HOUSTON — The Miami and Houston offices of Holliday Fenoglio Fowler (HFF), a commercial real estate services provider, has closed the sale of and provided financing for the Marriott Houston West Loop located at 1750 West Loop S. in Houston. HFF’s Wally Reidarranged an 80 percent leveraged adjustable-rate loan with First National Bank Southwest for the hotel’s buyer and borrower, RMC National Interests. The loan will go to renovations for the 13-story, 302-room hotel. Patrick Poggi, Dan Carlo, Kim Flores, Jeff Hollinden, Robert Williamson and Barbara Guffey marketed the property on behalf of the seller, The Blackstone Group L.P., in the transaction.
Hospitality
LOUISVILLE, KY — IHG (Intercontinental Hotels Group) will convert the Executive West Hotel near downtown Louisville into a Crowne Plaza. Expected to open late this year, the hotel will offer 588 guest rooms, 50,000 square feet of meeting and banquet space, a fitness center, indoor and outdoor pool, airport and business shuttles and multiple dining outlets. The property is owned by Al J. Schneider Company Hotel Division and is located at 830 Phillips Rd.
GREENSBORO, N.C. and VIRGINIA BEACH, VA. — CB Richard Ellis’ Douglas Henkel in Norfolk Va.; Marc Magazine in Washington D.C.; and Lewis Miller in Atlanta represented Harbor Group in the sale of a Hampton Inn in Greensboro for $15.51 million. The 125-room hotel is located at 7803 National Service Rd. near the Piedmont Triad International Airport. Medalist Properties purchased the hotel, which includes a meeting facility, fitness center and heated outdoor pool. Also, Henkel, Magazine and Miller represented MMA Realty in the sale of the Holiday Inn Executive Center to Blenheim Capital for $14.25 million in Virginia Beach, Va. Located at 5655 Greenwich Rd., the property will undergo a $ 6 million renovation. It will continue to operate as a Holiday Inn.
PEORIA, ILL. — Springfield, Mo.-based John Q. Hammons Hotels & Resorts has held the grand opening for the new Embassy Suites East Peoria, a 226-suite hotel and conference center located at the interchange of Interstate 74 and Riverfront Drive in Peoria. The hotel features more than 35,000 square feet of flexible meeting space, the Riverside Café restaurant and Caffeina’s coffee shop. John Q. Hammons will own and operate the hotel.
NORTH LIBERTY, IOWA — North Liberty-based Kinseth Hospitality Cos. and Omaha, Neb.-based The Weitz Company have begun construction of a 153-room Hilton Garden Inn located at the Horseshoe Casino on 23rd Avenue in North Liberty. The five-story hotel will feature approximately 5,000 square feet of banquet space, a ballroom, a boardroom, an indoor swimming pool, a whirlpool, a 24-hour fitness area and complimentary wireless Internet. The hotel will also contain two restaurants, The Great American Grill and The Pavilion Lounge. Completion is scheduled for the fall.
REVERE, BROOKLINE AND MANSFIELD, MASS. — The joint venture of Chicago-based Strategic Capital Partners and Hanover, Mass.-based Linchris Hotel Corp. has acquired a three-hotel, 654-room portfolio in Massachusetts for $90 million. The Hampton Inn Boston-Logan Airport in Revere features a seven-story building and 227 rooms; The Holiday Inn in Brookline features 225 rooms, 6,400 square feet of meeting space and is located at 1200 Beacon St. near Kenmore Square; and the Holiday Inn in Mansfield features 202 rooms, 15,000 square feet of meeting space and is located within Cabot Business Park. Sarah Leggat, Greg Labine and Robyn King of Holiday Fenoglio Fowler’s Boston office brokered the transaction and arranged the financing provided by Anglo Irish Bank Corp.
COLORADO SPRINGS, COLO. — Highland Ranch, Colo.-based KCOM Inc. has purchased Value Inn & Suites in Colorado Springs. The 111-room property sold for $4.15 million. Phil McDonald of Marcus & Millichap represented the seller, Colorado Springs-based Value Inn LLP, in the transaction.
PADUCAH, KY. — InterContinental Hotels Group is developing an 85-suite Candlewood Suites property in Paducah. The $5 million, 50,000-square-foot extended-stay hotel will feature 69 studio suites, 16 one-bedroom suites, wireless Internet access, a fitness center, a business center and a meeting room. Construction is slated to begin this spring, with completion scheduled for spring 2009.
HENDERSON, NEV. — Wyndham Hotel Group has opened Wingate by Wyndham, a 99-room hotel located in Henderson. The property features 22 suites, 3,000 square feet of meeting space, 24-hour fitness and business centers, an outdoor heated pool and spa, and high-speed-wired and wireless Internet access. All guestrooms feature an office space with a desk, speakerphone and cordless phone with voicemail and conference call capabilities; a safe; an ironing board and an in-room coffeemaker. The hotel is the first to be built since the Wingate brand affiliated with the Wyndham Hotels and Resorts brand in May 2007.
GWINNETT COUNTY, GA. — Atlanta-based Hotel Equities has broken ground on its 20th hotel, a Courtyard by Marriott, located at 1405 Mall of Georgia Blvd. in Gwinnett County. The hotel will stand five stories tall and feature 110 rooms, and is expected to open in late 2008.