REVERE, BROOKLINE AND MANSFIELD, MASS. — The joint venture of Chicago-based Strategic Capital Partners and Hanover, Mass.-based Linchris Hotel Corp. has acquired a three-hotel, 654-room portfolio in Massachusetts for $90 million. The Hampton Inn Boston-Logan Airport in Revere features a seven-story building and 227 rooms; The Holiday Inn in Brookline features 225 rooms, 6,400 square feet of meeting space and is located at 1200 Beacon St. near Kenmore Square; and the Holiday Inn in Mansfield features 202 rooms, 15,000 square feet of meeting space and is located within Cabot Business Park. Sarah Leggat, Greg Labine and Robyn King of Holiday Fenoglio Fowler’s Boston office brokered the transaction and arranged the financing provided by Anglo Irish Bank Corp.
Hospitality
COLORADO SPRINGS, COLO. — Highland Ranch, Colo.-based KCOM Inc. has purchased Value Inn & Suites in Colorado Springs. The 111-room property sold for $4.15 million. Phil McDonald of Marcus & Millichap represented the seller, Colorado Springs-based Value Inn LLP, in the transaction.
PADUCAH, KY. — InterContinental Hotels Group is developing an 85-suite Candlewood Suites property in Paducah. The $5 million, 50,000-square-foot extended-stay hotel will feature 69 studio suites, 16 one-bedroom suites, wireless Internet access, a fitness center, a business center and a meeting room. Construction is slated to begin this spring, with completion scheduled for spring 2009.
HENDERSON, NEV. — Wyndham Hotel Group has opened Wingate by Wyndham, a 99-room hotel located in Henderson. The property features 22 suites, 3,000 square feet of meeting space, 24-hour fitness and business centers, an outdoor heated pool and spa, and high-speed-wired and wireless Internet access. All guestrooms feature an office space with a desk, speakerphone and cordless phone with voicemail and conference call capabilities; a safe; an ironing board and an in-room coffeemaker. The hotel is the first to be built since the Wingate brand affiliated with the Wyndham Hotels and Resorts brand in May 2007.
GWINNETT COUNTY, GA. — Atlanta-based Hotel Equities has broken ground on its 20th hotel, a Courtyard by Marriott, located at 1405 Mall of Georgia Blvd. in Gwinnett County. The hotel will stand five stories tall and feature 110 rooms, and is expected to open in late 2008.
CANONSBURG, PA. — Through its affiliate, Horizon Hospitality, Horizon Properties Group is set to construct a 130-room Cambria Suites hotel in Canonsburg, just 20 minutes outside of Pittsburgh. The five-story hotel will be located within the Southpointe II mixed-use development. Buffalo Lodging Associates will manage the hotel under a long-term agreement with Horizon Hospitality. The facility is slated to open spring 2009.
DUNN, N.C. — Dylan Hotel LLC has purchased the Econo Lodge of Dunn for an undisclosed price. Upon renovation completion, the buyer plans to convert the property to the Super 8 brand. Justin Pinkard of Newport News, Va.-based The Mumford Company facilitated the transaction on behalf of the seller, Pud Inc.
ORLANDO, FLA. — Atlanta-based Grove Street Partners, along with Ed Lee LLC, is developing two, 200-room Marriott select-service hotels, which will be located adjacent to the 59-acre Aquatica Waterpark at Sea World Orlando in Orlando. Slated to break ground in March, the two hotels will share certain amenities such as a pool, a fitness center and a common bar and grill. Completion is scheduled for May 2009. The Aquatica Park at Sea World Orlando is expected to open this spring and will feature 80,000 square feet of beach area, in addition to numerous themed water features and rides.
SANDSTON, VA. — Driftwood Hospitality and Lehman Brothers have completed the disposition of the Courtyard by Marriott Hotel Richmond International Airport in Sandston. Inland American Winston Hotels acquired the 142-room property, which will remain a Courtyard hotel. The property features a 50-seat Courtyard Café, wireless high-speed Internet access in guestrooms and public spaces, an indoor pool, a whirlpool, a business center, a fitness center, a gazebo and more than 1,000 square feet of meeting space. Mark Morris and Bill Murney of Washington, D.C.-based Molinaro Koger structured the transaction on behalf of the sellers.
GREENSBORO, N.C. — RockBridge Capital LLC has closed a $20.5 million first mortgage investment to finance the acquisition of a 175-room Doubletree Hotel in Greensboro. Boca Raton, Fla.-based Milestone Hotel Partners acquired the property, which re-opened in October 2007 after completing a $16.5 million renovation project. The renovation project included improvement to all guestrooms, guest bathrooms, the lobby, meeting spaces, the restaurant, the fitness center and pool, and all other public spaces.