BURBANK AND OCEANSIDE, CALIF. — Irvine, Calif.-based R.D. Olson Development has completed the disposition of two Southern California hotels to Apple REIT 8 for $80 million. The transaction consists of the five-story, 166-room Marriott Residence Inn located at 321 S. First St. in Burbank, and the four-story, 125-room Marriott Residence located at 3603 Ocean Ranch Blvd. in Oceanside. R.D. Olson recently developed the properties after acquiring the sites in 2005 and 2006.
BATON ROUGE, LA. — Viking Hospitality Fund is developing a $15 million, 142,876-square-foot Springhill Suites by Marriott in Baton Rouge. The four-story property will feature 119 rooms. Construction is slated for completion early next year. Amenities include a swimming pool and exercise room. The hotel will be located at 7980 Howell Blvd., near Baton Rouge Metropolitan Airport. Viking is a joint venture of Dallas-based Prism Hotels & Resorts, Cambridge,Wis.-based Telemark Hotel Developers and Atlanta-based Hotel Assets Group. Springhill Suites is the first development project for the partnership. Prism will manage the property.
GAFFNEY, S.C. — Tilbros, Inc. has acquired a 61-room, 25,180-square-foot Holiday Inn Express located in Gaffney, from P.M.P. LLC, for $3 million. The three-story hotel’s amenities include a pool, a business center, a fitness center and meeting space. Anthony Falor of Atlanta-based Hodges Ward Elliott was the sole broker in the sales transaction and exclusively represented the seller. The property will be repositioned as a Sleep Inn.
WILLOUGHBY, OHIO — Washington, D.C.-based Molinaro Koger has brokered the sale of the 129-room Fairfield Inn Cleveland-Willoughby. Located along Interstate 90 in the Cleveland suburb of Willoughby, the recently renovated property was purchased by Accor North America for an undisclosed amount. The hotel will be converted into a Motel 6. Molinaro Koger represented the undisclosed seller in the transaction. The Willoughby sale was part of a larger transaction that also included the sale of the 130-room Fairfield Inn Buffalo-Williamsville located in New York to Accor. The hotel will also be converted into a Motel 6.
COLLEGE PARK, GA. — International Hotels Group is developing a 142-room Hotel Indigo at the Princeton Village mixed-use development in College Park. The five-story hotel will feature Phi, a causal gourmet restaurant; the Phitness studio; a 24-hour business center; an outdoor pool; and meeting space. The hotel is owned by Parkside Developers and will be managed by Cambridge Hospitality. The property is located at the intersection of Harvard and Washington streets, in close proximity to the Atlanta Hartsfield-Jackson International Airport. Construction is slated to complete in summer 2009.
SOMERSET, PA. — The Mumford Company has completed the $7.2 million sale of the Hampton Inn of Somerset in Somerset. The 111-room hotel was sold by affiliates of Virginia Inn Management to Whispering Hospitality. David Mumford and Tom Sommer of the Mumford Co. represented the seller in the transaction. The new owner plan to renovate the hotel.
NEW YORK CITY — Swig Equities is set to construct Nobu Hotel and Residences, a new luxury mixed-use development in the financial district in Lower Manhattan, New York City. Located at 45 Broad St., the 62-story glass tower will include 13,000 square feet of retail on the second floor, Nobu restaurant on the third floor, a 128-room Nobu hotel and 77 condominium units on floors 41 through 62. David Rockwell of the Rockwell Group designed the facility. The mixed-use project is set to meet LEED certification upon completion.
SANFORD, N.C. — Asheville, N.C.-based Jala Inc. has acquired an 86-room, 42,000-square-foot Hampton Inn in Sanford, from Inn Keeper Inc., for $7.5 million. The three-story hotel features a meeting room, outdoor pool and fitness center. Anthony Falor of Atlanta-based Hodges Ward Elliott was the sole broker and exclusively represented the seller. After renovations, the property will continue its affiliation with the Hampton Inn brand.
VERNON HILLS, ILL. — Hotel Indigo has opened its third Chicagoland property at 450 Milwaukee Ave. in the Chicago suburb of Vernon Hills. The 127-room hotel was formerly an Amerisuites Hotel before the owner, FCLC Vernon Hills, undertook a $5 million renovation and conversion of the property. Amenities at the six-story hotel include a restaurant and bar, 24-hour fitness and business centers, an indoor heated pool, 1,100 square feet of flexible meeting space, complimentary wireless Internet and 32-inch flat-panel televisions in each room. Hotel Indigo Chicago – Vernon Hills will be managed by Northbrook, Ill.-based Lane Hospitality under a license agreement with Atlanta-based InterContinental Hotels Group.
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.