PORTLAND, MAINE — CB Richard Ellis/New England has brokered the sale of the full-service Holiday Inn West located at 81 Riverside Street in Portland. The 200-room hotel was sold for an undisclosed price to Bangor-based Lafayette Hotels, an owner/operator of hotel facilities throughout Maine, New Hampshire and Michigan. Built in 1965, the two-story Holiday Inn West features an indoor swimming pool, a fitness center, an on-site restaurant and 7,000 square feet of meeting space. Situated immediately adjacent to I-95 in Portland, the property offers superior access and visibility and is located 3 miles from downtown Portland. The Holiday Inn by the Bay also features the largest hotel conference facility in Maine. The CBRE team of Dave McElroy and Scott Hutchinson of CB Richard Ellis/New England represented the seller, Harper Hotels, and procured the buyer in the transaction. The team also facilitated the recent sale of Harper Hotels’ Holiday Inn by the Bay, also in Portland, in early May.
BOSTON — Gemini Real Estate Advisors has recapitalized its Boston Holiday Inn Express Hotel & Suites. The company sourced a permanent $11 million loan from Camden National Bank as well as a $4.1 million of preferred equity. The capital was used for the construction loan that financed the purchase and redevelopment of the five-story, 72-room hotel.
THE WOODLANDS, TEXAS — Raymond Management Co. has acquired a land parcel located in the Woodlands for the construction of a new hotel. The parcel is situated on College Park Drive across from College Park Shopping Center. The developer plans to begin construction later this year for an approximately 135-room Spring Hill Suites by Marriott. The hotel will feature complimentary wireless Internet access, a lobby bar, a swimming pool, a fitness center and a convenience store. Raymond also plans to construct a freestanding restaurant on site. Barry Perkel provided in-house representation for Raymond Management Co. in the land transaction. Greg Jordan of The Woodlands Development Company provided in-house representation for the seller.
LONG KEY, FLA. — Tremont Realty Capital has represented an institutional portfolio lender in the sale of a $74.35 million note to an undisclosed party. The note is secured by 28 acres in the Florida Keys. The space is zoned for a luxury resort, but the Fiesta Key RV Resort and Marina currently sits on the land, which is located on the Overseas Highway in Long Key. Tom Lorenzini of the Tremont’s Chicago office and John Chase of the firm’s Annapolis, Md., office brokered the sale.
HOLLYWOOD BEACH, FLA. — The 200-unit Trump Hollywood condominium tower in Hollywood Beach is nearly complete. The 40-story property includes 9,000-square-foot penthouses and 4,000-square-foot residences. Miami Beach, Fla.-based Robert M. Swedroe Architects & Planners designed Trump Hollywood.
KERRVILLE, TEXAS — Mumford Co. has brokered the sale of the Whitten Inn, located in Kerrville. The 98-room hotel is situates on Interstate 10 just outside of San Antonio. The buyer, Amer Host Inc., plans to extensively renovate the property and will seek franchise options following the summer travel season. The seller was Roarke-Whitten 3, Ltd. Acquisition financing was provided by a local bank.
BOSTON — Tishman Construction Corp. has completed the $17 million renovation of Copley Square Hotel, located in Boston’s Back Bay neighborhood. Construction to the hotel, which was first built in 1891, included full renovations to each of the 143 guestrooms. New finishes were installed and the bathrooms were also renovated. Guestrooms now include workstations and wireless Internet access. A new boiler was added to the hotel and a second elevator was installed as well. Amenities at Copley Square Hotel include a full-service concierge, a casual restaurant, a martini bar, a lounge and a nightclub. The project architect was Arrowstreet and the interior designer was Intra-Spec. The hotel’s owner is CapStar Copley LLC.
PHOENIX — The Phoenix City Council has green lighted the renovation of the historic Arizona Biltmore Resort & Spa, which is located at 2400 E. Missouri Ave. in Phoenix. The $600 million renovation includes a new world-class spa with corresponding amenities; a fine-dining restaurant; upgrades to trails; traffic enhancements; pool and landscaping redevelopment; a promenade along the Arizona Canal; a new resort entrance design and 300 new guest rooms. Beginning immediately, the first phase of construction includes a $120 million spa and its amenities. The second phase of the renovation will begin sometime before 2030. Gensler & Associates is providing architectural services for the spa component of the project. Arizona Biltmore Resort & Spa is a partnership between Morgan Stanley, Pyramid Advisors and investment partners.
NEW MARKET, VA. — BSPM Hospitality of VA has sold an 85-room Days Inn to Shree Vishnuji LLC for an undisclosed amount. The hotel is located adjacent to the New Market Battlefield in the Shenandoah National Park in New Market. The purchaser plans to undertake renovations to the property. David Mumford and Ed James of Mumford Co.’s Virginia office brokered the sale.
RIVERSIDE, CALIF. — Pinnacle Hotels USA has acquired Marriott Riverside, a 292-room hotel located in downtown Riverside, for $19.3 million or $66,000 per room. The 12-story hotel offers 14,000 square feet of meeting space, a restaurant, a lounge, a gift shop, an outdoor swimming pool and whirlpool, a fitness room and a business center. CB Richard Ellis Hotels represented the buyer; Pete Dannemiller of Hodges Ward Elliott represented the seller, Sunstone Hotels, in the transaction.