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LOS ANGELES — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 264-room Hotel Palomar Los Angeles – Westwood for $78.7 million. The full-service boutique hotel is located at 10740 Wilshire Blvd. in the Los Angeles submarket of Westwood. The seller was undisclosed. The hotel is situated near the University of California, Los Angeles (UCLA), the Wilshire Corridor, and Westwood Village’s many shopping, dining and entertainment options. “The hotel is ideally located at the corner of Wilshire Boulevard and Selby Avenue, with proximity to all of the major motion picture studios, prominent dining, retail and museums and the Wilshire Corridor, which contains some of the highest-quality residential and office space in Los Angeles,” says Jon Bortz, Pebblebrook’s chairman, president and CEO. “The healthy economic environment in the West Los Angeles market, which has benefitted from increased international inbound travel, provides excellent long-term operating fundamentals for the hotel.” Hotel amenities include a 40-foot outdoor pool and deck with poolside food and beverage service, a fitness center, a five-story, 435-space parking garage with valet parking, a 24-hour business center and in-room spa services. It also contains eight meeting rooms with more than 5,000 square feet of flexible meeting space. The property’s signature dining …

KANSAS CITY — Carey Watermark Investors Inc., a non-traded REIT, has acquired the Kansas City Marriott Country Club Plaza for $57 million. The hotel is located in the Country Club Plaza, a 55-acre, 15-block shopping district located four miles from downtown Kansas City and comprised of 150 retail establishments, restaurants and entertainment venues. The University of Missouri-Kansas City is also nearby. According to the Kansas City Star, the seller was an affiliate of Noble Investment Group. Country Club Plaza has experienced a cumulative average growth rate in revenue per available room (RevPAR) of 4.4 percent since 2009. Planned improvements to the property include updates to food and beverage outlets, meeting spaces and the hotel’s exterior. The hotel will also implement Marriott Hotels’ signature “Greatroom” lobby concept, which features modern lobby space for guests to use. Along with the $57 million purchase, CWI invested $15 million in other acquisition-related costs and planned capital expenditures, bringing the total price to $71.5 million. The acquisition was financed with $38.5 million in debt. The hotel will continue to be managed by Interstate Hotels & Resorts. The 19-story hotel includes 295 rooms, 16,000 square feet of meeting space, three food and beverage outlets, a fitness …

NEW YORK — TIAA-CREF has acquired 21 Penn Plaza, a prime midtown Manhattan office property, from a joint venture between Savanna and the Feil Organization. The purchase price was undisclosed, but Crain’s New York Business reported the asking price for the property was $250 million in July. Situated on the southeast corner of W. 31st St. and 9th Avenue, 21 Penn Plaza is adjacent to Manhattan’s newest neighborhood, the Hudson Yards District. The 16-story, 380,000-square-foot property is within the epicenter of the $27 billion of investment currently underway on Manhattan’s far west side. “We believe this property is well positioned to take advantage of the rapid changes and revitalization happening in Midtown West,” says Henry Dong, senior director of global real estate for TIAA-CREF. “Rents are on the upswing in the area and we see that trend continuing. The massive redevelopment of the neighborhood should make it a destination for employers, tourists, shoppers and new residents.” Following an investment of close to $5 million in building upgrades, including new lobbies, entrances and mechanical systems, Savanna and the Feil Organization successfully leased more than 225,000 square feet of space to restabilize the property at 98 percent occupancy prior to marketing the …

NEW YORK — HFF has arranged $85 million in financing for a mixed-use portfolio encompassing 19,409 square feet of retail and 82 residential rental units in New York’s Meatpacking District. HFF worked exclusively on behalf of the borrower, a joint venture between Tavros Holdings LLC and Arel Capital, to secure the floating-rate loan through Blackstone Mortgage Trust. Loan proceeds were used to acquire the property. The portfolio is situated on an 18,453-square-foot lot at the corner of West 14th Street and Ninth Avenue near Chelsea Market, High Line Park, Google’s New York headquarters, the new Whitney Museum and Hudson Yards.  The residential component of the property is 100 percent leased and is comprised of three buildings containing a total of 59 studio, 18 one-bedroom and five two-bedroom units. The retail component is leased to tenants such as Scarpetta, The Diner, Le Pain Quotidien, L’Occitane and Solstice Sunglasses. More than 200 feet of total retail street frontage faces the triangular Ninth Avenue Public Plaza, a notable pedestrian space created in the middle of Ninth Avenue. The portfolio also includes available development rights along West 15th Street. HFF managing director Steven Klein and director Jennifer Keller led the team representing the borrower. …

BOSTON — Berkshire Group, WS Development and Boston Global Investors (BGI) have begun construction on One Seaport Square, a three-acre mixed-use development located within the 23-acre Seaport Square. Seaport Square is the largest master-planned project in the city of Boston. According to The Boston Globe, One Seaport Square’s development costs will total roughly $600 million. Upon completion, which is expected in 2017, the development will include two residential towers, named The Benjamin and VIA, constructed above 250,000 square feet of retail space across the towers’ first three floors. “In our view, the Seaport District is an important growth area in Boston with its emphasis on residential, retail and commercial space all in one neighborhood,” says Steve Wood, partner and head of development of Berkshire Group. “With companies moving into the area and creating new employment opportunities, we expect Seaport Square will attract residents who desire urban living in the Seaport District in close proximity to both professional and entertainment options.” Berkshire Group has partnered with BGI to own and develop the residential component of Seaport Square. WS Development will develop, own and manage the retail component of Seaport Square. One Seaport Square is bordered by Seaport Boulevard, Northern Avenue, Fan …

MIAMI — Property Markets Group has acquired the Empire World Towers site, a two-acre development site in Miami’s urban core, for $80 million. The site is located downtown at 300-330 Biscayne Blvd. The Empire World Towers site is approved for two 93-story towers that can contain 1,557 residential units. The mixed-use towers are also approved for 24,741 square feet of retail space and 3,317 square feet of office space. Upon completion, the towers would be the East Coast’s tallest structure south of Manhattan. The development is situated directly across from Bayfront Park. The Empire World Towers enjoy permanently preserved bay and ocean views. The project will be within walking distance to American Airlines Arena, Miami Dade College, Bayside Marketplace and the 765,000-square-foot Miami World Center Mall, which will soon be developed. Luis Flores and Rebecca Sarelson of Arnstein & Lehr LLP represented Property Markets Group in the transaction. The seller, a trust established for the benefit of CDR Creances S.A.S., was represented by HFF’s Jaret Turkell, Hermen Rodriguez, Manuel de Zárraga and Scott Wadler. Marcos Daniel Jiménez and Gregg Fierman of McDermott, Will & Emery represented CDR in the sale and litigation. “This transaction is highly significant in that it …

CORAL GABLES, FLA. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired The Westin Colonnade Coral Gables for $59.4 million. The 157-room hotel is located in Miami on Miracle Mile in the heart of Coral Gables, a suburb of Miami. The hotel will continue to be operated by Davidson Hotels and Resorts. “We’re excited about the acquisition of The Westin Colonnade Coral Gables and the ability to further expand our presence in Miami, one of the fastest growing markets in the country,” says Jon Bortz, chairman and CEO of Pebblebrook. “This hotel is our second hotel investment in Miami and our first in the Coral Gables submarket. The property’s excellent location in this affluent and dynamic market makes the hotel a leader among its competitors, and its upside opportunity makes it an excellent addition to our high-quality portfolio.” The hotel is located in the Coral Gables commercial district, just south of downtown Miami. It is located near Merrick Park, Miami Marlins Park, the University of Miami, Coral Gables Museum, golf courses and abundant shopping. The hotel’s location is also near corporate tenants including Club Med, ExxonMobil, IBM, Bacardi, Intelsat and Del Monte Fresh Produce. The immediate area includes 140 gourmet restaurants, …

BOSTON — HFF (NYSE: HF) has secured a $500 million refinancing for International Place, a 1.8 million-square-foot, Class A office complex in Boston’s Financial District. Working on behalf of a joint venture between The Chiofaro Company and an institutional partner, HFF placed the fixed-rate loan with New York Life Real Estate Investors and Northwestern Mutual. International Place was completed in 1992. It features two interconnected office towers in the heart of the Financial District. The property offers 360-degree unobstructed views of Boston’s downtown waterfront. Situated at the foot of the Rose Kennedy Greenway, tenants of International Place have easy access to South Station, Interstates 93 and 90, and Logan Airport via the Ted Williams and Callahan/Sumner Tunnels. Senior Managing Director Riaz Cassum and real estate analyst Patrick McAneny led the HFF debt placement team representing the borrower. Major tenants at International Place include investment management firm Eaton Vance; law firms Choate Hall & Stewart and Proskauer Rose; and PayPal. The retail portion of the complex houses tenants such as the Palm Restaurant, Starbucks, Au Bon Pain, Santander Bank and a soon-to-open Republic Fitness. The Chiofaro Company is a privately held, independent firm engaged in the development, investment, leasing, management and …

HONOLULU — The Howard Hughes Corp. (NYSE: HHC) has secured a $600 million non-recourse construction loan from Blackstone Real Estate Debt Strategies for the development of Waiea and Anaha, the first two condominium towers at Ward Village, a 60-acre urban master-planned community in Honolulu. Randy Fleisher of the Dallas Capital Markets group of JLL arranged the financing. “Our vision for Ward Village is to create the premier master-planned community in Hawaii offering an unrivaled vibrant urban lifestyle in the heart of Honolulu,” says Grant Herlitz, president of The Howard Hughes Corp. based in Dallas. “The closing of this loan marks another important milestone as we create the quintessential 21st century neighborhood.” Ward Village will include more than 4,000 high-rise residences and more than 1 million square feet of retail space surrounded by outdoor public gathering places and pedestrian-friendly streets. A four-acre public park will anchor the neighborhood. James K.M. Cheng, an internationally recognized architect based in Vancouver, in collaboration with Honolulu-based firm WCIT Architecture, designed Waiea. The tower will include 171 residences and approximately 8,000 square feet of new retail space. Construction began in June with completion projected in late 2016. Solomon Cordwell Buenz, a global architecture and design firm, …

AUSTIN, TEXAS — An affiliate of Hyatt Hotels Corp. (NYSE:H) has acquired its partners’ 92 percent interest in the 491-room Hyatt Regency Lost Pines Resort and Spa in Austin for approximately $143 million. Hyatt also assumed approximately $65 million of property level debt. The total price, inclusive of debt, implies a valuation of approximately $450,000 per key. The resort has operated as Hyatt Regency Lost Pines Resort and Spa since it opened in 2006. Dallas-based Woodbine Development Corp. developed the resort and has served as the asset manager and managing general partner of Bastrop Resort Partners LP, the partnership entity that has owned the resort since its opening. Hyatt was one of the original co-owners and has managed the resort since its debut. “Hyatt Regency Lost Pines is a sought-after destination by both leisure and group guests and has strengthened Hyatt’s presence in the Austin area, where Hyatt has a broad spectrum of lodging experiences,” says Steve Haggerty, global head of capital strategy, franchising and select service for Hyatt Hotels. “This transaction is consistent with our strategy to focus our investing in key areas such as resorts and group-oriented hotels. The resort’s financial and operating success of this property has …