PHILADELPHIA — Hudson Realty Capital has provided a $3.4 million mezzanine loan for the development of the 202-room Le Meridien Hotel in Philadelphia. The hotel is being developed in a former YMCA building located in the city’s historic Broad Street District. Upon completion in spring 2009, the 10-story building will feature the hotel on the top five floors, a 50-seat bar, a 90-seat restaurant and a 3,000-square-foot ballroom. The borrower was Development Services Group. Hudson Realty had previously provided a $10.88 million acquisition and predevelopment loan to Development Services Group for the project.
Hospitality
WISCONSIN RAPIDS, WIS. — Jones Lang LaSalle Hotels (JLL) has completed the sale of Hotel Mead & Conference Center located in Wisconsin Rapids. The hotel comprises 157 rooms, including 51 suites, as well as 14,000 square feet of conference space, two ballrooms, an indoor swimming pool, a fitness center, a sauna, a hot tub, an upscale tavern and two restaurants. The seller, NewPage Wisconsin System, was represented by JLL. The property was acquired by WR Hotel Properties for an undisclosed amount.
CORPUS CHRISTI, TEXAS — Capmark Finance Inc. has originated $8.7 million in floating rate, interim refinancing for the Courtyard by Marriott located at 5133 Flynn Pkwy. in Corpus Christi. The hotel is a 128,397-square-foot property consisting of 105 guestrooms, a 600-square-foot meeting room and a breakfast area. Chris Clark of Capmark Finance’s McLean, Va., office originated the transaction. Western International Inc sponsored the borrower, CyCC Property L.P.
COLUMBUS, IND. — Atlanta-based InterContinental Hotels Group has held the grand opening for the $8 million Hotel Indigo Downtown Columbus, located at 400 Brown St. The four-story hotel contains 85 rooms, and features interior space that changes seasonally, including nature-inspired murals, area rugs, plush duvets and slip covers. The hotel also features a nautilus-shaped indoor whirlpool, a fitness room, a 24-hour business center, a meeting room with space for 120 guests, a restaurant and lounge, and an art gallery that features local artists. The property is owned by Vision Hotel Partners and managed by Dora Brothers Hospitality under a license agreement with InterContinental. This marks the first hotel to open in downtown Columbus in more than 100 years.
NEW YORK CITY — Multi Capital Group has provided EB Developers with a $39.1 million pre-construction loan. The loan will provide funding for a 242-key hotel in Manhattan, New York City. The hotel will also include meeting space, a health club, a bar, a lounge and a 32nd floor restaurant.
POMPANO BEACH, FLA. — Boca Raton, Fla.-based Ocean Land will build a 6-acre oceanfront resort property in Pompano Beach. The project, located at 1350 South Ocean Blvd., includes a 10-story, 257-room Hilton Hotel located on the east side of State Road A1A. The four-star property will feature 4,250 square feet of oceanfront restaurants and a lounge with a covered terrace, 5,000 square feet of meeting space and a 6,500-square-foot ballroom. The hotel will break ground in mid-2008, with a 20-month construction window. Nick Luaces Design will serve as interior designer. The west parcel of the development, fronting the Intracoastal Waterway, will feature a 28-slip marina and 317-room hotel. The un-flagged hotel will be located above a four-story parking podium and feature a 5,500-square-foot ballroom and 2,500 square feet of meeting space.
DES MOINES, IOWA — Fort Worth, Texas-based Sperry Van Ness | Visions Commercial (SVN) has completed the sale of a 144-room Best Western Hotel, located at 1810 Army Post Rd. in Des Moines, for $5.8 million. The property also includes a conference center and a Bennigan’s Restaurant, and is situated on 4.79 acres. Scott Henderson of SVN represented the buyer, Fort Worth-based REDJ Ltd., in the 1031 exchange. Henderson also represented REDJ in the other component of the exchange, a 116-unit multifamily property located in Fort Worth. The seller in the Des Moines transaction was undisclosed.
SAN FRANCISCO — San Francisco-based Chartres Lodging Group, formerly known as Oxford Lodging Advisory and Investment Group, has completed its acquisition of the 4,867-room Adam’s Mark hotel portfolio from St. Louis-based HBE Corp. The buyer plans to renovate, rebrand and reposition the five properties included in the portfolio. Chartres has an $87 million renovation planned for the 1,840-room Adam’s Mark Dallas, which will be rebranded as Sheraton Dallas Hotel; a $70 million repositioning plan for the 1,225-room Adam’s Mark Denver, which will rebrand the property as Sheraton Denver Hotel; a $63 million renovation for the 910-room Adam’s Mark St. Louis, which will reposition the hotel as the Hyatt Regency St. Louis Riverfront; an $18 million renovation plan for the 406-room Adam’s Mark Indianapolis; and a multi-million renovation for the 486-room Adam’s Mark Buffalo-Niagara in Buffalo, N.Y.
DUNN, N.C. — Richmond, Va.-based Apple REIT has acquired Hampton Inn, a 120-room property in Dunn, from Rylie Properties for $12.5 million. This is the first of a seven-hotel portfolio Apple is acquiring in the southeastern U.S. during the first quarter of 2008. The seller was advised by Josh Williams of Paramount Lodging Advisors’ Richmond office and Joe Ross of its Charleston, S.C. office via Homecourt Hospitality.
CLAYTON, MO. — CPC Hospitality, a division of Conrad Properties Corp., will re-flag the Daniele Hotel located at 216 N. Meramec Ave. in Clayton as a Hotel Indigo. The company is planning $13 million in renovations, which will add a fifth story to the four-story structure, bringing it from 84 to approximately 120 rooms. Other renovations include a new entrance, the complete gutting of the interior of the building, the updating of all common and amenity areas, and the addition of a restaurant and lounge. St. Louis-based Rosemann Associates will serve as project architect, with GS&S Inc. providing general contracting services. The Hotel Indigo is being franchised out by Atlanta-based InterContinental Hotel Group. Completion is slated for first-quarter 2009.