CANONSBURG, PA. — A joint venture between Horizon Properties Group and Madison Realty Group has procured $12.8 million in acquisition and development financing from Indiana, Pa.-based S&T Bank. Part of the loan will be used for the construction of a new Cambria Suites hotel to be built on Racetrack Road in North Strabane Township, Canonsburg. The site is situated at the entrance to a Tanger Outlets retail center and across from the Meadows Racetrack & Casino. The other part of the loan will be used for the acquisition of an existing 27,500-square-foot office building located adjacent to the proposed hotel site. Terms of the financing, as well as the construction timetable, were not released.
WOBURN, MASS. — Hilltop 15 Middlesex LLC has acquired a 196-room Holiday Inn Select located in Woburn for $8.5 million. Amenities at the hotel include a 282-seat restaurant, a fitness center, an indoor pool, 9,000 square feet of meeting space and banquet facilities. The buyer plans to invest more than $1 million in capital improvements during the first quarter of the year. The hotel is currently operated by Park Lodge Hotel Group. Hilltop 15 Middlesex LLC is managed by David Masse, who is also the founder of Compass Realty Associates. The buyer in the transaction was not disclosed.
HOUSTON — Hilton Hotels Corp. has held the grand opening for the new Homewood Suites by Hilton – Northwest/CY-Fair, a 123-suite hotel located at 13110 Wortham Center Dr. in Houston. The hotel comprises studio, one-bedroom and two-bedroom suites. It features an executive business center, a swimming pool, a sports court and 1,050 square feet of meeting space. The property is owned by Wortham Hospitality, Ltd. and will be managed by New Horizons Hospitality. This newest hotel marks the 260th location for Homewood Suites by Hilton.
WASHINGTON, PA. — Adios Associates LP has signed a contract with franchisor Choice Hotels International for the development of a new Cambria Suites hotel in the Pittsburgh suburb of Washington. The 103-suite hotel will be located at 455 Racetrack Rd. It will feature a two-story lobby, a coffee bar that also serves breakfast and dinner, a fitness center, a 24-hour convenience store and more than 1,000 square feet of meeting space. Individual suites will include two flat-screen televisions, Media Hub technology and high-speed Internet access. The construction timetable was not released. Adios Associates is a joint venture between Horizon Properties Group and Pittsburgh-based Madison Realty Group. The new hotel will mark the fifth Cambria Suites in the state of Pennsylvania and the fourth one in the Pittsburgh area.
MIAMI — Sonesta International Hotels Corp. and Florida East Coast Realty will break ground on a 252-unit Sonesta Mikado hotel in Miami early this year. The 40-story hotel, located at 1701 N.E. 4th Ave., will feature a restaurant and 14,000 square feet of meeting space. Additional amenities include a pool bar, a fitness center and spa room and a pool deck on the 12th floor. Miami-based Zyscovich Architects designed the property. Miami’s Sonesta Mikado is set to open in 2011.
KISSIMMEE, FLA. — Tampa, Fla.-based DSS Investments has purchased the 94-unit Econo Lodge Kissimmee from a Greenwich, Conn.-based hedge fund for $1.7 million. Located at 2934 Polynesian Isles Blvd., the units are spread across two three-story buildings. Robert Taylor, Lisa Zaranek, Richard Langhorne and Oren Cytrynbaum of CB Richard Ellis represented the seller.
KAPAULA, HAWAII — Honolulu-based Central Pacific Bank (CPB), under an agreement worked out among the lenders, is slated to replace Lehman Brothers Holdings as the administrative agent overseeing construction loans for Maui Land & Pineapple’s Ritz-Carlton Residences at Kapalua Bay in Kapalua. The New York bankruptcy court has scheduled a hearing at the end of January to approve modifying the loan and put CPB in charge of administering $120.1 million for the nearly-complete luxury resort condominium project. CPB, Landesbank Baden-Wurttemberg and Deutsche Hypothekenbank will lend $55 million; Lehman will lend $35 million; $20.1 million is in existing commitments from the three banks and $10 million will come from the partners of Kapalua Bay Holdings – Maui Land & Pineapple, Marriott International and Exclusive Resorts. The Ritz-Carlton Club and Residences will feature 84 three- and four-bedroom whole-ownership Ritz-Carlton Residences in four buildings, and two buildings containing 62 two- and three-bedroom fractional Ritz-Carlton Club units, which will have 12 owners each.
TAMPA, FLA. — Supertel Hospitality has sold a 160-room Hampton Inn in Tampa to Bay View One for $7.35 million. The buyer obtained financing from a regional bank in Florida and will undertake renovations to the hotel, planning to keep the Hampton Inn brand. David Mumford of the Newport News, Va.-based Mumford Co. facilitated the sale.
NEW YORK CITY — The grand opening has been held for the new $31 million Holiday Inn Long Island City – Manhattan View, a 136-room hotel located at 39-05 29th St. in the Long Island City neighborhood of Queens, New York City. The hotel totals 75,000 square feet; amenities include an indoor swimming pool, a fitness center, and wireless Internet access throughout the hotel. Many of the rooms offer balconies with views of the Manhattan skyline. Dining options include the hotel’s dining facility, 39 Below, and Swirl, a lounge that includes an outdoor patio. The Holiday Inn also features 1,000 square feet of meeting space. The hotel is managed by InterContinental Hotels Group on behalf of Queens Plaza North.
EAST RUTHERFORD, N.J. — Cranbury, N.J.-based Sweetwater Construction Corp. has completed a new Homewood Suites by Hilton, located at 125 Route 17 South in East Rutherford. The seven-story hotel features 126 suites in a mix of studio, one-bedroom and two-bedroom units. Six of the suites are equipped with Jacuzzis; other room amenities include wireless Internet access, satellite television, fully equipped kitchens and 37-inch, hi-definition LCD televisions. Hotel amenities include an executive business center, a 24-hour pantry, an indoor swimming pool, a sports court, a fitness center, a sauna and more than 4,000 square feet of meeting space. The hotel is located within the New Jersey Meadowlands, close to the Meadowlands Sports Complex. The hotel is owned by East Rutherford Hotel LLC and managed by Allentown, Pa.-based HMB Management. The project architect was River Vale, N.J.-based Michels & Waldron Associates.