OKEECHOBEE, FLA. — Vero Beach, Fla.-based Kite Properties recently broke ground on an 85-room Hampton Inn by Hilton at 1200 N.E. Park St. in Okeechobee, which is scheduled to open in July 2009. Orlando, Fla.-based Pinkerton & Laws will supervise construction, and Atlanta-based Hotel Equities, an equity partner in the hotel, will provide management services. Hampton Inn amenities include free wireless Internet, phones with data ports and free hot breakfast.
Hospitality
BRIDGEPORT AND MESQUITE, TEXAS — Marcus & Millichap has brokered two Texas hotel sales. The first property is a 53-unit La Quinta Inn & Suites located in Bridgeport. The limited-service hotel was recently constructed and opened in April. Ravi Mehta and Sanjeev Lad of the Fort Worth office of Marcus & Millichap represented the buyer, Mijar Kang, as well as the undisclosed seller. The acquisition price was not disclosed, but the property traded for 92 percent of the listing price. Mehta and Lad also brokered the sale of a 118-room Super 8 Motel located in Mesquite. The pair represented both undisclosed parties in the transaction. The acquisition price was not disclosed, but the property traded for 96 percent of the listing price.
JACKSONVILLE, FLA. — NorthMarq Capital’s Michael Padilla and Dimpesh Darjee have secured a $13.06 million first-rate mortgage for the 136-room Aloft Hotel in Jacksonville. Haven Trust Bank financed the 5-year loan, which came with a maximum interest-only period of 32 months and a 20-year amortization schedule.
BASKING RIDGE, N.J. — The grand opening has been held for Hotel Indigo Basking Ridge, a four-story, 112-room boutique hotel located at 80 Allen Road in Basking Ridge. The hotel was acquired last year, and a subsequent multi-million dollar renovation was launched. Amenities in the hotel include a state-of-the-art fitness and relaxation center, a gourmet café and a business center. Michael Sonnabend and Paul Fried of New York City-based AFC Realty Capital helped secure $20 million in acquisition and construction financing for the project, and invested in the ownership of the property. The hotel’s reopening marks the brand’s first owner-operated hotel to open in the state.
DALLAS, HOUSTON AND AUSTIN, TEXAS — Miami-based Gencom Group, in partnership with Lehman Brothers Real Estate Partners, has sold a six-property hotel portfolio to RLJ Real Estate Fund III, an affiliate of RLJ Development. The six hotels are all of the Hyatt Summerfield Suites brand: three hotels are located in the Dallas area, one is located in Houston, one is located in Austin and the last one is located in Colorado Springs, Colo. Each of the properties had recently undergone a conversion to the Hyatt Summerfield Suites Brand. RLJ has selected Aimbridge Hospitality to manage the three Dallas hotels, and White Lodging Services to manage the other three. The acquisition price was not disclosed.
AUGUSTA, GA. — Jones Lang LaSalle Hotels has arranged a $13.6 million construction loan for Stevens Creek Developments’ 154-unit Sheraton Hotel, located at 1075 Stevens Creek Rd. in Augusta. The five-story hotel, which is scheduled to open next year, sits on a 7-acre site .25 miles from Interstate 20 and 2 miles from the Augusta National Golf Club.
CAMPBELL, CALIF. — Irving, Texas-based Huntington Hotel Group has purchased an approximately 3.5-acre hotel development site located at 655 Creekside Way in Campbell. Sand Hill Property Co. sold the parcel, which is entitled for development prior to the sale, for an undisclosed price. Huntington Hotel plans to develop a 162-room Courtyard by Marriott on the site. The hotel will be part of a master-planned stretch of property, which will include the five-story, 170,000-square-foot Creekside Office Park project. Scott Griemsmann of NAI BT Commercial represented both parties in the transaction.
RAHWAY, N.J. — The grand opening has been held for the new Hotel Indigo Skyview Rahway, a 100-room boutique hotel located in Rahway. The hotel is part of a mixed-use development located in the city’s downtown area and arts district, and includes luxury condominiums and retail space, in addition to the hotel. The Hotel Indigo features fitness facilities, a casual restaurant, a full-service spa that will open in the fall, a 24-hour business center, two meeting rooms and high-speed Internet access throughout the hotel. The hotel is owned by Carriage City Hospitality, and will be managed by Atlanta-based InterContinental Hotels Group. The opening marks the first Hotel Indigo to open in New Jersey and the seventeenth worldwide.
LAS VEGAS — Cannery Casino Resorts is developing Eastside Cannery Casino & Hotel, which is located at 5255 Boulder Hwy. in Las Vegas. Slated to open August 28th, the $250 million property consists of a 16-story tower of bronze, glass and steel featuring a saw-tooth roofline. The casino offers more than 2,100 slot machines, 26 table games, a 450-seat bingo hall, a live keno lounge, a first-class poker room and a Race and Sports Book. The 300-room property also features 20,000 square feet of ballroom and meeting space, as well as a variety of restaurants and eateries, including CarveSM, Casa Cocina®, Sweet Lucy’s Tableside BuffetSM, The DeliSM, Snaps 24-Hour CaféSM and ONE SIXSM.
ROCKY MOUNT, N.C. — RockBridge Partners LLC has acquired a 461-room, four-hotel portfolio, the 31,933-square-foot mixed-use Gateway Center and a 4.57-acre parcel of land, all located in an area 1 mile east of I-95 off U.S. 64 in Rocky Mount, for $45.9 million. The hotels will be managed by Atlanta-based Hospitality Ventures and include a 168-room Holiday Inn, a 78-room Residence Inn, a 90-room Courtyard by Marriott and a 125-room Comfort Inn. The Holiday Inn is undergoing a $6.5 million transformation into a 166-room Doubletree, and the other three hotels will receive $2 million in renovations.