LOVELAND, COLO. — John Q. Hammons and Springfield, Mo.-based John Q. Hammons Hotels & Resorts is developing Embassy Suites® – Loveland Hotel, Spa & Conference Center in Loveland. Located at 4705 Clydesdale Pkwy., the eight-story hotel will feature 263 suites and 80,000 square feet of meeting space. Each guest suite features a private bedroom, a living room, two LCD televisions, a refrigerator, a wet bar, a microwave oven, a coffee maker, two telephones with data ports, high-speed Internet access, a work desk and an in-room safe box. The hotel will offer room service, same-day dry cleaning, daily cooked-to-order breakfast and a daily two-hour manager reception. Other amenities include a fitness center, an indoor pool, a sundeck and therapeutic spa treatments at the full-service Spa Botanica, John Q. Hammons’ signature spa. The hotel will be owned by John Q. Hammons and managed by John Q. Hammons Hotels & Resorts. Completion is slated for March 2009.
ALBANY, N.Y. — The grand opening has been held for TownePlace Suites / Albany Empire State, a 106-suite, extended-stay hotel located at 22 Holland Ave. in Albany. The seven-story building features an indoor pool, complimentary wired and wireless Internet access, and 400 square feet of meeting space. Each of the two-room suites features separate living and sleeping areas, a fully equipped kitchen, and a work station. The hotel is owned by Lake Ronkonkoma, N.Y.-based True North Development Group and will be managed by Interstate Hotels & Resorts.
SAN ANTONIO — CB Richard Ellis Hotels Group (CBRE) has assisted in securing a developer for the hotel portion of Éilan, a 120-acre mixed-use project currently under development in the La Cantera neighborhood of San Antonio. Through an RFP, CBRE helped bring aboard Park City, Utah-based Gemstone Hotels & Resorts to develop an approximately 200-room, boutique hotel on the site. Bert Stevens and Lisa Hankamer of CBRE helped negotiate the agreement. Upon completion, Éilan will contain 1.5 million square feet of new development, including two Class A office buildings totaling more than 200,000 square feet, approximately 1,400 upscale residential units, 30,000 square feet of boutique retail space, a chapel, an amphitheater, a specialty grocer and the hotel component. The project is being developed by Wereldhave USA, a division of Wereldhave Belgium.
GOLDSBORO, N.C. — TRB Goldsboro, an affiliate of BRT Realty Trust, has sold a former Quality Inn of Goldsboro to Southern Hotel Partner for an undisclosed amount. The buyer plans to renovate and rebrand the 111-room hotel. David Mumford, Ed James, Justin Pinkard and Matt Winston of Newport News, Va.-based Mumford Co. represented the seller.
MANNING, S.C. — South Carolina-based EWS Investments has sold the 57-room Best Western Palmetto Inn located in Manning to Raghuvans LLC for $1.75 million. Hotel amenities include an outdoor swimming pool. Atlanta-based Hodges Ward Elliott represented the seller.
CORTLAND, OLEAN AND ELMIRA, N.Y. — The Pittsford, N.Y., office of U.S. Realty Capital has arranged three loans totaling $10.7 million for the refinancing of three New York hotels. The properties include an 81-room Country Inn & Suites located in Cortland, a 77-room Country Inn & Suites located in Olean and a 48-room Econo Lodge located in Elmira. Rob Pisanelli of U.S. Realty Capital secured the loans on behalf of a national hotel group through a regional bank. The loans carry a 75 percent loan-to-value ratio and a 25-year amortization schedule.
STEAMBOAT SPRINGS, COLO. — The Atira Group is investing $875 million in two Steamboat Springs developments: Edgemont and Thunderhead/Ski Time Square. The company is investing $175 million in Edgemont, a direct ski-in/ski-out community located on the edge of the Steamboat Ski Resort. With building completion slated for 2010, the project will offer one- to five-bedroom residences. Additionally, the development features an outdoor heated pool and hot tubs, a fitness center and sauna, a family room with pool tables and foosball and a community barbeque and fire pit. Additionally, The Atira Group is investing $700 million in the redevelopment of Thunderhead/Ski Time Square. Under development in a joint venture with Cafritz Interests, the 7-acre site will offer ski-in/ski-out access to a new pedestrian-friendly mixed-use development along Burgess Creek.
DENVER — Transwestern Realty Finance Partners, a subsidiary of Chicago-based Transwestern Investment Company, has closed a $20 million mezzanine loan for The Ritz-Carlton in Denver. Located in downtown Denver, the 202-room hotel recently underwent a $136 million redevelopment program. According to Transwestern Realty Finance, the borrowers are Charles Biederman, Steve Roitman and James Cobb Jr. The investment was made on behalf of Transwestern Mezzanine Realty Partners III LLC, a fully-discretionary investment fund with more than $400 million in equity capital.
BELLEVUE, WASH. — Red Lion Hotels Corp. has closed on a $14 million loan for its 181-room hotel in Bellevue. Terms of the 5-year loan include a variable spread over LIBOR based on certain financial ratios. The current pricing is 1.75 percent over LIBOR. The company used a portion of the loan to pay off an existing approximately $8.2 million loan. The remainder will be used for general corporate purposes.
RADFORD, VA. — MVF-RAJ has sold the 72-unit Comfort Inn & Suites of Radford, located at 2331 Tyler Rd., to MPWG for $5.25 million. The buyer plans to renovate the property, which was built in 2002. Ed James, David Mumford and Matt Winston of Newport News, Va.-based The Mumford Company represented the seller.