BOLTON LANDING, N.Y. — The Plasencia Group (TPG) has negotiated the sale of the historic Sagamore Resort, located in Bolton Landing, for approximately $88 million. Constructed in 1883 on the shores of Lake George, Sagamore Resort is a 70-acre resort that features a hotel, condominiums, an 18-hole golf course designed by Donald Ross, conference facilities, a marina, a sailing school, a spa, and multiple food and beverage outlets. Stephen Kindl of TPG’s Capital Markets Group represented the seller, Green Island Associates. The property was purchased by Sagbolt LLC, an affiliate of Ocean Properties Limited Hotels & Resorts.
Hospitality
FORT WORTH, TEXAS — Silver Springs, Md.-based Choice Hotels International is partnering with Keller, Texas-based Ridgeline Hospitality for the construction of a Cambria Suites in Fort Worth. Located at the intersection of Interstate 35W and Fossil Bluff Drive, the hotel will feature 118 suites. Amenities include a two-story lobby with a large-screen television, a casual dining area with a coffee bar, a fitness center, a 24-hour convenience store, more than 1,000 square feet of meeting space, and wired and wireless Internet access throughout the hotel. Individual suites feature two flat-screen televisions and media hub technology. The construction timetable was not released.
ADDISON, ILL. — Chicago-based Paramount Lodging Advisors has arranged the sale of the recently renovated 153-room Hilton Garden Inn, which is located at 551 N. Swift Rd. in Addison. Infinity Hospitality Services has acquired the property for $13.4 million. Adam Montufar of Paramount Lodging Advisors facilitated the transaction through a collaborative effort with Robert Chvalovsky of W-W Real Estate, who represented the seller.
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.
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.