TEMPE, ARIZ. — Town Lake Development Partners LLC and Hyatt Hotels & Resorts are developing a 240-room Hyatt Regency hotel at the Hayden Ferry Lakeside development, which is located on the south shore of Tempe Town Lake in Tempe. The 14-story hotel will feature 240 rooms, 24 condominiums, a 4,500-square-foot spa and 13,000 square feet of meeting space, including a 5,000-square-foot ballroom. Construction is expected to begin in summer 2009, with completion slated for spring 2011.
POOLER, GA. — D Construction Services of Orlando has broken ground on a 142,000-square-foot Embassy Suites at the Savannah International Airport. The $17 million project is located at 145 Mulberry Blvd. in Pooler and will include an indoor pool and spa, fitness and business centers and 3,385 square feet of meeting space. The hotel is expected to deliver by next December.
ATLANTA — Atlanta-based Hunter Realty Associates has brokered the sale of hotels in Birmingham, Ala., Bristol, Va., and Atlanta for a combined price of more than $28 million. The purchases were financed with an SBA loan, a conventional loan and a CMBS loan. Located at 4400 Colonnade Parkway in Birmingham, a 67-room Comfort Inn & Suites sold to DR & MV Hospitality. A170-unit Courtyard by Marriott, located at 3169 Linden Dr. in Bristol, was purchased by Apple Nine SPE Bristol. A Best Western in Atlanta was sold to Kennesaw Hospitality. Names of the sellers were not released.
PHILADELPHIA —The grand opening has been held for Four Points by Sheraton Philadelphia Convention Center, a 92-room hotel located at 1201 Race St. in Philadelphia, across the street from the Philadelphia Convention Center. Amenities at the hotel include 2,688 square feet of flexible meeting space, a full-service restaurant, a fitness center, a hotel lounge, and free high-speed Internet access in all public areas and guestrooms. The hotel will be managed by Salisbury, Md.-based Marshall Management under an agreement with locally based Lam’s Realty Corp. The Four Points by Sheraton is Marshall’s second managed hotel in the city and its seventh in the state.
MOAB, UTAH — Christian Child and Mike Francis of Marcus & Millichap’s Salt Lake City office represented the undisclosed seller in the disposition of La Quinta Inn & Suites in Moab. Located at 815 S. Main St., the three-floor hotel features 99 rooms, a continental breakfast area, a business center, a meeting room, an exercise room, guest laundry, vending machines and a swimming pool. The property was listed for $7 million; the acquisition price was not disclosed. The details regarding the seller and buyer were not released.
MORRISVILLE, N.C. — A 103-room Cambria Suites has opened at the Raleigh-Durham International Airport in Morrisville, marking the 1-year-old brand’s tenth hotel nationwide. The property features 1,800 square feet of banquet and meeting space, MP3 jacks and wireless Internet in each unit and an indoor pool and spa. The building is owned by Carolina Hotels & Resorts, a local developer, and is managed by Alliance Hospitality of Raleigh, N.C.
LAKE HAVASU CITY, ARIZ. — Havasu Hotel Partners LLC has completed the $2 million renovation and expansion of HEAT Hotel, which is located 1420 McCulloch Blvd. in North Lake Havasu City. The renovation project included approximately 20,000 square feet, 25 guest rooms and a full apartment suite. Formerly known as the Agave Inn, HEAT Hotel now features a new 4,000-square-foot bar and lounge deck with upgraded public space. San Diego-based Graham Downes Architecture provided architectural services for the project. San Diego-based Gold Coast Renovations served as general contractor. EatDrinkSleep LLC operates the hotel.
URBANA, ILL. — Marcus & Millichap has brokered the sale/acquisition of Park Inn, a 140-room motel/hotel property located at 2408 N. Cunningham Ave. in Urbana. Amenities at the facility, which is situated within minutes of the University of Illinois, include an outdoor pool, a fitness center and 6,000 square feet of meeting space. The asset commanded a sales price of $2.1 million. The buyer and seller were not disclosed. Brian Fay and Scott Clawson in the downtown Chicago office of Marcus & Millichap represented both parties in the transaction.
STAMFORD, CONN. — Memphis, Tenn.-based Davidson Hotel Co. has completed a $20 million renovation to the Holiday Inn Stamford Downtown, located at 700 E. Main St. in Stamford. Improvements to the 10-story, 380-room hotel include the relocation of the lobby lounge, front desk and pool. A new health club with an indoor lap pool was added, and guestrooms received new hard and soft goods. The hotel’s front façade and meeting facilities were redesigned. DiLeonardo International served as the design firm for the project; StudioAD served as project architect, and Shakman Construction served as general contractor. The Holiday Inn Stamford Downtown is owned by a joint venture between Davidson and Rockbridge Capital, under an exclusive franchise agreement with InterContinental Hotels Group. Amenities at the hotel include 20,000 square feet of meeting space, on-site guest laundry facilities, a full-service business center and the 700 Main restaurant.
STILLWATER, OKLA. — Rockbridge Capital has arranged $12.1 million in first-mortgage financing for the development of a 101-room Residence Inn by Marriott in Stillwater. The new hotel will be located along the Highway 51 corridor within a 112-acre, mixed-use development. It will be situated three miles from Oklahoma State University, adjacent to Meridian Technology Center and Oklahoma Technology & Research Park. The new Residence Inn will be developed, owned and operated by A.G. Holdings. Terms of the financing were not disclosed.