COLUMBUS, OHIO — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged approximately $41 million in financing for two properties in Columbus. A $27.65 million construction loan was secured for a 179,000-square-foot hospitality property. The first-mortgage, which was originated by Jay Shaw and John Rothschild, was funded through Huntington National Bank, with its participant, Citizens Bank. Additionally, Craig Kegg and John Rothschild originated a $13.4 million permanent loan for a 407,040-square-foot warehouse property, which is located within the 1,300-acre Rickenbacker Global Logistics Park. The transaction for the single-tenant property was funded by American National Insurance Co.
TOLEDO, OHIO — InterContinental Hotels Group has announced plans to open the 241-room Crowne Plaza Toledo located at Two Seagate, 444 North Summit St. next month. The 14-story property, which is being converted from a Wyndham Hotel, is situated on the Maumee River in the central business district of Toledo. Amenities at the facility include 18,600 square feet of meeting and banquet space; del Sol, a 120-seat waterfront restaurant; Starbucks Coffee; and an indoor swimming pool. The property is owned by Paradise Hospitality, and is managed by Lane Hospitality.
SAVANNAH, GA. — Carlson Hotels Worldwide has opened the brand’s 450th hotel, The County Inn & Suites by Carlson in Savannah. The 101-room Country Inn & Suites by Carlson in Savannah, which is owned by Tara of Savannah LLC, includes an indoor pool, a fitness center and a meeting room with a 70-person capacity. Other new openings include the 70-room Country Inn & Suites in Petersburg, Va., owned by Vraj Enterprise LLC, and the 60-room Country Inn & Suites in Tallahassee, Fla., owned by Avanti Hospitality. The Carlson hotel brands also include Regent Hotels & Resorts and Park Plaza Hotels & Resorts.
MILWAUKEE — West Bend, Wis.-based American Design-Build and North Liberty, Iowa-based Kinseth Hospitality Cos. have begun construction of an 82-unit Sleep Inn & Suites located at the intersection of Layton Avenue and South 6th Street in Milwaukee. Amenities at the three-story Sleep Inn & Suites, which is a division of Choice Hotels International, will include an indoor pool, fitness center, complimentary morning medley breakfast and a meeting room that can hold up to 35 people. The facility is expected to open in early 2009. American Design-Build and Kinseth Hospitality Cos. also have hotels under development in Grafton and Madison, Wis.
TEWKSBURY, MASS. — The Washington D.C. metro office of Molinaro Koger (MK) has negotiated the sale of the Residence Inn Boston Tewksbury/Andover, a 130-suite extended stay hotel located in the Boston suburb of Tewksbury. Andy Kern of MK represented the seller, Lion ES Hotels II. The property was acquired by Tewksbury Residence Inn Hotel Associates for an undisclosed amount. The buyer subsequently signed a long-term franchise agreement with Marriott International to continue operation of the hotel as a Residence Inn. Lighthouse Point, Fla.-based Pinnacle Hotel Management was signed to provide management services.
SAVANNAH, GA. — Sarasota, Fla.-based American Hotel Development Partners has broken ground on a Holiday Inn Express Inn & Suites located at 11325 Abercorn St. in Savannah. The 88-room facility, which is being constructed near Armstrong Atlantic State University and Hunter Army Airfield, will cost $9 million to complete. Upon completion in the first quarter of 2009, the Holiday Inn Express Savannah will be managed and operated by Harris Hotel Group.
NORWALK, CONN. — CB Richard Ellis (CBRE) Capital Markets has arranged $22 million in acquisition financing for the DoubleTree Hotel located at 789 Connecticut Ave. in Norwalk. The eight-story, 265-room hotel features a full-service restaurant and lounge, a ballroom with 6,200 square feet of meeting space, a 24-hour fitness center with an indoor pool, a shuttle service, on-site car rental, valet dry cleaning and laundry service, and a three-story parking garage. Additional amenities include wireless Internet access, rooms with standard king or double queen beds, and suites with Jacuzzi tubs. The loan carries a 7.07 percent fixed interest rate, a 5-year term with a 25-year amortization schedule, and a 70 percent loan-to-value ratio. Financing was arranged by Keith Braddish and Jason Gaccione of the New York City office of CBRE Capital Markets through a life insurance company.
FRANKLIN, WIS. — InterContinental Hotels Group has announced plans to build a five-story, 78,000-square-foot Straybridge Suites located at 9527 South 27th St. in Franklin. The $10 million facility, which is slated for completion in the first quarter of 2009, will house 114 suites and four meeting rooms ranging from 200 to 680 square feet in size. Amenities at the hotel include an indoor pool, 24-hour business center and complimentary guest laundry center. Additionally, InterContinental Hotels Group is developing two Staybridge Suites in Milwaukee and Oconomowoc, Wis., which are slated for completion in the fourth quarter of this year and the third quarter of 2009, respectively.
MADISON, WIS. — On behalf of Wisconsin Inns, David Macdonald of NAI MLG Commercial has brokered the sale of Rodeway Inn, a 50,000-square-foot facility located at 4916 East Broadway in Madison. Aspire Equities has acquired the hotel for $2.79 million. Included in the transaction was an adjacent 3.4-acre vacant parcel. Aspire Equities plans to redevelop the property as a mixed-use project.
WARNER ROBINS, GA. — On behalf of Sojourn Associates WR, the Mumford Co. has arranged the $2.77 million sale of the Comfort Inn & Suites of Warner Robins, which is located at 95 S. State Route 247 near the Warner Robins Air Force Base. The 77-unit property was acquired by Ojash Shah, who will renovate the facility before operating the hotel as a Comfort Inn & Suites. David Mumford of the Mumford Cos. headquarters in Newport News, Va., as well as Steven Kirby and Burton Brooks of the firm’s Atlanta office represented the seller.