Hospitality

GROUNDBREAKING OCCURS FOR $600 MILLION RESIDENTIAL/HOTEL TOWER

by admin June 30, 2008

NEW YORK CITY — Groundbreaking has occurred for 50 West Street, a 65-story residential and hotel tower located in Lower Manhattan, New York City. Developed by New York-based Time Equities, the $600 million project will feature 280 residential units, and 155 hotel and retail units totaling 580,000 square feet. The project is expected to achieve LEED-Gold certification, with sustainable features including a green roof, an energy-efficient glass façade, sustainable and rapidly renewable construction materials, the recycling of demolition waste, water-efficient fixtures, and automated blinds and energy control systems. Completion is scheduled for 2011. The tower was designed by Helmut Jahn, with New York-based Gruzen Sampton serving as architect of record.

June 30, 2008

GROUNDBREAKING SET FOR CANDLEWOOD SUITES

by admin June 30, 2008

THE WOODLANDS, TEXAS — Groundbreaking is set to occur this summer for a 91-room Candlewood Suites hotel within The Woodlands, a 28,000-acre master-planned community located 27 miles north of Houston. The project is being developed by Odom Woodlands Hotel LLC, an affiliate of Scott T. Odom Land Development Co. The site, located at the corner of Interstate 45 and St. Luke’s Way, was purchased by Odom from The Woodland Development Company, a limited partnership between Morgan Stanley and General Growth Properties. The extended-stay hotel features studio and one-bedroom suites with fully equipped kitchens, executive desks and flat-screen televisions. The hotel also will feature a convenience store, a fitness center and complimentary guest laundry.

June 30, 2008

Hospitality Northeast

JV FORMED FOR $90 MILLION HOTEL PROJECT

by admin June 27, 2008

NEW YORK CITY — West 37th Street Owner LLC and Stonebridge Realty Advisors have formed a joint venture for the development of a 220-room hotel in New York City. The project will be located on West 37th Street between 8th and 9th avenues. Current plans call for either a boutique hotel or a primary brand of select service hotel. The project cost is expected to be $90 million. HREC Investment Advisors negotiated the joint venture agreement.

June 27, 2008

Hospitality Midwest

GRANDBRIDGE REAL ESTATE CAPITAL ARRANGES $41 MILLION IN FINANCING

by admin June 26, 2008

COLUMBUS, OHIO — Charlotte, N.C.-based Grandbridge Real Estate Capital has arranged approximately $41 million in financing for two properties in Columbus. A $27.65 million construction loan was secured for a 179,000-square-foot hospitality property. The first-mortgage, which was originated by Jay Shaw and John Rothschild, was funded through Huntington National Bank, with its participant, Citizens Bank. Additionally, Craig Kegg and John Rothschild originated a $13.4 million permanent loan for a 407,040-square-foot warehouse property, which is located within the 1,300-acre Rickenbacker Global Logistics Park. The transaction for the single-tenant property was funded by American National Insurance Co.

June 26, 2008

Hospitality Midwest

INTERCONTINENTAL HOTELS GROUP TO OPEN 241-ROOM CROWNE PLAZA

by admin June 26, 2008

TOLEDO, OHIO — InterContinental Hotels Group has announced plans to open the 241-room Crowne Plaza Toledo located at Two Seagate, 444 North Summit St. next month. The 14-story property, which is being converted from a Wyndham Hotel, is situated on the Maumee River in the central business district of Toledo. Amenities at the facility include 18,600 square feet of meeting and banquet space; del Sol, a 120-seat waterfront restaurant; Starbucks Coffee; and an indoor swimming pool. The property is owned by Paradise Hospitality, and is managed by Lane Hospitality.

June 26, 2008

Hospitality Southeast

CARLSON HOTELS WORLDWIDE BRAND OPENS 450th HOTEL

by admin June 25, 2008

SAVANNAH, GA. — Carlson Hotels Worldwide has opened the brand’s 450th hotel, The County Inn & Suites by Carlson in Savannah. The 101-room Country Inn & Suites by Carlson in Savannah, which is owned by Tara of Savannah LLC, includes an indoor pool, a fitness center and a meeting room with a 70-person capacity. Other new openings include the 70-room Country Inn & Suites in Petersburg, Va., owned by Vraj Enterprise LLC, and the 60-room Country Inn & Suites in Tallahassee, Fla., owned by Avanti Hospitality. The Carlson hotel brands also include Regent Hotels & Resorts and Park Plaza Hotels & Resorts.

June 25, 2008

Hospitality Midwest

AMERICAN DESIGN-BUILD, KINSETH HOSPITALITY BREAK GROUND FOR 82-UNIT HOTEL

by admin June 25, 2008

MILWAUKEE — West Bend, Wis.-based American Design-Build and North Liberty, Iowa-based Kinseth Hospitality Cos. have begun construction of an 82-unit Sleep Inn & Suites located at the intersection of Layton Avenue and South 6th Street in Milwaukee. Amenities at the three-story Sleep Inn & Suites, which is a division of Choice Hotels International, will include an indoor pool, fitness center, complimentary morning medley breakfast and a meeting room that can hold up to 35 people. The facility is expected to open in early 2009. American Design-Build and Kinseth Hospitality Cos. also have hotels under development in Grafton and Madison, Wis.

June 25, 2008

Hospitality Northeast

MOLINARO KOGER BROKERS SALE OF RESIDENCE INN

by admin June 25, 2008

TEWKSBURY, MASS. — The Washington D.C. metro office of Molinaro Koger (MK) has negotiated the sale of the Residence Inn Boston Tewksbury/Andover, a 130-suite extended stay hotel located in the Boston suburb of Tewksbury. Andy Kern of MK represented the seller, Lion ES Hotels II. The property was acquired by Tewksbury Residence Inn Hotel Associates for an undisclosed amount. The buyer subsequently signed a long-term franchise agreement with Marriott International to continue operation of the hotel as a Residence Inn. Lighthouse Point, Fla.-based Pinnacle Hotel Management was signed to provide management services.

June 25, 2008

Hospitality Southeast

AMERICAN HOTEL DEVELOPMENT BREAKS GROUND ON HOLIDAY INN EXPRESS SAVANNAH

by admin June 24, 2008

SAVANNAH, GA. — Sarasota, Fla.-based American Hotel Development Partners has broken ground on a Holiday Inn Express Inn & Suites located at 11325 Abercorn St. in Savannah. The 88-room facility, which is being constructed near Armstrong Atlantic State University and Hunter Army Airfield, will cost $9 million to complete. Upon completion in the first quarter of 2009, the Holiday Inn Express Savannah will be managed and operated by Harris Hotel Group.

June 24, 2008

Hospitality Northeast

CBRE CAPITAL MARKETS ARRANGES $22 MILLION HOTEL ACQUISITION LOAN

by admin June 24, 2008

NORWALK, CONN. — CB Richard Ellis (CBRE) Capital Markets has arranged $22 million in acquisition financing for the DoubleTree Hotel located at 789 Connecticut Ave. in Norwalk. The eight-story, 265-room hotel features a full-service restaurant and lounge, a ballroom with 6,200 square feet of meeting space, a 24-hour fitness center with an indoor pool, a shuttle service, on-site car rental, valet dry cleaning and laundry service, and a three-story parking garage. Additional amenities include wireless Internet access, rooms with standard king or double queen beds, and suites with Jacuzzi tubs. The loan carries a 7.07 percent fixed interest rate, a 5-year term with a 25-year amortization schedule, and a 70 percent loan-to-value ratio. Financing was arranged by Keith Braddish and Jason Gaccione of the New York City office of CBRE Capital Markets through a life insurance company.

June 24, 2008

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