LAWRENCE, KAN. — Mission Hill Hospitality has acquired the Oread Hotel, a 102-room property adjacent to the University of Kansas in Lawrence. The purchase price and seller were undisclosed. Mission Hill will rebrand the asset as Oread Hotel, Tapestry Collection by Hilton. Tapestry-branded properties are uniquely designed to maintain an independent character from other hotels within the collection. Located at 1200 Oread Ave., the property features 15,000 square feet of meeting space, a full-service restaurant and bar, retail space, two outdoor terraces and a fitness center. The 10-story hotel was originally developed in 2010 with 99 hotel rooms and nine condominium units. Plans call for the conversion of three condo units into hotel suites. Additional improvements will be made to bathrooms, furnishings and public space. The transaction marks the 24th acquisition for Mission Hill since the company was launched in 2021. Mission Hill is a KSL Capital Partners portfolio company that is focused on select-service and extended-stay hotel investing.
NASHVILLE, TENN. — Mag Mile Capital has arranged a $43.1 million construction loan for the development of a four-story hotel located at 2221 Elliston Place in Nashville. Situated near Vanderbilt University in the city’s West End submarket, the 184-room hotel will feature a 70-space parking garage and nearly 30,000 square feet of commercial space. Francisco Nacorda of Mag Mile originated the three-year loan through an undisclosed lender on behalf of the borrower, an entity doing business as Elliston Hospitality LLC. The loan features interest-only payments, two one-year extension options, a loan-to-cost (LTC) ratio of 82.5 percent and a 10.35 percent interest rate. The borrower plans to receive the certificate of occupancy for the hotel next summer and reach full stabilization by spring 2024.
LENOX, MASS. — Denver-based Mission Hill Hospitality, a division of private equity firm KSL Capital Partners, has acquired two select-service hotels totaling 171 rooms in the western Massachusetts city of Lenox. Courtyard Lenox Berkshires totals 92 rooms and was built on 6.7 acres in 2017. The Hampton Inn & Suites Berkshires-Lenox comprises 79 rooms and was constructed on a 6.6-acre site in 2008. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the locally based seller, Toole Cos., in the transaction.
BOSTON — Electra America Hospitality Group (EAHG) has acquired the 225-room Loews Boston Hotel in the heart of Boston’s Back Bay neighborhood. The purchase price was undisclosed. The buyer plans to rebrand the upscale asset as Hotel AKA Back Bay, marking hospitality operator AKA’s debut in the city. Built in 1925 and located at 154 Berkeley St., the historic stone and masonry building served as the headquarters of the Boston Police Department from 1926 to 1990. The property is situated near many of Boston’s cultural attractions as well as its colleges and universities. The new owner plans to invest roughly $20 million in design upgrades and renovations, which will be undertaken while the hotel remains open. The 222 guestrooms, two suites and penthouse suite will undergo a soft design update. The lobby will feature a library with an intimate seating area. Additional enhancements include a second-floor fitness center, spa, theater and a newly imagined rooftop. Renovations will also be made to the hotel’s restaurant, Precinct Kitchen+Bar, which serves classic American dishes and New England seafood. The restaurant will feature a whiskey cellar, wine tasting room and a new private dining room with a spiral staircase. The acquisition marks EAHG’s sixth …
NORMAN, OKLA. — Hospitality development and management firm Lambert is nearing completion of the NOUN Hotel, a 92-room boutique hotel located near the University of Oklahoma’s campus in Norman. The grand opening is scheduled for Thursday, Sept. 22. The four-story hotel, which will include two suites, will offer multiple food and beverage establishments and 3,900 square feet of meeting and event space.
KALAMAZOO AND OKEMOS, MICH. — Northmarq has arranged a $12.2 million loan for the refinancing of two Staybridge Suites hotels in Michigan. The Kalamazoo property, located at 2001 Seneca Lane, was built in 2006. The Okemos hotel, located at 3553 Meridian Crossing Drive, was built in 2008. Each hotel features 95 rooms and rises three stories. Jeff Dietz of Northmarq arranged the fixed-rate loan, which features a five-year term and a 25-year amortization schedule. A life insurance company provided the loan to the borrower, Hotel Development Services LLC, which will use the loan proceeds to take out maturing CMBS loans. The Staybridge Suites brand targets extended-stay and corporate travelers.
WEST PALM BEACH, FLA. — Colliers has arranged the sale of the 135-room Quality Inn Palm Beach International Airport hotel and an adjacent IHOP restaurant in West Palm Beach. Index Investment Group purchased the assets from Cherry Cove Hospitality for $12.5 million. Mark Rubin and Bastian Laggerbauer of Colliers’ South Florida Investment Services team represented the buyer, and Richard Lillis of Colliers’ Hotels USA division represented the seller in the off-market transaction. Index will assume operations of the hotel immediately and continue to operate it under the Quality Inn flag. The hotel and 5,408-square-foot IHOP are located at 1503-1505 Belvedere Road, roughly two miles from both Palm Beach International Airport and downtown West Palm Beach.
NASHVILLE, TENN. — Northmarq has arranged the $55 million refinancing of the Drury Plaza Hotel Nashville Downtown, a 22-story hotel situated at the corner of Korean Veterans Boulevard and Third Avenue South in downtown Nashville. An unnamed life insurance company provided the 10-year, fixed-rate, non-recourse loan, which was underwritten with a 25-year amortization schedule. Jeff Chaney and Dan Baker of Northmarq arranged the loan on behalf of the borrower, Drury Development Corp. Delivered in 2019, the Drury Plaza features 389 guest rooms and more than 8,000 square feet of meeting and event space, as well as a full bar and restaurant called The Kitchen + Bar @ SOBRO. The hotel is located near Bridgestone Arena, Nashville Music City Center and the Country Music Hall of Fame.
ELGIN AND ALGONQUIN, ILL. — Marcus & Millichap has brokered the sale of a three-property hotel portfolio in Chicago’s western suburbs for $19.2 million. The assets include a Comfort Suites and a Country Inn and Suites in Elgin, as well as a Holiday Inn Express in Algonquin. The 78-room Comfort Suites was built in 2006, while the 98-room Country Inn and Suites was constructed in 2000. The Holiday Inn Express was built in 2001 and features 86 rooms. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the seller, a Chicago-based investment group. The duo also secured two separate buyers, a Wisconsin-based investment group and a local investor. All three properties are expected to undergo improvements in the coming months.
PHILADELPHIA — JLL has arranged a $56.3 million acquisition loan for the 306-room Sofitel Philadelphia Hotel, located in the city’s Rittenhouse Square area. The luxury hotel offers a variety of room plans, including suites, as well as multiple onsite dining options. Mark Fisher and Ryan Ade of JLL arranged the loan through Square Mile Capital Management on behalf of the borrower, a joint venture between funds managed by Oaktree Capital Management and Clearview Hotel Capital.