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.
Hospitality
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.
DENVER AND SALT LAKE CITY — Cornerstone Real Estate Advisers LLC, on behalf of the Cornerstone Hotel Income & Equity Fund II LP, has acquired a three-hotel portfolio for an undisclosed price. The portfolio consists of the 189-room Hotel Monaco Denver, the 225-room Hotel Monaco Salt Lake City and the 192-room Hotel Monaco Chicago. Alan Tantleff, Tom Fisher, John Strauss represented the seller, PREI® (Prudential Real Estate Investors), in the transaction. Ben Singer and Jeff Davis, also of Jones Lang LaSalle, arranged financing for the acquisition.
MIAMI — Atlanta-based InterContinental Hotels Group has opened a 122-room Hotel Indigo in the Kendall area of Miami. The converted Ramada Limited property is the first Hotel Indigo in Miami and will be joined by two additional Hotel Indigos in Miami Lakes and South Beach this fall. Hotel amenities include a business center, wireless Internet and two restaurants. Driftwood Hospitality Management oversees daily operations of the hotel on behalf of the owner, Rodblu Investment Fund I.
WINCHESTER, VA. — An affiliate of the Beck Co. has sold a 50-unit Econo Lodge in Winchester to Aadesh LLC for $2.9 million. The property will undergo cosmetic renovations but will retain its Econo Lodge brand. David Mumford and Ed James of the Mumford Co. represented the seller.
KENOSHA, WIS. — North Liberty, Iowa-based Kinseth Hospitality Cos., Kenosha-based Bear Realty and Mills Enterprises have completed construction of a Candlewood Suites within the Cornerstone Commons development, which is located at the northeast sector of Highway 50 and 104th Avenue in Kenosha. The three-story extended-stay hotel houses 90 studio and one-bedroom suites. Each room features a full kitchen and separate sleeping and business/work areas. Amenities at the property include a small meeting room, an in-house convenience store, a laundry area and a fitness center. Kinseth Hospitality Cos. will manage the property.
BUFORD, GA. — Lake Lanier Islands Resort has undergone a complete rebuilding of the 221-room Legacy Lodge & Conference Center, the first phase of a 10-year resort-wide expansion plan. Located at 7000 Holiday Rd. in Buford, hotel renovations include a 21,000-square-foot conference center, a ballroom that seats up to 300 people and six 4,500-square-foot villas. BullFrogs Bar and Grille was also expanded as part of Phase 1. The second phase, which will be complete by next spring, includes a golf course redesign and improved infrastructure.
COLLEGE PARK, GA. — Atlanta-based Grove Street Partners will break ground next month on two LEED-certified hotels, representing the first phase of the 1 million-square-foot, mixed-use Gateway Center in College Park. The seven-story, 403-room Marriott, which will feature meeting and ballroom space and two restaurants, is expected to deliver in August 2010. The 147-room Spring Hill Suites will deliver in February 2010. The hotel developments represent a $134 million investment by Grove Street, Fidelity Investments of Boston and Williams Opportunity Fund. Smallwood, Reynolds, Stewart, Stewart & Associates designed the Marriott, with Goode Van Slyke Architecture working on the Spring Hill hotel. Brasfield & Gorrie will serve as general contractor.
DURHAM, N.C. — Spokane, Wash.-based Magnuson Hotels has rebranded the 30-room Durham Skyland Inn in Durham, naming it Durham Skyland Inn Magnuson Hotel. The new brand will help the hotel, which was formerly a Best Western, attain better local, regional and national market positioning. Hotel amenities include a saltwater swimming pool and wireless Internet, and each room includes a microwave and a refrigerator.