LEXINGTON, KY. — Lexington H.I. Partners has purchased the 302-room Holiday Inn Lexington North from InterContinental Hotels Group for an undisclosed amount. The property is located on 12 acres near downtown Lexington and the University of Kentucky. The buyer will undertake renovations to the hotel, which will remain a Holiday Inn through the end of the year.
DESTIN, FLA. — Sandestin Investments has purchased the Sandestin Gulf and Beach Resort from Intrawest, which announced the tentative purchase agreement in February, for $30 million. The 2,400-acre property is located in Destin. The resort, which encompasses 1,500 units, features more than 7 miles of beaches, 15 tennis courses, 19 pools, 65,000 square feet of meeting space and a 98-slip marina. Coral Gables, Fla.-based American Real Estate Capital secured the acquisition loan.
DUNCANVILLE, TEXAS — Grubb & Ellis Apartment REIT has purchased the 216-unit Bella Ruscello Luxury Apartment Homes from Duncanville Villages Multifamily. The property, which is located at 250 E. Highway 67 in Duncanville, was built in 2007 on 10.6 acres of land. Bells Ruscello is 97 percent occupied. Features include a pool, a business center and a gym. Fannie Mae provided acquisition financing, which was secured by Berkadia Commercial Mortgage.
PENSACOLA, FLA. — Sojourn Lodging has sold a 100-unit Quality Inn located in Pensacola to Jay & Vishal Corp. for an undisclosed amount. The buyer will undertake cosmetic renovations to the three-building property, which is visible from US Highway 98. Sojourn was represented in the deal by David Mumford, Steve Kirby and Burton Brooks of Mumford Co.
TAMPA, FLA. — Indianapolis-based Sun Development and Management Group has opened a 127-unit Spring Hill Suites by Marriott in Tampa. The property is located at the 460,000-square-foot Tampa Palms Professional Center on Commerce Center Boulevard. Hotel features include a fitness center, a heated pool and meeting rooms.
PHOENIX — The 114-room Holiday Inn & Suites Phoenix Airport is set to open at 3220 S. 48th Street two miles from Phoenix Sky Harbor Airport, 3 miles from downtown Tempe and 8 miles from downtown Phoenix. Owned and managed by Kuber Hotels under a license agreement with a company in the InterContinental Hotels Group, the new 74,000-square-foot hotel features 24 suites and 90 standard rooms and includes amenities such as Soleil Bistro, the hotel’s restaurant, and more than 3,000 square feet of function space. The Holiday Inn & Suites Phoenix Airport property will exemplify the standards of Holiday Inn’s $1 billion brand re-launch program.
CHARLOTTE, N.C. — Concorde Construction has completed work on The Hilton Garden Inn Charlotte/Concord, which is located off Exit 49 of Interstate 85 in Charlotte. The six-story building contains 118 rooms and is the first of the brand to feature a newly redesigned Pavilion, the hotel's signature lobby. The owner is locally based Griffin Stafford Lodging One, which is also developed a Home 2 Suites by Hilton in Mooresville, N.C. Griffin Stafford's management subsidiary will manage the hotel.
PHOENIX — Stoneridge Capital Partners has acquired the 119-room Hotel Highland located at 2310 East Highland Ave. in Phoenix’s Biltmore District. The purchase marks the Newport Beach, Calif.-based real estate investment company’s entry into the hospitality sector. Bill Murney of Hospitality Real Estate Counselors represented Stoneridge in the transaction, and Stan Kozlowski, Jr. of CBRE Hotels represented the undisclosed seller.
PEARLAND, TEXAS — Arch-Con Construction has broken ground on an 86-room Holiday Inn Express in Pearland. The four-story hotel is located at 1101 Highway 288. An opening has been planned for the fall.
AUSTIN, TEXAS — Starwood Hotels & Resorts Worldwide has opened the 340-room The Westin Austin at The Domain. The property, the city's first Westin hotel, is located 15 minutes from downtown Austin. Hotel features include 17,000 square feet of meeting and banquet space, a restaurant, a business center, a heated pool and a gym.