NEWPORT BEACH, CALIF. — PSRS has arranged $4.8 million in refinancing for Newport Channel Inn, an independent limited-service hotel in Newport Beach. Constructed in 1962 and renovated in 2013, the hotel features 31 guest rooms. Jacob Lee and Thomas Rudinsky of PSRS arranged the loan, which features a five-year term and a 30-year amortization schedule. A correspondent life insurance company provided the capital.
CLAYTON, MO. — Midas Construction has topped out an AC Hotel in the St. Louis suburb of Clayton. The $50 million project is slated for completion in spring 2024. The 11-story building includes 207 rooms. A team of Concord Hospitality, Homebase Partners, Koplar Properties, Eagle Realty and Midas Construction is developing the project. Designed for business and leisure travelers, the hotel will feature a rooftop bar and restaurant open to the public. The project revitalizes a historic, underutilized site that once housed the headquarters for the Clayton Police. Designed by DLR Group, the AC Hotel Clayton will feature the AC Lounge, where patrons can enjoy craft beer, handcrafted cocktails and tapas-style small plates, and the AC Kitchen, an onsite restaurant offering a European-inspired menu. The project team also includes DeLuca Plumbing LLC, Streib Co., TJ Wies Contracting Inc., Eisen Group, Acme Erectors, Jacobsmeyer Construction, Leonard Masonry, Vee-Jay, Titan Carpentry, Custom Service Crane, Grasse & Associates, Waterhout Construction and Castle Contracting.
NORTH BERGEN, N.J. — New York-based Acadia Lodging Brokers & Advisors has arranged the $24 million sale of the 250-room Meadowlands View Hotel in the Northern New Jersey community of North Bergen. The 12-story building has been closed since the pandemic and has significant potential for renovation or repositioning, according to the brokerage team. Arbah Hotel Corp. sold the property to American Dream Hotel LLC in an all-cash transaction.
WESTLAKE, TEXAS — A joint venture between two Dallas-based companies, NewcrestImage and Dabu Group, has purchased the 294-room Marriott Dallas/Fort Worth Westlake hotel, located north of Fort Worth. The hotel offers amenities such as a concierge level with a private lounge, a fine dining restaurant, Starbucks coffee shop, outdoor pool, business center and approximately 15,000 square feet of meeting and event space. Miles Spencer and Parker Sherrill of Newmark represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program.
SAN ANTONIO — Locally based developer Zachry Hospitality will develop a 200-room hotel within the Hemisfair Park mixed-use development in downtown San Antonio. The hotel will operate under the Curio Collection by Hilton brand and will feature a signature restaurant and bar, café, rooftop bar, underground speakeasy bar, pool with cabanas, spa, fitness center and a public garden. Jay Wagley, Frank Piasta, Bond Foster and Ham Berry of CBRE arranged construction debt on behalf of Zachry Hospitality. Interbank is the senior lender on the construction loan.
COLUMBIA, MO. — Bayview PACE has provided $3.5 million in C-PACE funding for a hotel expansion project in Columbia. The funding will add significant capacity to the Double Tree Hilton hotel. The 20-year, fixed-rate loan features a loan-to-cost ratio of 10.36 percent. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing buildings. Eligible improvements include energy efficiency, water efficiency, renewable energy and resiliency measures such as seismic and stormwater measures. C-PACE loans are structured as assessments that are repaid through the owner’s property tax bill over a 20- to 30-year period, according to Bayview.
PORTLAND, TEXAS — Atlanta-based brokerage firm Bull Realty Inc. has arranged the sale of a 95-room hotel in Portland, located near Corpus Christi in South Texas. The hotel operates under the Avid flag, which is part of the InterContinental Hotel Group (IHG) family of brands. Jonathan Hayne and Tom French of Bull Realty represented the undisclosed seller in the transaction. The buyer was an entity doing business as Nova Portland Hotels LLC. Brian Bockman of Bang Realty assisted in closing the deal as the Texas broker of record.
CHARLOTTE, N.C. — Hunter Hotel Advisors has brokered the sale of Canopy by Hilton Charlotte, a 150-room hotel in Charlotte’s SouthPark submarket. Located at 4905 Barclay Downs Drive, the pet-friendly hotel features an onsite restaurant, fitness center and meeting rooms. The seller, Tara Investments, delivered the hotel in 2020. MCR Hotels acquired Canopy by Hilton Charlotte for an undisclosed price. Mayank Patel of Hunter represented the seller in the transaction.
NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $43.6 million loan for the refinancing of a 220-room Hampton Inn hotel located near LaGuardia Airport in Queens. The hotel originally opened in September 2009 and offers a business center, fitness center and meeting rooms. David Turley led the Cronheim team that originated the loan through an undisclosed national debt fund. The borrower, Synergy Hospitality Management, will use a portion of the proceeds to fund capital improvements.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of the Holiday Inn Express East Indianapolis for an undisclosed price. The 90-room hotel, built in 1999, is located at 7035 Western Select Drive. Jasdeep Sohi of Marcus & Millichap represented the seller, a limited liability company, and the buyer, a limited liability company. The property will undergo full renovations in accordance with IHG’s Formula Blue Package in the coming months.
