CONCORD, N.C. — S D Hospitality has acquired an 82-unit Sleep Inn in Concord, from David Drye Company, for an undisclosed amount. Ed James and Matt Winston of Mumford Company’s Newport News, Va., office were the sole brokers in the transaction and exclusively represented the seller. The property will remain a Sleep Inn under the new ownership.
Hospitality
SCHAUMBURG, ILL. — Noble Investment Group has acquired a 126-room AmeriSuites located in Schaumburg. The hotel will undergo a $5 million re-positioning that will re-flag it as the Hyatt Place Chicago/Schaumburg. The hotel was acquired for an undisclosed amount on behalf of Noble Hospitality Fund, the company’s fully discretionary, private equity real estate fund.
KENILWORTH, N.J. — Joe McCann of Optimum Hotel Brokerage has brokered the sale of the Kenilworth Inn in Kenilworth. The 112-room boutique hotel was purchased by Brix Hospitality for an undisclosed price from Kenilworth Capital. The property also features a 1.5-acre parcel for future development. Hotel amenities include an outdoor pool, a full-service restaurant and lounge, meeting space and a business center.
GALENA, ILL. — CB Richard Ellis Capital Markets (CBRE) has secured $31 million in bridge financing for Eagle Ridge Resort & Spa, a 6,800-acre golf course and resort located in Galena. The 3-year bridge loan includes interest-only payments for the first 24 months, followed by 30-year amortization schedule. The financing will enable the borrower to complete a rehabilitation and expansion of the property. The loan was arranged by Geoffrey Rice of CBRE on behalf of Eagle Ridge Resort LLC, an affiliate of Loeb Partners Realty LLC. The lender was Textron Financial.
MIAMI — Dubai-based Nakheel Resorts has invested $375 million in exchange for a 50 percent interest in Fontainebleau Miami Beach Hotel, to form a joint venture with Las Vegas-based Fontainebleau Resorts. The hotel property will undergo a $500 million renovation, which is expected to open the second half of this year. The hotel is situated on 17 oceanfront acres and will feature 1,500 guest rooms and suites, a 40,000-square-foot spa, multiple marquee restaurants, a nightclub and ultra-lounge, a lush poolscape and 200,000 square feet of meeting, convention and ballroom facilities.
ERIE, PA. — Acquest Development, in partnership with the Erie County Convention Center Authority, has completed construction of the Sheraton Erie Bayfront Hotel located on Pesque Isle Bay in Erie. The eight-story hotel features 200 guestrooms, a 65-foot pedestrian skywalk and a 300-space parking garage. The hotel, which is surrounded by water on three sides, will feature amenities such as lobby seating with a fireplace, a bar, a dining room and a spa and exercise room. Acquest will manage the hotel in partnership with White Lodging Services Corp.
KANSAS CITY, MO. — Noble Investment Group has acquired the 295-room Kansas City Marriott Country Club Plaza, located in Kansas City. The 19-story hotel features 16,000 square feet of meeting space, including a 42-seat amphitheater. Additional amenities include two concierge levels, the Main Street Grill restaurant, a lobby lounge, an executive business center, a fitness center and an indoor swimming pool. Noble will operate the hotel under a long-term license agreement with Marriott International. The hotel also will undergo an $8.8 million renovation. The seller, as well as the acquisition price, was undisclosed.
NORFOLK, VA. — Aniesh Corp. has purchased Radisson Hotel Norfolk, a 12-story, 350-room property in downtown Norfolk, from RHN Hotel Associates, for $10 million. Aniesh plans to retain the Radisson flag and implement a capital improvement plan for the 5.5-acre property, which is located at 700 Monticello Ave. Alexander Divaris, Jason Oliver and Michael Divaris of Virginia Beach, Va.-based Divaris Real Estate represented the seller in the transaction.
SKOKIE, ILL. — GMAC Commercial Mortgage Corp. (GMACCM) has provided a financing package totaling approximately $32.6 million for the renovation and conversion of the North Shore Skokie Hotel in Skokie. The hotel, located at 9599 Skokie Blvd., will be renovated and converted into the Doubletree North Shore Hotel and Conference Center — Skokie. The 12-story tower comprises 270 guestrooms and a four-story executive wing containing an additional 97 guestrooms. The hotel also features approximately 22,500 square feet of meeting space, a kosher kitchen, a fitness center, a business center, an indoor/outdoor pool and the 238-seat Daily Grill restaurant. GMACCM's hospitality industry division arranged and underwrote the transaction, which included approximately $28.6 million in floating-rate acquisition financing and $4 million in floating-rate mezzanine financing. Oxford OBG-Waterton Skokie Hotel Mezz LLC and Oxford OBG-Waterton Skokie Hotel Property received the funding.
BRANCHBURG, N.J. — Rockbridge Capital has closed a $17.3 million first mortgage investment for the 139-room Hotel Sierra in Branchburg. LodgeWorks, the owner, plans to upgrade the former Sierra Suites to a Hotel Sierra, an upscale hotel concept. The hotel is located near I-287 and I-78.