POMPANO BEACH, FLA. — Boca Raton, Fla.-based Ocean Land will build a 6-acre oceanfront resort property in Pompano Beach. The project, located at 1350 South Ocean Blvd., includes a 10-story, 257-room Hilton Hotel located on the east side of State Road A1A. The four-star property will feature 4,250 square feet of oceanfront restaurants and a lounge with a covered terrace, 5,000 square feet of meeting space and a 6,500-square-foot ballroom. The hotel will break ground in mid-2008, with a 20-month construction window. Nick Luaces Design will serve as interior designer. The west parcel of the development, fronting the Intracoastal Waterway, will feature a 28-slip marina and 317-room hotel. The un-flagged hotel will be located above a four-story parking podium and feature a 5,500-square-foot ballroom and 2,500 square feet of meeting space.
Hospitality
DES MOINES, IOWA — Fort Worth, Texas-based Sperry Van Ness | Visions Commercial (SVN) has completed the sale of a 144-room Best Western Hotel, located at 1810 Army Post Rd. in Des Moines, for $5.8 million. The property also includes a conference center and a Bennigan’s Restaurant, and is situated on 4.79 acres. Scott Henderson of SVN represented the buyer, Fort Worth-based REDJ Ltd., in the 1031 exchange. Henderson also represented REDJ in the other component of the exchange, a 116-unit multifamily property located in Fort Worth. The seller in the Des Moines transaction was undisclosed.
SAN FRANCISCO — San Francisco-based Chartres Lodging Group, formerly known as Oxford Lodging Advisory and Investment Group, has completed its acquisition of the 4,867-room Adam’s Mark hotel portfolio from St. Louis-based HBE Corp. The buyer plans to renovate, rebrand and reposition the five properties included in the portfolio. Chartres has an $87 million renovation planned for the 1,840-room Adam’s Mark Dallas, which will be rebranded as Sheraton Dallas Hotel; a $70 million repositioning plan for the 1,225-room Adam’s Mark Denver, which will rebrand the property as Sheraton Denver Hotel; a $63 million renovation for the 910-room Adam’s Mark St. Louis, which will reposition the hotel as the Hyatt Regency St. Louis Riverfront; an $18 million renovation plan for the 406-room Adam’s Mark Indianapolis; and a multi-million renovation for the 486-room Adam’s Mark Buffalo-Niagara in Buffalo, N.Y.
DUNN, N.C. — Richmond, Va.-based Apple REIT has acquired Hampton Inn, a 120-room property in Dunn, from Rylie Properties for $12.5 million. This is the first of a seven-hotel portfolio Apple is acquiring in the southeastern U.S. during the first quarter of 2008. The seller was advised by Josh Williams of Paramount Lodging Advisors’ Richmond office and Joe Ross of its Charleston, S.C. office via Homecourt Hospitality.
CLAYTON, MO. — CPC Hospitality, a division of Conrad Properties Corp., will re-flag the Daniele Hotel located at 216 N. Meramec Ave. in Clayton as a Hotel Indigo. The company is planning $13 million in renovations, which will add a fifth story to the four-story structure, bringing it from 84 to approximately 120 rooms. Other renovations include a new entrance, the complete gutting of the interior of the building, the updating of all common and amenity areas, and the addition of a restaurant and lounge. St. Louis-based Rosemann Associates will serve as project architect, with GS&S Inc. providing general contracting services. The Hotel Indigo is being franchised out by Atlanta-based InterContinental Hotel Group. Completion is slated for first-quarter 2009.
DALLAS — Commercial real estate brokerage firm Sperry Van Ness has completed the sale of two adjacent land parcels totaling approximately 1 acre to San Antonio-based Baywood Hotel Corp. for the future development of a hotel in Dallas. The first parcel is located at 2130 Olive St. and 2121 Pearl St. and totals .54 acres, while the second parcel is located at 2131 Pearl St. and totals .42 acres. Trevor Dyck and Mark Boone of the Fort Worth office of Sperry Van Ness / Visions Commercial represented the buyer in the sale, and Michael Turner of J. Elmer Turner Realtors and Newt Walker of Newt Walker Co. represented the undisclosed seller.
LAFAYETTE, LA.; WASHINGTON, D.C. — Arlington, Va.-based Interstate Hotels & Resorts and Cork, Ireland-based Harte Hotels have acquired four hotels from affiliates of the Blackstone Group for $208 million. Interstate invested approximately $11.5 million for a 20 percent equity interest in the Hilton Lafayette, a 327-room property; Latham Hotel Georgetown, a 142-room property in Washington, D.C.; and two hotels in Pennsylvania and New Jersey.
NOVI, MICH. — InterContinental Hotel Group is nearing completion of a $10.7 million Staybridge Suites located on the campus of St. John Health at Province Park in Novi. The hotel will feature 108 guest suites, and includes an indoor pool, a sports court, an outdoor courtyard with a barbecue pavilion, a meeting room, a fitness room, complimentary guest laundry and complimentary wireless Internet. To cater to the large number of Japanese-owned companies in the area, the hotel will also offer Japanese newspapers and include Japanese items on the complimentary breakfast buffet. The hotel is expected to be complete this month.
LAS VEGAS — InterContinential Hotels Group (IHG) is developing an Asian-themed Crowne Plaza hotel, which will be located in central Las Vegas. The 386-room hotel will feature guestrooms with the Crowne Plaza Sleep Advantage program, 16,000 square feet of meeting and banquet space, a casino, three restaurants, three lounges, a full-service spa, an outdoor swimming pool, a fitness center, a business center and retail space. The property is owned and managed by Andrew Lai, under a license agreement with a company in the IHG. Completion is scheduled for 2010.
STOCKBRIDGE, GA. — An undisclosed Ga.-based buyer has purchased two hotel properties in Stockbridge, the Sleep Inn and Magnolia Inn, from Atlanta-based Kasandas Properties for $6 million. Steve Kirby and Burton Brooks of the Mumford Company’s Atlanta office arranged the sale. The buyer intends to retain the Sleep Inn franchise and continue to operate the Magnolia Inn as an independent hotel.