OCONOMOWOC, WIS. — Madison, Wis.-based S&L Hospitality and Pabst Farms Development Inc. have held the grand opening for the new Staybridge Suites Milwaukee West – Oconomowoc, located in Oconomowoc. The five-story hotel features 128 suites in three different configurations from studios to two bedrooms. Rooms feature works stations as well as fully equipped kitchens. Hotel amenities include complimentary guest laundry facilities, a fitness center, a 24-hour business center, a guest library, a 24-hour convenience store, an indoor pool and whirlpool, 500 square feet of meeting space, and an outdoor courtyard with a putting green and a barbecue pavilion. The hotel will be managed by S&L Hospitality under a license agreement with InterContinental Hotels Group. It is situated within the new Pabst Farms project at 1141 Blue Ribbon Dr. Pabst Farms, which is being developed by Pabst Farms Development, is a 1,500-acre, master-planned community situated near the interchange of Interstate 94 and U.S. Highway 67. The project will contain a variety of residential developments, office buildings, light industrial space, civic components, healthcare facilities, retail and restaurant space, and hotels. The new Staybridge Suites is located directly across from the new Aurora Medical Center, which is slated for completion in early 2010.
MARIETTA, OHIO – Kentucky-based Shiv Hotels has purchased the Comfort Inn located in Marietta with long-term plans of converting the hotel into a Quality Inn. The 120-room property is located at 700 Pike St. and is near the Mid-Ohio Regional Airport. The property boasts a basketball facility and 6,000 square feet of meeting space. David Mumford and Matt Winston of the Mumford Company’s Virginia office and Steve Kirby and David Holcombe of the firm’s Atlanta office represented the seller, CW Capital.
BOSTON — CB Richard Ellis Capital Markets (CBRE) has arranged $13.91 million in debt and equity to refinance the construction loan for the Holiday Inn Express Hotel & Suites Boston – Downtown, located at 280 Friend St. in Boston’s North End. The borrower originally purchased the property, a five-story, 54,000-square-foot boutique hotel, in 2007 and undertook a $6 million renovation that included its re-branding as a Holiday Inn Express. The property contains 72 rooms as well as 6,000 square feet of ground-floor retail space. The financing included an $11 million, fixed-rate first mortgage and $2.91 million in preferred equity. The mortgage carries a 5-year term with a 25-year amortization schedule and a 4 percent interest rate. Keith Braddish and Jason Gaccione of CBRE’s New York City office, along with Michael Prakken of the firm’s Boston office, arranged the financing. Braddish and Gaccione also originated the original construction loan 18 months prior.
ORLANDO, FLA. — Miami-based JNS Management is developing a 110,000-square-foot expansion to the Ramada Inn International Drive in Orlando. The property is located at 6500 International Dr. When complete, the hotel will feature 130 additional rooms in a 12-story building. Orlando-based Cuhaci & Peterson Architects designed the addition.
WAXAHACHIE, TEXAS — Ravi Mehta and Sanjeev Lad of Marcus & Millichap’s Fort Worth, Texas, office recently secured a buyer for the 63-room Sleep Inn & Suites located at 1701 N. US Highway 77 in Waxahachie. Mehta and Lad had the exclusive listing to market the property on behalf of the seller, a limited liability company. The hotel sits on approximately 1.92 acres; it opened in June 2007.
ORLANDO, FLA. — Orlando-based Roger B. Kennedy Inc. has completed two 61-unit properties, a $27 million project, for Westgate Resorts. Buildings 80 and 90 — both six-story properties — are part of Westgate Lakes Resort & Spa, located at 10000 Turkey Lake Rd. in Orlando. Morris Architects of Orlando designed the project.
RICHMOND, VA. — Chesapeake, Va.-based LTD Management Co. and Forest City Commercial Development have completed the 151-unit Hyatt Place Richmond Airport. The hotel is located in The Shops at White Oak Village at 4401 S. Laburnum Ave. in Richmond. The property features a wine and coffee café, a TV den and an e-room in the lobby. The Richmond hotel, one of 143 Hyatt Place properties throughout country, is the first of four projects to be developed by LTD Management and Forest City.
CANTON AND CLEVELAND, OHIO — Chicago-based Aries Capital has arranged $8 million in non-recourse financing for the renovation of three hotels. The three hotels, all of which were previously Hampton Inns, will also be re-branded as La Quinta Inn & Suites locations. Each features approximately 100 rooms. Two are located in Canton and Cleveland, with the third property located in Rochester, N.Y. Jeff Bucaro of Aries originated the loan and Heather Madsen, also of Aries, closed the transaction. Terms of the loan include a 5-year, fixed-rate mortgage with a 25-year amortization schedule. The loan was provided by a consortium of credit unions.
NAPA, CALIF. — Sunstone Hotel Investors Inc. has completed the disposition of the 274-room Marriott hotel in Napa. The property sold for $36 million. Sunstone estimates that the hotel would require approximately $6 million in near-term renovations to comply with Marriott brand standards. The gross proceeds of $36 million, plus the $6 million of renovations that Sunstone will not have to spend, equates to a 10.5x 2009 EBITDA multiple. The buyer was not disclosed.
PRINCE GEORGE’S COUNTY, MD. — The Peterson Cos. has sold 15 acres of land in Prince George’s County to Walt Disney Parks and Resorts for $11 million. The land is located in the 300-acre National Harbor area, a waterfront resort that includes six hotels and the Gaylord National Resort & Convention Center. Disney plans to build a stand-alone resort hotel on the land.