HOUSTON — The Dallas office of The Mumford Company has brokered the sale of the Motel 6 Houston – Hobby Airport, a 124-unit hotel located in Houston. Randy Lee of Mumford represented the seller, France-based Accor Hospitality. The buyer, Jai Umiya Mata LLC, plans to renovate the hotel and re-license it to a different economy hotel brand. The acquisition price was not disclosed.
Hospitality
SARASOTA, FLA. — RockBridge Capital has closed a $14.2 million loan for Naples, Fla.-based White’s Lodging’s development of a 114-room Hyatt Place, located across from Sarasota International Airport’s main entrance in Sarasota. Hotel amenities include a wine/espresso bar and a guest kitchen.
ST. LOUIS — The renovation of The Holiday Inn Airport Oakland Park, which is located at 4505 Woodson Rd. in St. Louis, is nearing completion. Chicago-based Atira Hotels owns and manages the 158-room hotel. Interior spaces undergoing renovations include all of the guestrooms, the hotel lobby and front desk, the meeting and banquet areas, the fitness center, and the restaurant and lounge areas. Exterior renovations will feature updated Holiday Inn brand-specific architecture, design, painting and signage. Amenities at the Holiday Inn Airport Oakland Park, which is situated .5 miles from the Lambert International Airport, include a fitness center, a full-service restaurant and 5,000 square feet of flexible meeting and banquet space. The project is scheduled for completion this month.
OMAHA. NEB. — Starwood Hotels & Resorts Worldwide has plans to open an element hotel within Mutual of Omaha’s Midtown Crossing at Turner Park development in Omaha. The element Omaha Midtown Crossing is scheduled to open in the 1 million-square-foot mixed-use development in late 2010. As Starwood’s newest concept, element is the first hotel brand to mandate that all properties pursue LEED Certification. Sustainable aspects of the hotel will include energy-efficient, stainless steel appliances and lighting, amenity dispensers in the shower to reduce waste, and recycling bins for plastic and paper products. The element Omaha Midtown Crossing will also feature approximately 1,000 square feet of meeting space.
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.
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.