ALBANY, N.Y. — JLL has negotiated the sale of the Homewood Suites & Tru by Hilton Albany Crossgates Mall, a 192-room, dual-branded hotel located in the state capital. The hotel houses 96 rooms from each brand, and guests have access to one check-in desk, complimentary hot breakfast, 24/7 fitness and business centers. Pyramid Management Group sold the property to Maine Course Hospitality Group for an undisclosed price. Alan Suzuki and Director Matthew Enright of JLL brokered the deal.
OGALLALA, NEB. — Marcus & Millichap has arranged the sale of a 101-room Quality Inn hotel in Ogallala, a city in western Nebraska. The sales price was undisclosed. The property is located at 201 Chuckwagon Road directly off I-80. The hotel has undergone extensive interior and exterior remodeling over the years. Neville Rustomjee of Marcus & Millichap represented the seller, a private investor, and the buyers, private investors from Washington and Wyoming.
TEMPE, ARIZ. — California-based EKN Development has received a $24.5 million construction loan for the development of a dual-flagged Fairfield Inn and TownePlace Suites by Marriott in Tempe. The four-story, 148-key, dual-branded hotel will share a lobby; more than 2,000 square feet of meeting space; a select-service restaurant and bar; fitness and business center; outdoor pool with hot tub; and a covered patio. Aimbridge Hospitality will manage both hotels upon completion, which is scheduled for first-quarter 2024. Jillian Mariutti, Robert Tonnessen, Phil Cadorette and Carl Beardsley of JLL Capital Markets sourced the financing for the project. Dallas-based Hall Structured Finance closed the loan for the borrower.
NEW YORK CITY — MCR, a New York City-based hospitality development and investment firm, has received a $420 million loan to refinance a portfolio of 30 hotels totaling 3,792 rooms across 17 states. The majority of the properties are located in high-growth markets within states such as Florida, Utah, Nevada, Colorado, Texas and South Carolina. Locations range from leisure destinations such as the Hilton Garden Inn Orlando at SeaWorld to urban assets like the Courtyard by Marriott Milwaukee Downtown, as well as university-driven markets. The portfolio features eight different brands across the select-service and extended-stay segments of the market. These brands include Homewood Suites, Hampton Inn & Suites, Hilton Garden Inn, Home2 Suites, Residence Inn, Courtyard by Marriott, SpringHill Suites and TownePlace Suites. Wells Fargo led the consortium of lenders, including BMO Harris, Bank of America and Square Mile Capital, that provided the funds. Fried, Frank, Harris, Shriver & Jacobson LLP served as legal advisor to MCR on the transaction, and Eastdil Secured served as financial advisor. MCR’s in-house team manages the hotels, all of which have recently undergone capital improvements. Specific loan terms were not disclosed, but the debt was priced with an interest rate that was 3.73 percent …
PACKWOOD, EATONVILLE AND ASHFORD, WASH. — Crystal Investment Property (CIP) has arranged the sale of a four-hotel portfolio in Washington. Terms of the transaction, including the names of the seller and buyer and the acquisition price, were not released. The portfolio includes Cowlitz River Lodge and Crest Trail Lodge in Packwood, Mill Village Motel in Eatonville and Nisqually Lodge in Ashford. All four properties are independent, mid-scale hotels each with 25 to 32 rooms. Cowlitz River Lodge, Nisqually Lodge and Crest Trail Lodge feature large lounges, stonework fireplaces and various guest amenities throughout the properties. Mill Village Motel is the only exterior-corridor property and offers a business center, guest library and meeting/event space. CIP President Joseph Kennedy and team handled the transaction.
DALLAS — Dallas-based NewcrestImage has agreed to purchase four La Quinta by Wyndham-branded hotels, totaling 696 rooms. A joint venture between Highgate and Cerberus sold the properties for an undisclosed price. The hotels include La Quinta Inn & Suites by Wyndham LAX in Los Angeles; La Quinta Inn & Suites by Wyndham Anaheim in Anaheim, Calif.; La Quinta Inn by Wyndham Phoenix North in Phoenix; and La Quinta Inn & Suites DFW Airport South/Irving in Irving, Texas. The acquisition of the LAX property marks NewcrestImage’s first gateway location in California.
ST. LOUIS — Newmark has arranged a $72 million loan for the refinancing of the Marriott St. Louis Grand hotel in the central business district of St. Louis. The 917-room hotel features 77,000 square feet of meeting space and is situated adjacent to the Americas Center Convention Complex, which is currently undergoing a $210 million renovation. The hotel was originally developed in 1917 as a Statler Hotel. Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Tyler Dumon of Newmark arranged the loan on behalf of the undisclosed borrower, which acquired the hotel in 2014 and renovated it.
MADISON, WIS. — Repvblik LLC has purchased the Madison Plaza Hotel in Madison for an undisclosed price and plans to convert the hotel into workforce housing. Repvblik intends to fully renovate and repurpose the property into roughly 155 to 190 affordable studio and one-bedroom units. Completion is slated for 2023. Repvblik builds workforce housing for renters who earn 60 to 120 percent of the area median income (AMI). At the Madison property, rents will be affordable for those who earn 60 percent of AMI. In cooperation with HotelBrokerOne, Jameson & Co. brokered the sale of the 197-room hotel. Construction is expected to last 10 to 12 months.
ATLANTA — Peachtree Hotel Group has purchased the Canopy Atlanta Midtown, a 176-room hotel that opened in December 2018. A joint venture between Greystar, Concord Hospitality and Whitman Pearson sold the hotel to Peachtree Hotel Group for an undisclosed price. Lou Plasencia, Robert Wiemer, Nick Plasencia and Chris Plasencia of The Plasencia Group represented the seller in the transaction. The hotel opened at the same time as the adjacent Ascent Midtown Apartments, which was also developed by Greystar. Canopy Atlanta Midtown features an onsite restaurant, fitness center, business center and meeting rooms.
NEW YORK CITY — Walker & Dunlop Inc. has arranged $754 million in financing for Aman New York, a luxury hotel and condo development in Midtown Manhattan. Aman New York occupies the top 20 floors of the 100-year-old Crown Building at the corner of 57th Street and Fifth Avenue, across the street from Trump Tower. OKO Group was the developer. The 95,000-square-foot residential portion includes 22 units, while the 117,000-square-foot hotel section contains 83 guest rooms and suites. The rooms are among New York’s largest, and the hotel is the only one in New York to offer working fireplaces in each room. The lower floors of the building remain retail space. The hotel portion is scheduled to open on Tuesday, Aug. 2. Reservations will be available beginning Monday, July 25. The development is Aman’s first U.S. urban residence project and provides special features for owners such as private entrances, plus access to three dining venues, a jazz club, wine room and 25,000-square-foot Aman Spa. Nearly all of the condos are pre-sold, with one of the units selling for $55 million, marking one of the priciest residential transactions in New York so far this year. Originally built in 1921, the Crown …