KANSAS CITY, KAN. — Kansas Speedway and The Cordish Company (Kansas Entertainment LLC) have proposed a 1.5 million-square-foot Hard Rock Hotel & Casino, which would be located in Kansas City Speedway’s Turn 2, with strong visibility and access to Interstates 70 and 435. The facility will include a 300-room luxury hotel; a state-of-the-art casino with 3,000 slot machines and 140 gaming tables; 275,000 square feet of retail, dining and entertainment product, including a live music venue; and meeting and convention facilities. The project cost is estimated at more than $700 million. As part of the proposal, a temporary casino would be able to open within 8 months. Operating during construction, the temporary casino will include 2,000 slot machines and 75 gaming tables.
Hospitality
BILLERICA, MASS. — The grand opening has been held for the Courtyard by Marriott Boston Billerica hotel following a multi-million dollar renovation. The hotel, located at 270 Concord Rd. in Billerica, was previously known as the Wyndham Hotel Billerica, before being renovated and re-flagged under the Marriott brand. The eight story hotel features 210 rooms. Hotel amenities include a business library featuring individual workstations with high-speed data ports; the Fireside Grill restaurant and Fireside Lounge; a 24-hour convenience store; a lounge area; an indoor swimming pool; and a fitness center. Additionally, the hotel includes 4,300 square feet of meeting space. The hotel is owned by affiliates of Rockbridge and Pinnacle Hotel Management. Pinnacle also manages the property.
NEWPORT BEACH, CALIF. — George Mitsanas and Demetri Koston of Newmark Realty Capital Inc. have arranged permanent financing for the 25-acre Hyatt Regency Hotel in Newport Beach. Specific terms of the $20.75 million loan were not disclosed. The property includes a 405-room Hyatt Regency Hotel and corresponding amenities, including banquet and meeting facilities, a golf course, pools and restaurants. Newmark arranged the financing on behalf of a life insurance company.
TUCSON, ARIZ. — Apple REIT Eight has acquired the Hilton Garden Inn Tucson Airport in Tucson for an undisclosed price. Located at the gateway to the Tucson International Airport, the hotel offers 128 rooms. Additionally, the property is in close proximity to Pima Air & Space Museum, Kitt Peak Observatory, The Sonora Desert Museum, casinos, restaurants and downtown nightlife. The hotel was developed by the seller, Overland Park, Kan.-based Sunway Hotel Group, and opened in March 2008. Scott Griemsmann of NAI BT Commercial’s Hospitality Division represented the seller in the transaction.
OKEECHOBEE, FLA. — Vero Beach, Fla.-based Kite Properties recently broke ground on an 85-room Hampton Inn by Hilton at 1200 N.E. Park St. in Okeechobee, which is scheduled to open in July 2009. Orlando, Fla.-based Pinkerton & Laws will supervise construction, and Atlanta-based Hotel Equities, an equity partner in the hotel, will provide management services. Hampton Inn amenities include free wireless Internet, phones with data ports and free hot breakfast.
BRIDGEPORT AND MESQUITE, TEXAS — Marcus & Millichap has brokered two Texas hotel sales. The first property is a 53-unit La Quinta Inn & Suites located in Bridgeport. The limited-service hotel was recently constructed and opened in April. Ravi Mehta and Sanjeev Lad of the Fort Worth office of Marcus & Millichap represented the buyer, Mijar Kang, as well as the undisclosed seller. The acquisition price was not disclosed, but the property traded for 92 percent of the listing price. Mehta and Lad also brokered the sale of a 118-room Super 8 Motel located in Mesquite. The pair represented both undisclosed parties in the transaction. The acquisition price was not disclosed, but the property traded for 96 percent of the listing price.
JACKSONVILLE, FLA. — NorthMarq Capital’s Michael Padilla and Dimpesh Darjee have secured a $13.06 million first-rate mortgage for the 136-room Aloft Hotel in Jacksonville. Haven Trust Bank financed the 5-year loan, which came with a maximum interest-only period of 32 months and a 20-year amortization schedule.
BASKING RIDGE, N.J. — The grand opening has been held for Hotel Indigo Basking Ridge, a four-story, 112-room boutique hotel located at 80 Allen Road in Basking Ridge. The hotel was acquired last year, and a subsequent multi-million dollar renovation was launched. Amenities in the hotel include a state-of-the-art fitness and relaxation center, a gourmet café and a business center. Michael Sonnabend and Paul Fried of New York City-based AFC Realty Capital helped secure $20 million in acquisition and construction financing for the project, and invested in the ownership of the property. The hotel’s reopening marks the brand’s first owner-operated hotel to open in the state.
DALLAS, HOUSTON AND AUSTIN, TEXAS — Miami-based Gencom Group, in partnership with Lehman Brothers Real Estate Partners, has sold a six-property hotel portfolio to RLJ Real Estate Fund III, an affiliate of RLJ Development. The six hotels are all of the Hyatt Summerfield Suites brand: three hotels are located in the Dallas area, one is located in Houston, one is located in Austin and the last one is located in Colorado Springs, Colo. Each of the properties had recently undergone a conversion to the Hyatt Summerfield Suites Brand. RLJ has selected Aimbridge Hospitality to manage the three Dallas hotels, and White Lodging Services to manage the other three. The acquisition price was not disclosed.
AUGUSTA, GA. — Jones Lang LaSalle Hotels has arranged a $13.6 million construction loan for Stevens Creek Developments’ 154-unit Sheraton Hotel, located at 1075 Stevens Creek Rd. in Augusta. The five-story hotel, which is scheduled to open next year, sits on a 7-acre site .25 miles from Interstate 20 and 2 miles from the Augusta National Golf Club.