MOKENA, ILL. — Mokena-based companies J-4 Development Co. and JL Burke Contracting have announced that a 125-suite Hyatt Summerfield Suites will be built at Hickory Creek Waterworks and Resort, a water park and sports complex located in Mokena. The hotel will feature a café/lounge, high-speed Internet access, a park area with a pool and grill, a gym, a complimentary breakfast buffet, a 24-hour market, and complimentary grocery services and laundry facilities. Groundbreaking is scheduled to occur this year, with completion in late 2009. In addition to the Hyatt Summerfield Suites, Hickory Creek will feature another 105-room hotel, a 45,000-square-foot indoor water park, an 80,000-square-foot sports academy with four multi-purpose athletic fields, a 94,500-square-foot mixed-use building and two multi-level parking structures.
Hospitality
SARASOTA, FLA. — Sarasota-based Lions Gate Development and Hilton Hotels Corporation are developing a 225-room, 18-story Waldorf-Astoria Hotel to be built in The Proscenium, a 130,000-square-foot mixed-use development in Sarasota. The property will feature 38,000 square feet of ballroom, meeting and exhibition space; signature restaurants; a rooftop pool; a 12,000-square-foot spa; and 67 residences. A bridge will connect the hotel’s VIP lounge and the 800-seat Nederlander performing arts hall. Construction is slated to begin in fourth quarter 2008 and be completed year-end 2010. An affiliate of Hilton Hotels will manage the hotel. The Proscenium development will include retail, restaurants and a 500-seat theatre; 300,000 square feet of Class A office space; 96 residences within the 18-story office tower; and 50 loft residences.
CARTER LAKE, IOWA — NorthMarq Capital has secured $6.1 million in first-mortgage financing for the Country Inn & Suites – Airport, an 87-room hotel located in Carter Lake. The loan was based on a 5-year term with a 25-year amortization schedule. Gary Rifkin of NorthMarq’s Omaha office arranged the financing on behalf of the borrower, Keystone Properties III, with General Electric Capital Corp. – Franchise Finance.
VERNAL, UTAH — The Merrill Group of Companies has acquired a 2.50-acre site, which is located at the corner of 2000 West and Highway 40 in Vernal, for an undisclosed price. The company plans to develop a four-story, 109-room hotel inn and suites, which will feature conference and meeting space, on the property. Completion is slated for third quarter 2009. David Frank provided in-house representation for the Los Angeles-based company in the transaction.
EGGHARBOR AND DOVER, N.J., AND MILFORD, CONN. — The Briad Group, based in Livingston, N.J., is currently constructing three new hotels in the Northeast market. In New Jersey, Briad is constructing a 101-room Residence Inn in Egg Harbor and a 108-room Homewood Suites in Dover. In Milford, the firm is building a 108-room Residence Inn.
WICHITA, KAN. — RockBridge Capital has entered into a joint-venture agreement with Wichita-based TMH Hotels to develop a $9.8 million Hampton Inn & Suites located in Wichita. The 102-room hotel will be located within Regency Lakes, an approximately 400,000-square-foot development that will contain retail and restaurant space upon completion. The hotel will be managed by TMH.
BOSTON — IHG has announced pans to open a 72-room Holiday Inn Express Hotel and Suites in Boston. Located on Friend Street, the five-story hotel is strategically located within walking distance to many of Boston’s historical attractions. The hotel is slated to open this summer once a $2 million renovation is complete on the 100-year old historic building.
NEW YORK CITY — The Best Western Bowery Hanbee Hotel is nearing completion in Lower Manhattan, New York City. Located at 335 Bowery, the eight-story hotel features 102 guestrooms and spans 49,000 square feet. A Chase Bank and Capital One Bank are located at the base of the building. Construction is scheduled for completion this month.
WILSON, N.C. — Newport News, Va.-based UVAA Hospitality has acquired an 80-room Best Western in Wilson from Wilson-based La Sammana Investment, for an undisclosed amount. Tom Sommer of the Mumford Company’s Chicago office represented the seller, and Justin Pinkard of Mumford’s Newport News, Va., office represented the buyer.
HOUSTON — Two commercial real estate firms, Houston-based AmREIT and Atlanta-based Songy Partners LLC, have begun construction on a hotel located at the corner of Westheimer Road and Yorktown Street in Houston’s Galleria district. The project, which will be a 153-room Starwood Aloft Hotel built on 3.2 acres, is part of a complete redevelopment on the site that also includes the renovation of 135,000-square-foot office building located at 5433 Westheimer Rd. The office building renovation will begin sometime in 2008. JE Dunn Construction Co. is the contractor for the project. Fruchtman Associates Architects worked with Starwood on the hotel’s architecture, and Ziegler Cooper is the architect for the master planning and the office renovation.