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.
PORTLAND, MAINE — CB Richard Ellis/New England has negotiated the sale of the Holiday Inn by the Bay, located at 88 Spring Street in Portland. The 11-story hotel contains 239 rooms. It features more than 30,000 square feet of meeting space, an indoor swimming pool, a fitness center and an on-site restaurant. CBRE’s Dave McElroy and Scott Hutchinson represented the seller, Harper Hotels, and procured the buyer, Bangor, Maine-based Lafayette Hotels. The acquisition price was not disclosed.
GRAPEVINE, TEXAS — The Dallas office of Turner Construction Co. has completed the $35 million expansion of Great Wolf Lodge, an indoor water park and resort located in Grapevine. The project included the addition of 202 guest suites and a 27,000-square-foot conference center, which brings the 45-acre resort up to 686,000 total square feet of space. Great Wolf Lodge contains 606 family-sized guest suites; an eight-story, 98,000-square-foot water park; and a 27,000-square-foot conference center. The water park contains more than 1,000 parking spaces. The conference center features a 7,500-square-foot grand ballroom, six meeting rooms, two boardrooms, more than 4,000 square feet of pre-function space and six outdoor event areas. The resort also includes themed restaurants, adult and kid spas, retail stores, a fitness room, a technology center and an arcade. Turner was also responsible the original construction of Great Wolf Lodge, a $93 million project that was completed in late 2007.
BROOMFIELD, COLO. — Aimbridge Hospitality and Broomfield Lodging LLC, a wholly owned entity of Wiens Enterprises LLLP, has opened aloft Broomfield Denver. Located at 8300 Arista Pl. in Broomfield, the 139-room hotel is the first aloft Hotel in Colorado. The 92,387-square-foot hotel features 7,555 square feet of meeting space and is situated over 11,000 square feet of main street retail space, which features a 5,300-square-foot Kevin Taylor Group restaurant. The property is owned by Broomfield Lodging LLC. Aloft Hotel is the urban lifestyle brand of Starwood Hotels & Resort Inc.
HANOVER, MD. — White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide and Chesapeake, Va.-based LTD Management Co. have opened two new hotels on Teague Road in Hanover. The 142-room Aloft Arundel Mills, located at 7520 Teague Rd., includes wireless Internet and a 42-inch HDTV in each unit. Other amenities include a lobby bar, a fitness center, a pool and a 24-hour convenience store. Located at 7522 Teague Rd., each unit in the 147-room Element Arundel Mills features a full kitchen with energy-efficient appliances. A fitness center, a chlorine-free pool, a library and 500 square feet of meeting space is also housed in the hotel.
KANSAS CITY, MO. — Mumford Co. has brokered the sale of the Motel 6 – Kansas City Airport, located in northern Kansas City. The 86-room hotel is situated at 8230 NW Prairie View Rd., adjacent to Interstate 29, and it features an outdoor swimming pool. Lance Potter of Mumford’s Chicago office and Randy Lee of the company’s Dallas office represented the seller, ACCOR Hospitality. The hotel was purchased by Tiffany Springs LLC, which plans to complete a significant modernization of the property and continue operation as a Motel 6.
CHICAGO — Construction is complete for Hotel Felix, a 12-story boutique hotel located in Chicago. The hotel, which was originally built in 1926, was previously known as Hotel Wacker before Oxford OBG Hospitality Investment Partners launched a green redevelopment of the property. The hotel is applying for LEED-Silver certification, and it would be the first hotel in the city to receive the designation. Sustainable features include in-room motion sensors that control the thermostat, energy-efficient HVAC and plumbing systems, a recycling program, and the use of recycled, renewable and low-emitting materials in the construction process. Hotel amenities include a lobby bar, the Asha wellness spa and three small conference rooms. The hotel’s restaurant, Elate, is scheduled to open this summer. The project was designed by Cubellis. Oxford OBG Hospitality Investment Partners is a value-added acquisition and redevelopment group led by Chicago-based Oxford Capital Group. Other principals include Park Ridge, Ill.-based Bricton Group and locally based Gettys.