NEW YORK CITY — The Lam Group has acquired 49-53 Ann St. in Manhattan, New York City, from Bennedetto and Nessim Tammam for $13.15 million. Jae Choi of GFI Realty Services represented both parties in the transaction. The buyer plans to build a hotel on the vacant property, which formerly held four commercial buildings.
Hospitality
SAN ANTONIO — Marcus & Millichap has completed the sale of Comfort Suites located at 11526 Interstate Hwy. 35 N. in San Antonio. Both the buyer and seller in the transaction were undisclosed. The 57-room hotel was opened in December 2007. Allan Miller marketed the property on behalf of the seller, and Michael Yu of Marcus & Millichap Houston office represented the buyer.
BROWN DEER, WIS. — A 74-suite Candlewood Suites is set to open in the Milwaukee suburb of Brown Deer in the second quarter of this year. The $6 million, 20,000-square-foot hotel will feature wireless Internet access, a fitness center, a business center and complimentary guest laundry. Individual rooms will feature a fully equipped kitchen, a large workspace, an overstuffed recliner, and a VCR or DVD player. The hotel will be the first Candlewood Suites in the Milwaukee area.
AUGUSTA, MAINE — Joe McCann of Optimum Hotel Brokerage has completed the sale of a Motel 6 in Augusta. The 67-room hotel, which is located along Interstate 95, was bought by a New Jersey owner and operator. The hotel will continue to be operated as a Motel 6. McCann represented the seller, Accor North America in the transaction. The sale price was undisclosed.
CHARLOTTE, N.C. — Ed James and George Mumford of The Mumford Company, headquartered in Newport News, Va., represented the David Drye Company in the sale of the MainStay Suites of Charlotte for an undisclosed price. The 77-unit extended stay property was purchased by Raleigh, N.C.-based The Generation Companies and will undergo cosmetic renovations. The hotel will remain affiliated with MainStay Suites.
HOUSTON — The Miami and Houston offices of Holliday Fenoglio Fowler (HFF), a commercial real estate services provider, has closed the sale of and provided financing for the Marriott Houston West Loop located at 1750 West Loop S. in Houston. HFF’s Wally Reidarranged an 80 percent leveraged adjustable-rate loan with First National Bank Southwest for the hotel’s buyer and borrower, RMC National Interests. The loan will go to renovations for the 13-story, 302-room hotel. Patrick Poggi, Dan Carlo, Kim Flores, Jeff Hollinden, Robert Williamson and Barbara Guffey marketed the property on behalf of the seller, The Blackstone Group L.P., in the transaction.
LOUISVILLE, KY — IHG (Intercontinental Hotels Group) will convert the Executive West Hotel near downtown Louisville into a Crowne Plaza. Expected to open late this year, the hotel will offer 588 guest rooms, 50,000 square feet of meeting and banquet space, a fitness center, indoor and outdoor pool, airport and business shuttles and multiple dining outlets. The property is owned by Al J. Schneider Company Hotel Division and is located at 830 Phillips Rd.
GREENSBORO, N.C. and VIRGINIA BEACH, VA. — CB Richard Ellis’ Douglas Henkel in Norfolk Va.; Marc Magazine in Washington D.C.; and Lewis Miller in Atlanta represented Harbor Group in the sale of a Hampton Inn in Greensboro for $15.51 million. The 125-room hotel is located at 7803 National Service Rd. near the Piedmont Triad International Airport. Medalist Properties purchased the hotel, which includes a meeting facility, fitness center and heated outdoor pool. Also, Henkel, Magazine and Miller represented MMA Realty in the sale of the Holiday Inn Executive Center to Blenheim Capital for $14.25 million in Virginia Beach, Va. Located at 5655 Greenwich Rd., the property will undergo a $ 6 million renovation. It will continue to operate as a Holiday Inn.
PEORIA, ILL. — Springfield, Mo.-based John Q. Hammons Hotels & Resorts has held the grand opening for the new Embassy Suites East Peoria, a 226-suite hotel and conference center located at the interchange of Interstate 74 and Riverfront Drive in Peoria. The hotel features more than 35,000 square feet of flexible meeting space, the Riverside Café restaurant and Caffeina’s coffee shop. John Q. Hammons will own and operate the hotel.
NORTH LIBERTY, IOWA — North Liberty-based Kinseth Hospitality Cos. and Omaha, Neb.-based The Weitz Company have begun construction of a 153-room Hilton Garden Inn located at the Horseshoe Casino on 23rd Avenue in North Liberty. The five-story hotel will feature approximately 5,000 square feet of banquet space, a ballroom, a boardroom, an indoor swimming pool, a whirlpool, a 24-hour fitness area and complimentary wireless Internet. The hotel will also contain two restaurants, The Great American Grill and The Pavilion Lounge. Completion is scheduled for the fall.