HENDERSON, NEV. — Developer Anthony Marnell III has unveiled plans to develop M Resort, Spa and Casino, an 11-story resort located within the southern area of Las Vegas Valley in Henderson. The resort will feature 390 rooms and suites, 90,000 square feet of gaming space, and more than 40,000 square feet of meeting and conference space, as well as a variety of amenities, including a 20,000-square-foot spa and multiple restaurants, dining and entertainment options. M Resort, Spa and Casino has partnered with Marnell Corrao Associates on the design and construction of the project, which is slated for completion in spring 2009.
Hospitality
SACRAMENTO, CALIF. — InterContinental Hotels Group (IHG) has opened the Staybridge Suites Sacramento Natomas, a 117-room extended-stay hotel located at 140 Promenade Circle in Sacramento. The all-suite hotel features three suite options – deluxe studio, one-bedroom and two-bedroom/two-bath. All suites include functional, well-lit workstations with ergonomic seating, complimentary high-speed Internet access, complimentary local phone calls, and two-line speakerphones with direct-dial number and personal voice mail, as well as fully equipped kitchens. The hotel is owned by Heritage Inn of Sacramento Inc. and managed by Tharaldson Property Management, under a license agreement with a company in the IHG.
NEW YORK CITY — Itzhaki Properties has brokered the $17.75 million sale of a hotel development site comprising nearly 170,000 square feet in the Long Island City neighborhood of Queens, New York City. The site consists of five adjacent properties located at 2405 Jackson Ave., 2409 Jackson Ave., 2411-15 Jackson Ave., 2417 Jackson Ave. and 2419 Jackson Ave., between 45th Ave. and 45th Rd. The properties are in close proximity to subway lines G, V, E and the 7. Shay Zach of Itzhaki Properties represented the buyer, a Japanese hotel group, and the seller, an assembled group of local owners, in the transaction.
NASHVILLE, TENN. — InterContinental Hotels Group (IHG) has opened the first Hotel Indigo property in Tennessee. The 11-story Hotel Indigo Nashville West End features 139 rooms and seven suites. The boutique hotel is located at 1719 West End Ave., approximately one mile from downtown Nashville. Amenities include The Golden Bean restaurant, Phi Bar, meeting space and a fitness studio. The property is owned by 1719 West End Holdings and managed by Wesley Hotels & Resorts.
DAYTONA BEACH, FLA. — John Wickert of NAI Realvest has negotiated the $9.52 million sale of a 151-room Holiday Inn Express in Daytona Beach. Embassy Investments XI LLC, an affiliate of Ormond Beach, Fla.-based Elite Hospitality, acquired the property from Destin, Fla.-based Indigo Lakes Resorts. The hotel is located at 2620 W. International Speedway Blvd. near Interstate 95. The buyer plans an approximately $1 million upgrade to the building’s interior.
CAMBRIDGE, MASS. — HEI Cambridge, an affiliate of HEI Hotels & Resorts, has agreed to acquire the 210-room Hotel@MIT from University Park Phase II Limited Partnership, a joint venture between Forest City and MIT. Located at 20 Sidney St. in Cambridge, the luxury full-service hotel anchors University Park at MIT. The hotel features 15,000 square feet of conference and meeting space and a range of amenities. Completion of the transaction is expected at year-end. MIT will continue its ownership of the land. The sale was brokered by Jones Lang LaSalle Hotels. The sale price was undisclosed.
BETHESDA, MD., AND ARLINGTON, VA. — The Donohoe Companies has broken ground on two hotel properties in Bethesda and Arlington that represent more than $119 million in project costs. The Hilton Garden Inn – Bethesda will be a 13-story, 216-room property. It will be a part of the Air Rights Center and is scheduled to open in 2009. The Residence Inn by Marriott – Arlington Courthouse will be a 176-room, extended-stay hotel that will also include street level retail space. It will be located above the Courthouse Metro Station and is scheduled to open in 2009.
NEW YORK CITY — Gemini Real Estate Advisors has acquired the 78-room Times Square Comfort Inn in Manhattan, New York City, from M & R Hotel Times Square, LLC, for $31.74 million. The select-service hotel is located at 305 W. 39th St., between 8th and 9th Ave., near New York City’s midtown corporate district and main tourist attractions.
LAFAYETTE, LA. — Rahul Bijlani and Ajay Dhingra of Marcus & Millichap’s Houston office have represented a New Jersey-based private investor in the sale of a Ramada Inn, located at 120 E. Kaliste Saloom Rd. in Lafayette. Bijlani and Dhingra also secured a Louisiana-based LLC to acquire the asset.
BURLINGTON, N.C. — Matt Winston of The Mumford Company’s Newport News, Va., office and Randy Lee of The Mumford Company’s Dallas office have facilitated the $1.2 million sale of Corporate Suites of Burlington. Corporate Suites of Burlington LLC sold the hotel property to Maniba. The purchaser plans to continue to operate the property as an extended stay hotel under the name Corporate Suites.