TRAVERSE CITY, MICH. — Construction is underway for a three-story Cambria Suites located at 255 Munson Ave. in Traverse City. Room amenities in the 92-room hotel will include flat-screen LCD televisions, DVD players, mp3 jacks, and complimentary wired and wireless Internet access. Hotel amenities will include a restaurant, a fitness center with a pool and spa, a 24-hour convenience store, and 1,000 square feet of meeting space. The hotel, which is scheduled to open in spring 2009, is owned by local developer TC 92 Suites. It is the first phase of SkipStone Crossing, a 5-acre multi-use development that will also include a senior housing facility, and a three-story building with street-level retail and upper-floor office space.
NEW YORK CITY — A new 100-suite Homewood Suites by Hilton is slated for construction in Brooklyn, New York City. The hotel, located at 313 Gold Street, is scheduled to break ground this September with completion slated for September 2009. The hotel will be the first Homewood Suites in New York City.
IRVING, TEXAS — ORIX Real Estate Capital, a Chicago-based company, has provided $18.5 million in first-mortgage financing for the construction of a hotel to be located at the northwest corner of Royal Lane and Sierra Drive in Irving. The loan was provided to Atlanta-based NYLO Hotels LLC, which will build a 200-room, loft-style hotel within the master-planned community of Las Colinas. The hotel is currently under construction and is scheduled to open in May 2009. Amenities at the hotel will include a 3,000-square-foot ballroom, 6,000 square feet of special event space, a fitness center, a pool, a restaurant-bar and a business center. Mike Huffman and Steve Waryas of ORIX Real Estate Capital arranged the loan.
CONCORD, N.C. — S D Hospitality has acquired an 82-unit Sleep Inn in Concord, from David Drye Company, for an undisclosed amount. Ed James and Matt Winston of Mumford Company’s Newport News, Va., office were the sole brokers in the transaction and exclusively represented the seller. The property will remain a Sleep Inn under the new ownership.
SCHAUMBURG, ILL. — Noble Investment Group has acquired a 126-room AmeriSuites located in Schaumburg. The hotel will undergo a $5 million re-positioning that will re-flag it as the Hyatt Place Chicago/Schaumburg. The hotel was acquired for an undisclosed amount on behalf of Noble Hospitality Fund, the company’s fully discretionary, private equity real estate fund.
KENILWORTH, N.J. — Joe McCann of Optimum Hotel Brokerage has brokered the sale of the Kenilworth Inn in Kenilworth. The 112-room boutique hotel was purchased by Brix Hospitality for an undisclosed price from Kenilworth Capital. The property also features a 1.5-acre parcel for future development. Hotel amenities include an outdoor pool, a full-service restaurant and lounge, meeting space and a business center.
GALENA, ILL. — CB Richard Ellis Capital Markets (CBRE) has secured $31 million in bridge financing for Eagle Ridge Resort & Spa, a 6,800-acre golf course and resort located in Galena. The 3-year bridge loan includes interest-only payments for the first 24 months, followed by 30-year amortization schedule. The financing will enable the borrower to complete a rehabilitation and expansion of the property. The loan was arranged by Geoffrey Rice of CBRE on behalf of Eagle Ridge Resort LLC, an affiliate of Loeb Partners Realty LLC. The lender was Textron Financial.
MIAMI — Dubai-based Nakheel Resorts has invested $375 million in exchange for a 50 percent interest in Fontainebleau Miami Beach Hotel, to form a joint venture with Las Vegas-based Fontainebleau Resorts. The hotel property will undergo a $500 million renovation, which is expected to open the second half of this year. The hotel is situated on 17 oceanfront acres and will feature 1,500 guest rooms and suites, a 40,000-square-foot spa, multiple marquee restaurants, a nightclub and ultra-lounge, a lush poolscape and 200,000 square feet of meeting, convention and ballroom facilities.
ERIE, PA. — Acquest Development, in partnership with the Erie County Convention Center Authority, has completed construction of the Sheraton Erie Bayfront Hotel located on Pesque Isle Bay in Erie. The eight-story hotel features 200 guestrooms, a 65-foot pedestrian skywalk and a 300-space parking garage. The hotel, which is surrounded by water on three sides, will feature amenities such as lobby seating with a fireplace, a bar, a dining room and a spa and exercise room. Acquest will manage the hotel in partnership with White Lodging Services Corp.
KANSAS CITY, MO. — Noble Investment Group has acquired the 295-room Kansas City Marriott Country Club Plaza, located in Kansas City. The 19-story hotel features 16,000 square feet of meeting space, including a 42-seat amphitheater. Additional amenities include two concierge levels, the Main Street Grill restaurant, a lobby lounge, an executive business center, a fitness center and an indoor swimming pool. Noble will operate the hotel under a long-term license agreement with Marriott International. The hotel also will undergo an $8.8 million renovation. The seller, as well as the acquisition price, was undisclosed.