DANBURY, CONN. — Thomas Hamm of Sperry Van Ness has competed the $5.5 million sale of Wellesley Inn in Danbury. The 181-room hotel is situated on 12 acres just off Exit 8 of Interstate 84 at 116 Newtown Rd. The facility also includes a restaurant that is currently leased to Outback Steakhouse. Hamm represented the sellers, BRE/Prime Holdings and WIH Hotels, affiliates of the Blackstone Group; and the buyer, DP39 LLC and AE7, LLC, affiliates of Diamond Properties. The buyers plan to implement a $5 million renovation and rebranding program.
Hospitality
SAVANNAH, GA. — Sarasota, Fla.-based American Hotel Development has broken ground on the Holiday Inn Express Savannah, a $10 million, 88-room hotel located at 11325 Abercorn St., near Armstrong Atlantic State University and Hunter Army Airfield. Harris Hotel Group, a subsidiary of American Hotel Development, will manage the 60,000-square-foot property, which is slated to open in fall 2008.
Stockton, Calif. –— An undisclosed buyer has purchased a Days Inn hotel, which is located at 550 W. Charter Way in Stockton, for approximately $3.1 million. The transaction includes the 70-room hotel, a 10-year, triple-net leased Quiznos Sub restaurant and a vacant office/retail space. Taylor Flynn of Marcus & Millichap’s Oakland, Calif., office represented the undisclosed seller in the transaction.
SCHAUMBURG, ILL. — Greenville, S.C.-based JHM Hotel has held the grand opening for a new Hyatt Summerfield Suites located at 1251 E. American Lane in Schaumburg. Hotel amenities include access to the hotel’s technology and entertainment center, wireless Internet access, a 24-hour business center, an indoor pool, an outdoor sport court and an exercise facility. Room amenities include fully equipped kitchens in all suites, flat-panel, high-definition televisions and MP3 clock radios. The hotel is managed by The Bricton Group.
BOSTON — W Hotels Worldwide plans to open the W Boston Hotel & Residences in Boston. Located in the city’s theater district, the property will feature 235 guestrooms and 123 private residences. Developed by Sawyer Enterprises, the project is slated to open in 2009.
PHOENIX — Flagstaff, Ariz.-based Krista R. Corp. has purchased Park Plaza Hotel, a hotel located at 2641 W. Union Hills Dr. in northwest Phoenix, for $8 million. Built in 1988 as a prototype Wyndham Garden Inn, the hotel underwent a $3 million renovation in 2005. The property features 166 rooms, including 16 suites, a 6,800-square-foot meeting space, an on-site restaurant and lounge, a fitness center and an outdoor heated swimming pool. Steve Chylko of Phoenix-based Arizona Real Estate Group represented the buyer; Jeff Cunningham and Tim Ives of CB Richard Ellis (CBRE) represented the seller, a joint venture between Minnetonka, Minn.-based Carlson Hotels and Newton, Mass.-based HPT SPES II, in the transaction.
CHICAGO — A joint venture involving LaSalle Hotel Properties has acquired 375,000 square feet of the IBM Building, a 52-story historic office building located at 330 N. Wabash Ave. in Chicago. LaSalle acquired floors two through 13 and part of the first floor for $46 million. The company plans to convert the space into a super luxury hotel. The hotel is expected to feature up to 335 rooms, and will include exclusive elevators and a separate entrance on the ground floor. Hotel amenities will include a 9,000-square-foot restaurant, as well as 17,000 square feet of space for social gatherings and meetings that includes a 5,000-square-foot ballroom. Other amenities include a lobby bar, a fitness center, an indoor pool and a destination spa. The hotel, which is expected to open in 2010, will be applying for LEED-Silver certification. The Gettys Group is providing design services. LaSalle owns a 95 percent interest in Modern Magic Hotel, the partnership that acquired the property and is developing the hotel. The remaining 5 percent is owned by Oxford OG Hospitality Chicago.
WAUWATOSA, WIS. — Atlanta-based InterContinental Hotels Group (IHG), in partnership with Lane Hospitality, has opened its first Crowne Plaza prototype. The 198-room, eight-story Crowne Plaza Milwaukee-Wauwatosa features a two-story lobby, 7,000 square feet of meeting space, an upscale restaurant and lounge, two executive floors, a business center, a fitness center with a swimming pool and whirlpool, valet and laundry service, and complimentary shuttle service. The building also contains various meeting spaces throughout the hotel to accommodate business travelers. The hotel is owned by KL Hotel and is managed by Lane Hospitality through a partnership with IHG.
MONTGOMERY, N.Y. — Savanna Investment Management is under contract to purchase 282 acres of land in Montgomery. Situated at the conflux of Interstate 84 and New York State Thruway directly adjacent to Stewart International Airport. Savanna plans to develop the Hudson International Business Center, a more than 1 million-square-foot commercial property. The project is also slated to include a 60-room hotel. The purchase was made through Savanna Real Estate Fund I.
INDIANAPOLIS — The Mumford Company has arranged the sale of the 138-unit Days Inn of Indianapolis located in Indianapolis. Steve Kirby of Mumford’s Atlanta office and Lance Potter of the firm’s Chicago office represented the seller, Bowling Green, Ky.-based Westloop hotels. The property was acquired for an undisclosed price from a California-based buyer that will relocate to Indianapolis to manage and operate the hotel. The property will remain a Days Inn.