MANSFIELD, TEXAS – San Antonio-based K Partners Hospitality Group has opened a Fairfield Inn & Suites in Mansfield. The 83-room property is located at 1480 U.S. Highway 287 North, between Dallas and Fort Worth. Hotel amenities include high-speed Internet access in all rooms and wireless access in the lobby, a whirlpool, an on-site business center and access to nearby Joe Pool Lake. It is K Partners’ second hotel to open in Mansfield. The first, an 88-room Hampton Inn & Suites, opened in October 2008.
SMITHTOWN, N.Y. — NorthMarq Capital has secured $11.38 million in first-mortgage financing for the Sheraton Long Island Hotel, a 209-unit hotel located in Smithtown. The financing consists of a bridge loan with a 3-year term and interest-only payments. It was arranged by Gary McGlynn with NorthMarq’s Washington, D.C., office. The borrower was a Washington, D.C.-based client and the lender was one of NorthMarq’s correspondent life insurance companies.
ALAMOGORDO, N.M. — The Mumford Company represented Motel 6 and Accor Hospitality in the disposition of a Motel 6 location in Alamogordo. Chandni Ventures LLC acquired the property and will operate the hotel as a Motel 6 franchisee. Randy Lee of Mumford’s Dallas office brokered the transaction.
VICTOR, N.Y. — The grand opening has been held for the Homewood Suites by Hilton — Rochester-Victor, a three-story, 90-suite hotel located in Victor. Situated at 575 Fishers Station Dr., the hotel features studio, one- and two-bedroom suites. Amenities include a business center, a 24-hour convenience store, a swimming pool, a spa, a putting green and 756 square feet of meeting space. The hotel is owned and managed by CRS Victor Group II LLC.
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.