center of Union Square in downtown San Francisco, from a partnership led by The Chartres Lodging Group LLC. Originally constructed in 1928, the 23-story hotel includes the award-winning Scala's Bistro, the Wine Room at Scala's, the famed Harry Denton's Starlight Room on the 21st floor, Bar Drake in the hotel's lobby and a Starbucks Coffee, as well as 18,000 square feet of meeting space, a 24-hour fitness center and a 24-hour business center. The hotel will continue to be managed by Kimpton Hotels & Restaurants.