SHREVEPORT, LA. — The 123-unit Homewood Suites by Hilton ¬– Shreveport has opened at 5485 Financial Plaza in Shreveport, marking the first Homewood Suites in Northern Louisiana. Hotel amenities include a hospitality center that offers complimentary snacks, a business center, a pool and 2,046 square feet of meeting space. The extended-stay hotel is managed by Natchitoches, La.-based Dimension Development.
AUSTIN, TEXAS — Columbus, Ohio-based RockBridge Capital has closed a $19.4 million financing package for a 140-room aloft hotel that is being developed in Austin. Financing consists of a $15.6 million first mortgage and $3.8 million in mezzanine financing. The loan is secured by the aloft Austin Northwest at The Domain, which is currently under development within The Domain, a 304-acre mixed-use development. The hotel will feature loft-style guestrooms with 9-foot tall ceilings, 42-inch flat-panel televisions and large guest bathrooms. The hotel will include a lobby bar, grab-and-go food options and 1,000 square feet of meeting space. The hotel will be operated by LodgeWorks, one of RockBridge’s partners. Phase I of The Domain opened in March 2007; it includes a 700,000-square-foot lifestyle center anchored by Neiman Marcus and Macy’s. Once the project is fully built out, it will contain 3.5 million square feet of office space, 1.6 million square feet of retail and restaurant space and 4,500 residential units.
WASHINGTON, D.C. — Cadbridge Investors has borrowed an undisclosed amount of money from a German bank to refinance its 415-room Fairmont hotel. The 24-year-old property, which was designed by architect Vlastimil Koubeck, is located in Washington’s Dupont Circle. Property amenities include 29,000 square feet of meeting space, restaurants, a fitness facility and an indoor pool. The loan was arranged by New York City-based Cushman & Wakefield Sonnenblick Goldman’s U.S. Hotel Group.
JERSEY CITY, N.J. — The grand opening has been held for The Westin Jersey City Newport, a 429-room hotel located in Jersey City. Developed by a joint venture between The LeFrak Organization and Melvin Simon & Associates, the hotel features 20,500 square feet of meeting space, including 30 meeting rooms and an approximately 10,000-square-foot grand ballroom. The hotel is located near Newark Liberty International Airport and is 15 minutes away from Manhattan. Numerous public transportation options are located a block away from the hotel.
BUFFALO, N.Y. — CB Richard Ellis Hotels has arranged the sale of Adam’s Mark Hotel, a 486-room, full-service hotel located in Buffalo. Located in the city’s downtown district, the hotel features three dining facilities, more than 72,000 square feet of meeting space, 12,600 square feet of commercial space, a fitness facility with an indoor pool, a gift shop, a business center and approximately 650 parking spaces. CBRE Hotels represented the seller, Chartres Lodging Group. The property was acquired by Visions Hotels and is part of a two-property hotel portfolio.
ABILENE, TEXAS — Marcus & Millichap has completed the sale of the Hampton Inn & Suites Abilene I-20, a 72-room hotel located in Abilene. Michael Yu and Rahul Bijlani of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a private investor. The duo also represented the buyer, another undisclosed private investor. The acquisition price was not released.
IOWA CITY, IOWA — The 234-room Sheraton Iowa City Hotel, which is located at 210 S. Dubuque St. in Iowa City, is undergoing more than $11 million in renovations. Davidson Hotel Co. operates the nine-story property, which it owns as part of a joint venture with RockBridge Capital. As part of the renovation project, which is slated for completion in mid-August, all guestrooms will receive flat screen high-definition televisions, the Sheraton Sweet Sleeper Bed and all new furnishings. Additionally, 2,000 square feet of space is being added to the lobby of the hotel, and the restaurant is being completely redesigned to include a wine lounge/small plate bistro with multi-purpose meeting space. Amenities at the existing property include an indoor heated pool, a 24-hour fitness center, a tanning salon and 13,000 square feet of meeting space.
INDIANAPOLIS — The Crowne Plaza Indianapolis-Airport, which is located at 2501 South High School Rd., has opened following a $10.5 million renovation. The 272-room hotel is owned by Airport Inn Developers and was converted from a Holiday Inn Select. Amenities at the five-story hotel include a heated indoor pool with Jacuzzi and sauna, an on-site fitness center, and on-site dining and entertainment with two restaurants including a bar and a coffee shop. General Hotels Corp. is managing the property, which opened as a Crowne Plaza in December, under a license agreement with a company in the InterContinental Hotels Group.
PITTSBURGH — Raleigh, N.C.-based Concord Hospitality Enterprises has received $13.4 million in financing for the construction of a 124-room Courtyard by Marriott hotel in Pittsburgh. Known as Courtyard by Marriott Settlers Ridge, the hotel will be located within the new Settlers Ridge retail development. Both are currently under construction, with completion of the hotel scheduled for spring 2010, in conjunction with the completion of Settlers Ridge. Financing was provided by S&T Bank. Terms of the loan were not disclosed.
MOUNT LAUREL, N.J. — Chatham, N.J.-based David Cronheim Mortgage Corp. has arranged a $7.3 million loan for the Hampton Inn located at 500 Crawford Place in Mount Laurel. Situated on 2.36 acres, the four-story hotel contains 126 guestrooms, approximately 500 square feet of meeting space, a business center and an outdoor swimming pool. It is currently operated under a long-term franchise agreement with Hampton, which is a subsidiary of Hilton Hotels Corp. The loan carries a 10-year term and was originated by Cronheim’s David Turley, Frank Sullivan and Anna McGivaren. The borrower and lender were not disclosed.