Hospitality

CBRE CAPITAL MARKETS ARRANGES REFINANCING FOR HOTEL CONSTRUCTION LOAN

by admin June 2, 2009

BOSTON — CB Richard Ellis Capital Markets (CBRE) has arranged $13.91 million in debt and equity to refinance the construction loan for the Holiday Inn Express Hotel & Suites Boston – Downtown, located at 280 Friend St. in Boston’s North End. The borrower originally purchased the property, a five-story, 54,000-square-foot boutique hotel, in 2007 and undertook a $6 million renovation that included its re-branding as a Holiday Inn Express. The property contains 72 rooms as well as 6,000 square feet of ground-floor retail space. The financing included an $11 million, fixed-rate first mortgage and $2.91 million in preferred equity. The mortgage carries a 5-year term with a 25-year amortization schedule and a 4 percent interest rate. Keith Braddish and Jason Gaccione of CBRE’s New York City office, along with Michael Prakken of the firm’s Boston office, arranged the financing. Braddish and Gaccione also originated the original construction loan 18 months prior.

June 2, 2009

ORLANDO RAMADA TO UNDERGO 130-UNIT EXPANSION

by admin June 1, 2009

ORLANDO, FLA. — Miami-based JNS Management is developing a 110,000-square-foot expansion to the Ramada Inn International Drive in Orlando. The property is located at 6500 International Dr. When complete, the hotel will feature 130 additional rooms in a 12-story building. Orlando-based Cuhaci & Peterson Architects designed the addition.

June 1, 2009

Hospitality Texas

MARCUS & MILLICHAP FACILITATES SALE OF 63-ROOM HOTEL

by admin June 1, 2009

WAXAHACHIE, TEXAS — Ravi Mehta and Sanjeev Lad of Marcus & Millichap’s Fort Worth, Texas, office recently secured a buyer for the 63-room Sleep Inn & Suites located at 1701 N. US Highway 77 in Waxahachie. Mehta and Lad had the exclusive listing to market the property on behalf of the seller, a limited liability company. The hotel sits on approximately 1.92 acres; it opened in June 2007.

June 1, 2009

Hospitality Southeast

FIRM FINISHES $27 MILLION PROJECT AT ORLANDO RESORT

by admin May 29, 2009

ORLANDO, FLA. — Orlando-based Roger B. Kennedy Inc. has completed two 61-unit properties, a $27 million project, for Westgate Resorts. Buildings 80 and 90 — both six-story properties — are part of Westgate Lakes Resort & Spa, located at 10000 Turkey Lake Rd. in Orlando. Morris Architects of Orlando designed the project.

May 29, 2009

Hospitality Southeast

151-UNIT HYATT PLACE RICHMOND AIRPORT FINISHED

by admin May 26, 2009

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.

May 26, 2009

Hospitality Midwest

ARIES CAPITAL ORIGINATES $8 MILLION LOAN FOR RENOVATION OF THREE HOTELS

by admin May 21, 2009

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.

May 21, 2009

Hospitality Western

SUNSTONE HOTEL INVESTORS SELLS MARRIOTT NAPA FOR $36 MILLION

by admin May 21, 2009

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.

May 21, 2009

Hospitality Southeast

DISNEY TO BUILD RESORT IN NATIONAL HARBOR AREA

by admin May 20, 2009

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.

May 20, 2009

Hospitality Northeast

CBRE NEGOTIATES 239-ROOM HOTEL SALE

by admin May 14, 2009

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.

May 14, 2009

Hospitality Texas

TURNER CONSTRUCTION COMPLETES $35 MILLION RESORT EXPANSION

by admin May 13, 2009

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.

May 13, 2009

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