POMPTON PLAINS, N.J. — Best Western International has held the grand opening for the new Best Western Regency House Hotel, a 104-room, full-service hotel located at 140 Route 23 North in Pompton Plains. Owned by Ami and Rajesh Sopariwata, the hotel features rooms equipped with a hot tub and a 32-inch, flat panel television; business plus suites that feature two flat panel televisions and a living area with a pull-out sofa; honeymoon and bridal suites with canopy beds and double hot tubs; family suites; and extended stay suites with complete kitchenettes. The hotel also includes a fitness facility, a business center, and 14,000 square feet of banquet and meeting space. Nightly rates start at $119.
Hospitality
STOWE, VT. — Broomfield, Colo.-based RockResorts International has entered into an agreement with a joint venture between Stonewater Partners and CastleGrace Management for the management of a resort project currently under construction in Stowe. Known as The Mansfield Inn at Stowe, the project will include for-sale residences, as well as luxury tented accommodations. Amenities will include a three-meal restaurant with a fine dining element; a 6,000-square-foot spa with six standalone, spa-themed cabins; a warming hut; and an outdoor pool and hot tubs. The project is scheduled to open in time for the 2010/2011 ski season. RockResorts, which is a wholly owned subsidiary of Vail Resorts, will manage all resort operations, provide technical advisory services and provide marketing licensing services to assist in sales for the project.
BUFORD, COMMERCE AND WEST POINT, GA. — Atlanta Land Group has closed three transactions in Georgia worth more than $30 million. At the intersection of Interstate 85 and Georgia Highway 20 in Buford, BrandsMart USA has purchased 30.6 acres for a future store from Bill Heard Enterprises for $15.3 million. ALG’s Jeff Kerker, Mike Cahalan and Robert Armstrong brokered the transaction. Cahalan and Armstrong, along with ALG’s David Chalmers and Michaela McKenzie, represented a private party’s purchase of 137 acres in Commerce from Joe Craven of Craven Pottery for $14.8 million. Jay Leslie assisted Armstrong in representing Nimish Inc.’s purchase of 4 acres, located at the intersection of I-85 and Kia Boulevard in West Point, from Little Creek for $870,000. The buyer will build a 120-room Holiday Inn Express on the site.
MISSOURI AND ILLINOIS — HREC Investment Advisors has brokered the sale of a 13-asset hotel portfolio with various locations in Missouri and Illinois. Totaling 839 rooms, the properties include one Comfort Inn, two Comfort Suites and ten Super 8 Motels. Shivam Hotel LLC, which is managed by Champak Patel of Oklahoma City, has acquired the portfolio from Midwest Lodging Associates for $39.5 million. Ted Anka in the Chicago office of HREC Investment Advisors represented the seller in the transaction.
BENTONVILLE, ARK. — North Carolina-based The Generation Companies will open a 118-room Suburban Extended Stay Hotel in Bentonville this month. Developer Nueterra Real Estate Development of Leawood, Kan., outfitted each hotel room with fully-functional kitchens. Hotel amenities include wireless Internet, weekly housekeeping and on-site laundry. Tara Primm of Generation will serve as general manager.
CHICAGO — On behalf of institutional clients advised by Prudential Real Estate Investors, Jones Lang LaSalle Hotels has arranged the sale of the 192-room Hotel Monaco Chicago. The Hotel Monaco Denver and the Hotel Monaco Salt Lake City were also included in the transaction. The three-property portfolio was acquired by Cornerstone Real Estate Advisers LLC for the Cornerstone Hotel Income & Equity Fund II LP. In order to support the purchase, the real estate investment banking division of Jones Lang LaSalle secured acquisition financing from an undisclosed life insurance company. Alan Tantleff, Tom Fisher and John Strauss of Jones Lang LaSalle Hotels represented the seller in the transaction. The acquisition financing effort was led by Ben Singer and Jeff Davis. The acquisition price was not disclosed.
DENVER AND SALT LAKE CITY — Cornerstone Real Estate Advisers LLC, on behalf of the Cornerstone Hotel Income & Equity Fund II LP, has acquired a three-hotel portfolio for an undisclosed price. The portfolio consists of the 189-room Hotel Monaco Denver, the 225-room Hotel Monaco Salt Lake City and the 192-room Hotel Monaco Chicago. Alan Tantleff, Tom Fisher, John Strauss represented the seller, PREI® (Prudential Real Estate Investors), in the transaction. Ben Singer and Jeff Davis, also of Jones Lang LaSalle, arranged financing for the acquisition.
MIAMI — Atlanta-based InterContinental Hotels Group has opened a 122-room Hotel Indigo in the Kendall area of Miami. The converted Ramada Limited property is the first Hotel Indigo in Miami and will be joined by two additional Hotel Indigos in Miami Lakes and South Beach this fall. Hotel amenities include a business center, wireless Internet and two restaurants. Driftwood Hospitality Management oversees daily operations of the hotel on behalf of the owner, Rodblu Investment Fund I.
WINCHESTER, VA. — An affiliate of the Beck Co. has sold a 50-unit Econo Lodge in Winchester to Aadesh LLC for $2.9 million. The property will undergo cosmetic renovations but will retain its Econo Lodge brand. David Mumford and Ed James of the Mumford Co. represented the seller.
KENOSHA, WIS. — North Liberty, Iowa-based Kinseth Hospitality Cos., Kenosha-based Bear Realty and Mills Enterprises have completed construction of a Candlewood Suites within the Cornerstone Commons development, which is located at the northeast sector of Highway 50 and 104th Avenue in Kenosha. The three-story extended-stay hotel houses 90 studio and one-bedroom suites. Each room features a full kitchen and separate sleeping and business/work areas. Amenities at the property include a small meeting room, an in-house convenience store, a laundry area and a fitness center. Kinseth Hospitality Cos. will manage the property.