Hospitality

CORUS CLOSES $165 MILLION LOAN FOR W HOTEL AND RESIDENCES

by admin May 8, 2008

AUSTIN, TEXAS — Corus Bank has closed a $165 million loan to finance the construction of the W Hotel and Residences in Austin. The 37-story condominium and hotel project, which is located at 308 W. Second St., will feature 198 residential condominiums, 252 hotel guest rooms, 60,000 square feet of retail and office space and a live performance venue. Amenities at the W Hotel and Residences include a signature restaurant with an outdoor terrace, an outdoor grill area, a spa and fitness center, two outdoor pools, a courtyard garden with private cabanas, meeting space and concierge services. The borrower, CJUF II Stratus Block 21 LLC, is an affiliate of Stratus Properties and Canyon-Johnson Urban Fund II LP.

May 8, 2008

CANDLEWOOD SUITES COLUMBIA/FT. JACKSON TO OPEN

by admin May 7, 2008

COLUMBIA, S.C. — Sarasota, Fla.-based American Hotel Development Partners and joint venture partner New York-based Glenmont Capital Management will open the 112-room Candlewood Suites Columbia/Ft. Jackson this month in Columbia. The extended-stay hotel is located near the Interstate 77 and Garners Ferry Road interchange. Amenities include a fitness center and suites featuring fully equipped kitchens and executive desks with two separate phone lines and high-speed internet access.

May 7, 2008

Hospitality Northeast

MICROTEL INN & SUITES OPENS IN BATH

by admin May 7, 2008

BATH, N.Y. — A 67-room Microtel Inn & Suites has opened in Bath at 370 W. Morris St. Located just off I-86 in the Finger Lakes region, the economy hotel is within close proximity to the region’s local wineries and is just 80 miles from the Rochester International Airport. The three-story hotel is owned and operated by Indus Mehta Properties.

May 7, 2008

Hospitality Texas

MK STRUCTURES SALE OF RESIDENCE INN

by admin May 7, 2008

LUBBOCK, TEXAS — Vienna, Va.-based Molinaro Koger (MK) has facilitated the sale of a Residence Inn by Marriott in Lubbock. Lion ES Hotels II LLC sold the 80-suite, extended-stay property to SA Laredo Enterprises Inc., which has obtained a long-term franchise agreement with Marriott International to continue operating the hotel as a Residence Inn. Greenbelt, Md.-based Baywood Hotels has assumed management of the hotel. Andy Kern of MK’s headquarters office represented the seller in the transaction.

May 7, 2008

Hospitality Western

HERT DEVELOPMENT CO. TAKES 59-ROOM BEST WESTERN HOTEL

by admin May 7, 2008

MONTROSE, CALIF. — Glenwood Springs, Colo.-based Hert Development Co. has purchased the Best Western Red Arrow Motor Inn, which is located at 1702 E. Main St. in Montrose. The 59-room hotel sold for $2.75 million. Christian Child and Mike Francis of Marcus & Millichap’s Salt Lake City office represented the seller, Indiantown, Fla.-based MJGJ LLC, in the transaction.

May 7, 2008

Hospitality Southeast

WEST VIRGINIA HOLIDAY INN CHANGES HANDS

by admin May 5, 2008

BLUEFIELD, W.VA. — Stafford Hospitality has acquired Holiday Inn Bluefield, a 120-room property in Bluefield, from Equity Inns. The property is located near Interstate 77 and features a swimming pool, fitness center, sauna, restaurant/lounge and 3,500 square feet of meeting space. Ros Mallory of Jones Lang LaSalle represented the seller.

May 5, 2008

Hospitality Southeast

THE MANSION AT PEACHTREE OPENS FOR BUSINESS

by admin May 5, 2008

ATLANTA — Dallas-based Rosewood Hotels & Resorts has opened The Mansion at Peachtree, a 42-story, hotel and condominium tower in Atlanta’s Buckhead District. The property features 127 hotel rooms and 45 residential units. Two fine dining restaurants, NEO and Craft Atlanta, will open this month and in September, respectively. The Mansion was designed by architect Robert A. M. Stern.

May 5, 2008

Hospitality Midwest

NYLO HOTEL COMING TO CORBIN PARK

by admin May 5, 2008

OVERLAND PARK, KAN. — Atlanta-based NYLO Hotels LLC has announced plans for a 160-room NYLO Hotel in Overland Park. Located within the 96-acre Corbin Park mixed-use development at the corner of 135th Street and Metcalf Avenue, the hotel will feature loft-style rooms with ceiling heights exceeding 10 feet. Hotel amenities will include a business center, a gym, a clothing boutique, and a 24-hour restaurant and bar. Groundbreaking is expected to occur soon, with completion in mid-2009. The NYLO Hotel will serve as one of the anchors of Corbin Park. It is the company’s fifth hotel and first in the Midwest.

May 5, 2008

Hospitality Texas

K PARTNERS BREAKS GROUND ON TWO HOTELS

by admin May 1, 2008

MANSFIELD, TEXAS — San Antonio-based K Partners Hospitality Group has broken ground on two hotels in the heart of Mansfield. The 83-room Fairfield Inn & Suites will feature an indoor pool, a whirlpool, a boardroom and a fitness center. The 88-room Hampton Inn & Suites will offer an outdoor pool and spa, 1,500 square feet of meeting space with a boardroom, and a fitness center.

May 1, 2008

Hospitality Texas

NYLO HOTELS BEGINS CONSTRUCTION ON 200-ROOM HOTEL

by admin May 1, 2008

IRVING, TEXAS — NYLO Hotels LLC recently broke ground on its third property, a 200-room hotel in Irving’s Las Colinas mixed-use community. NYLO Las Colinas will be an upscale, loft-style hotel featuring a 3,000-square-foot ballroom; an outdoor courtyard; a full-service restaurant; a high-energy bar; meeting space; a business center; a high-tech gym; a game room; a library; and a boutique shop. ORIX Real Estate Capital of Chicago provided financing, and Key Construction Texas LLC is the general contractor.

May 1, 2008

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