LOS ANGELES — Geulah Investments LLC has completed the disposition of a 38,000-square-foot former medical office building, which is located within the Miracle Mile at 6317 Wilshire Blvd. in Los Angeles. 6317 Wilshire LLC purchased the property for $7.4 million. The company plans to convert the asset into a boutique hotel offering a rooftop pool, a restaurant and bar, and a spa. Jonathan Ahron and David Aschkenasy of Charles Dunn Co. represented the buyer in the transaction.
FOND DU LAC, WIS. — Milmark Hotel/Motel Investment has brokered the sale of the Ramada Plaza Hotel, a 132-room hotel located in Fond du Lac. The hotel, which is on the National Register of Historic Places, features a ballroom and banquet rooms for events; a restaurant and lounge on the first floor; and a fitness center with a pool, a whirlpool, a sauna and exercise equipment. The property was purchased by California-based Fine Hospitality Group, which plans to significantly upgrade it in the near-term. The purchase is part the company’s plans to expand into the Midwest. The sellers were CPRS Properties and One North Main. The acquisition price was not disclosed.
PERU, ILL. — Lisle, Ill.-based Peak Construction Corp. has begun construction for a new Holiday Inn Express & Suites, located in Peru. The three-story hotel will be situated at 5253 Trompeter Rd., immediately north of Interstate 80. It will feature 79 rooms as well as meeting space. Completion is scheduled for January 2010. The developer is Peru Hotel Group LLC and the project architect is Fargo, N.D.-based Lightowler Johnson Associates.
WYTHEVILLE, VA. — Roanoke, Va.-based Tri-Strength has purchased a 72-room Econo Lodge in Wytheville from affiliates of Allen Management for an undisclosed amount. Tri-Strength is planning to renovate the hotel before rebranding it as a Knights Inn. Ed James, David Mumford and Justin Pinkard of Mumford Co. represented the seller.
MANSFIELD, TEXAS – San Antonio-based K Partners Hospitality Group has opened a Fairfield Inn & Suites in Mansfield. The 83-room property is located at 1480 U.S. Highway 287 North, between Dallas and Fort Worth. Hotel amenities include high-speed Internet access in all rooms and wireless access in the lobby, a whirlpool, an on-site business center and access to nearby Joe Pool Lake. It is K Partners’ second hotel to open in Mansfield. The first, an 88-room Hampton Inn & Suites, opened in October 2008.
SMITHTOWN, N.Y. — NorthMarq Capital has secured $11.38 million in first-mortgage financing for the Sheraton Long Island Hotel, a 209-unit hotel located in Smithtown. The financing consists of a bridge loan with a 3-year term and interest-only payments. It was arranged by Gary McGlynn with NorthMarq’s Washington, D.C., office. The borrower was a Washington, D.C.-based client and the lender was one of NorthMarq’s correspondent life insurance companies.
ALAMOGORDO, N.M. — The Mumford Company represented Motel 6 and Accor Hospitality in the disposition of a Motel 6 location in Alamogordo. Chandni Ventures LLC acquired the property and will operate the hotel as a Motel 6 franchisee. Randy Lee of Mumford’s Dallas office brokered the transaction.
VICTOR, N.Y. — The grand opening has been held for the Homewood Suites by Hilton — Rochester-Victor, a three-story, 90-suite hotel located in Victor. Situated at 575 Fishers Station Dr., the hotel features studio, one- and two-bedroom suites. Amenities include a business center, a 24-hour convenience store, a swimming pool, a spa, a putting green and 756 square feet of meeting space. The hotel is owned and managed by CRS Victor Group II LLC.
OCONOMOWOC, WIS. — Madison, Wis.-based S&L Hospitality and Pabst Farms Development Inc. have held the grand opening for the new Staybridge Suites Milwaukee West – Oconomowoc, located in Oconomowoc. The five-story hotel features 128 suites in three different configurations from studios to two bedrooms. Rooms feature works stations as well as fully equipped kitchens. Hotel amenities include complimentary guest laundry facilities, a fitness center, a 24-hour business center, a guest library, a 24-hour convenience store, an indoor pool and whirlpool, 500 square feet of meeting space, and an outdoor courtyard with a putting green and a barbecue pavilion. The hotel will be managed by S&L Hospitality under a license agreement with InterContinental Hotels Group. It is situated within the new Pabst Farms project at 1141 Blue Ribbon Dr. Pabst Farms, which is being developed by Pabst Farms Development, is a 1,500-acre, master-planned community situated near the interchange of Interstate 94 and U.S. Highway 67. The project will contain a variety of residential developments, office buildings, light industrial space, civic components, healthcare facilities, retail and restaurant space, and hotels. The new Staybridge Suites is located directly across from the new Aurora Medical Center, which is slated for completion in early 2010.
MARIETTA, OHIO – Kentucky-based Shiv Hotels has purchased the Comfort Inn located in Marietta with long-term plans of converting the hotel into a Quality Inn. The 120-room property is located at 700 Pike St. and is near the Mid-Ohio Regional Airport. The property boasts a basketball facility and 6,000 square feet of meeting space. David Mumford and Matt Winston of the Mumford Company’s Virginia office and Steve Kirby and David Holcombe of the firm’s Atlanta office represented the seller, CW Capital.