Hospitality

BUFFALO, N.Y. — CB Richard Ellis Hotels has arranged the sale of Adam’s Mark Hotel, a 486-room, full-service hotel located in Buffalo. Located in the city’s downtown district, the hotel features three dining facilities, more than 72,000 square feet of meeting space, 12,600 square feet of commercial space, a fitness facility with an indoor pool, a gift shop, a business center and approximately 650 parking spaces. CBRE Hotels represented the seller, Chartres Lodging Group. The property was acquired by Visions Hotels and is part of a two-property hotel portfolio.

PITTSBURGH — Raleigh, N.C.-based Concord Hospitality Enterprises has received $13.4 million in financing for the construction of a 124-room Courtyard by Marriott hotel in Pittsburgh. Known as Courtyard by Marriott Settlers Ridge, the hotel will be located within the new Settlers Ridge retail development. Both are currently under construction, with completion of the hotel scheduled for spring 2010, in conjunction with the completion of Settlers Ridge. Financing was provided by S&T Bank. Terms of the loan were not disclosed.

MOUNT LAUREL, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has arranged a $7.3 million loan for the Hampton Inn located at 500 Crawford Place in Mount Laurel. Situated on 2.36 acres, the four-story hotel contains 126 guestrooms, approximately 500 square feet of meeting space, a business center and an outdoor swimming pool. It is currently operated under a long-term franchise agreement with Hampton, which is a subsidiary of Hilton Hotels Corp. The loan carries a 10-year term and was originated by Cronheim’s David Turley, Frank Sullivan and Anna McGivaren. The borrower and lender were not disclosed.