CARTER LAKE, IOWA — NorthMarq Capital has secured $6.1 million in first-mortgage financing for the Country Inn & Suites – Airport, an 87-room hotel located in Carter Lake. The loan was based on a 5-year term with a 25-year amortization schedule. Gary Rifkin of NorthMarq’s Omaha office arranged the financing on behalf of the borrower, Keystone Properties III, with General Electric Capital Corp. – Franchise Finance.
Hospitality
VERNAL, UTAH — The Merrill Group of Companies has acquired a 2.50-acre site, which is located at the corner of 2000 West and Highway 40 in Vernal, for an undisclosed price. The company plans to develop a four-story, 109-room hotel inn and suites, which will feature conference and meeting space, on the property. Completion is slated for third quarter 2009. David Frank provided in-house representation for the Los Angeles-based company in the transaction.
EGGHARBOR AND DOVER, N.J., AND MILFORD, CONN. — The Briad Group, based in Livingston, N.J., is currently constructing three new hotels in the Northeast market. In New Jersey, Briad is constructing a 101-room Residence Inn in Egg Harbor and a 108-room Homewood Suites in Dover. In Milford, the firm is building a 108-room Residence Inn.
WICHITA, KAN. — RockBridge Capital has entered into a joint-venture agreement with Wichita-based TMH Hotels to develop a $9.8 million Hampton Inn & Suites located in Wichita. The 102-room hotel will be located within Regency Lakes, an approximately 400,000-square-foot development that will contain retail and restaurant space upon completion. The hotel will be managed by TMH.
BOSTON — IHG has announced pans to open a 72-room Holiday Inn Express Hotel and Suites in Boston. Located on Friend Street, the five-story hotel is strategically located within walking distance to many of Boston’s historical attractions. The hotel is slated to open this summer once a $2 million renovation is complete on the 100-year old historic building.
NEW YORK CITY — The Best Western Bowery Hanbee Hotel is nearing completion in Lower Manhattan, New York City. Located at 335 Bowery, the eight-story hotel features 102 guestrooms and spans 49,000 square feet. A Chase Bank and Capital One Bank are located at the base of the building. Construction is scheduled for completion this month.
WILSON, N.C. — Newport News, Va.-based UVAA Hospitality has acquired an 80-room Best Western in Wilson from Wilson-based La Sammana Investment, for an undisclosed amount. Tom Sommer of the Mumford Company’s Chicago office represented the seller, and Justin Pinkard of Mumford’s Newport News, Va., office represented the buyer.
HOUSTON — Two commercial real estate firms, Houston-based AmREIT and Atlanta-based Songy Partners LLC, have begun construction on a hotel located at the corner of Westheimer Road and Yorktown Street in Houston’s Galleria district. The project, which will be a 153-room Starwood Aloft Hotel built on 3.2 acres, is part of a complete redevelopment on the site that also includes the renovation of 135,000-square-foot office building located at 5433 Westheimer Rd. The office building renovation will begin sometime in 2008. JE Dunn Construction Co. is the contractor for the project. Fruchtman Associates Architects worked with Starwood on the hotel’s architecture, and Ziegler Cooper is the architect for the master planning and the office renovation.
PHILADELPHIA — Hudson Realty Capital has provided a $3.4 million mezzanine loan for the development of the 202-room Le Meridien Hotel in Philadelphia. The hotel is being developed in a former YMCA building located in the city’s historic Broad Street District. Upon completion in spring 2009, the 10-story building will feature the hotel on the top five floors, a 50-seat bar, a 90-seat restaurant and a 3,000-square-foot ballroom. The borrower was Development Services Group. Hudson Realty had previously provided a $10.88 million acquisition and predevelopment loan to Development Services Group for the project.
WISCONSIN RAPIDS, WIS. — Jones Lang LaSalle Hotels (JLL) has completed the sale of Hotel Mead & Conference Center located in Wisconsin Rapids. The hotel comprises 157 rooms, including 51 suites, as well as 14,000 square feet of conference space, two ballrooms, an indoor swimming pool, a fitness center, a sauna, a hot tub, an upscale tavern and two restaurants. The seller, NewPage Wisconsin System, was represented by JLL. The property was acquired by WR Hotel Properties for an undisclosed amount.