Hospitality

WINDSOR CAPITAL TO CONVERT OFFICE BUILDING INTO HOTEL PROPERTY

by admin April 25, 2008

PHOENIX — Phoenix-based Windsor Capital LLC has selected Phoenix-based Summit Builders to provide design/build services for the conversion of an existing 121,000-square-foot office building into a Hilton Garden Inn. Located on Van Buren Street in Phoenix, the property will undergo complete interior demolition and removal of exterior skin to become a 192-unit hotel. The 10-story hotel will feature a swimming pool, lobby, lounge, restrooms, conference rooms, a stairwell, a kitchen, a restaurant, laundry facilities, a fitness center and a business center. Additionally all mechanical, plumbing and electrical systems are being replaced. Phoenix-based Orcutt Winslow is also providing design services for the project. Interior demolition is currently underway with construction scheduled to commence second quarter 2008 with completion slated for late fourth quarter 2008.

April 25, 2008

CHARTER ONE HOTELS ACQUIRES HOLIDAY INN EXPRESS

by admin April 23, 2008

BREVARD, N.C. — Charter One Hotels has purchased a 63-room Holiday Inn Express Hotel & Suites in Brevard, from KSS Holdings, for $4.4 million. Atlanta-based Hodges Ward Elliott brokered the transaction on behalf of the seller. The property will undergo renovations and continue its affiliation with Holiday Inn Express.

April 23, 2008

Hospitality Southeast

STARWOOD OPENS WESTIN HUNTSVILLE

by admin April 21, 2008

HUNTSVILLE, ALA. — Starwood Hotels & Resorts Worldwide has opened Westin Huntsville, an 11-story, 284-unit property at Bridge Street Town Centre, a 550,000-square-foot mixed-use lifestyle center in Huntsville. The hotel features 210 guestrooms, 74 residential condominiums, a 7,900-square-foot ballroom, a boardroom, a restaurant, a full-service spa, a pool, a fitness center and a business center.

April 21, 2008

Hospitality Midwest

CONSTRUCTION UNDERWAY FOR CAMBRIA SUITES

by admin April 21, 2008

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.

April 21, 2008

Hospitality Northeast

HOMEWOOD SUITES SET FOR BROOKLYN

by admin April 21, 2008

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.

April 21, 2008

Hospitality Texas

ORIX REAL ESTATE CAPITAL PROVIDES $18.5 MILLION CONSTRUCTION LOAN FOR HOTEL

by admin April 21, 2008

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.

April 21, 2008

Hospitality Southeast

SLEEP INN SELLS IN CONCORD

by admin April 16, 2008

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.

April 16, 2008

Hospitality Midwest

NOBLE INVESTMENT GROUP ACQUIRES 126-ROOM AMERISUITES

by admin April 16, 2008

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.

April 16, 2008

Hospitality Northeast

OPTIMUM HOTEL BROKERAGE COMPLETES SALE OF KENILWORTH INN

by admin April 16, 2008

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.

April 16, 2008

Hospitality Midwest

CBRE CAPITAL MARKETS SECURES $31 MILLION LOAN FOR RESORT

by admin April 14, 2008

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.

April 14, 2008

Newer Posts

Older Posts