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.
Hospitality
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.
COLUMBIA, MO. — St. Louis-based Paric Corp. has completed construction of the Hampton Inn & Suites – Columbia, which is located at the intersection of Stadium Boulevard and College Avenue near the University of Missouri in Columbia. The 90,000-square-foot facility, which is situated at the site of the former Campus Inn hotel, is the closest hotel to the University of Missouri. The four-story building features 133 guest rooms, more than 5,000 square feet of convention meeting space, a private boardroom and three hospitality suites. There is also a 200-car parking lot and a future restaurant site. St. Louis-based hotel developer, Stadium Lodging LLC, owns the facility, which is part of the Hilton Hotels Corp. The construction contract cost for the project was approximately $10 million, with financing provided by St. Louis-based Advantage Capital Partners and Southwest Bank.
DENVER — RockBridge Partners, an affiliate of RockBridge Capital, and K Partners Hospitality Group LP has opened a Hilton Garden Inn within Denver Tech Center in southeast Denver. The 180-room hotel, which was acquired in May 2007, underwent an extensive $5.3 million renovation and transitioned from a Wyndham hotel into a Hilton property. The property features more than 4,000 square feet of meeting space and 18 guest room suites.
MONTECITO, CALIF. — The Montecito Planning Commission, in a 4-1 vote, has approved Caruso Affiliated’s plan to develop a luxury hotel on the 16-acre site of the shuttered Miramar Hotel in Montecito. The 192-room hotel will feature three restaurants, a spa, a beach club, ballroom facilities and a beachfront boardwalk along Miramar Beach. Caruso plans to begin construction early next year with completion slated for spring 2011.
HICKORY AND ROCKY MOUNT, N.C. — Piedmont Center Associates, under a license agreement with Atlanta-based InterContinental Hotels Group, has re-opened a Holiday Inn Select as a Crowne Plaza, after a $2.5 million renovation. The 200-room hotel, located at 1385 Lenoir Rhyne Blvd. in Hickory, features a restaurant and lounge, an indoor pool and fitness and business centers. The renovations included adding a bar to the lobby and outfitting guest bathrooms with wider showerheads and roomier showers. As part of the renovation, many of the hotel’s furnishings were purchased from local manufacturers, and a modern art sculpture will be commissioned for the lobby. In Rocky Mount, The Generation Cos., under a lease agreement with InterContinental, has opened an 83-room, environmentally-friendly Candlewood Suites, located 688 English Rd. Green amenities include low-flow shower heads and toilets, compact fluorescent lighting and sodium vapor fixtures. The hotel also includes free high-speed Internet and a 24-hour fitness center. The opening marked the opening of the brand’s 200th hotel.
LAS VEGAS — InterContinental Hotels Group (IHG) has opened a $45 million StayBridge Suites in Las Vegas. Located at 5735 Dean Martin Dr., the five-story, 118-room property features a complimentary breakfast buffet, complimentary guest laundry and workout facilities, a complimentary 24-hour business center, a guest library with books and games, and BridgeMart®, the hotel’s 24-hour convenience store. Additionally, the property features the brand’s new Outdoor Living Room concept, which offers a place where guests can relax and interact alfresco with a variety of amenities, including all-weather furniture, three pool-side cabanas, a fire pit, grills, music and desert landscaping. The hotel also offers meeting spaces for business functions and special events. The hotel is owned by Gary Tharaldson and managed by Tharaldson Property Management, under a license agreement with a company in the InterContinental Hotels Group.