DES MOINES, IOWA — The Weitz Co. has been selected to build the $101 million Iowa Events Center Hotel at Fifth Avenue and Park Street in Des Moines. The Iowa Events Center Hotel will include a build-out of a 330-room convention hotel, which will be connected to the Iowa Events Center, a multi-venue convention center and entertainment complex. Weitz will work with Des Moines-area architectural and engineering firms to complete the project.
WICHITA, KAN. — Value Place, a value extended stay hotel brand, has changed its name to WoodSpring Suites, effective immediately. In addition, the Wichita-based company is developing a brand extension with a more enhanced offering, WoodSpring Suites Signature, designed to appeal to less price sensitive guests. “Our new brand strategy will foster our ability to further expand our network, gain access to new markets and customer segments, and further drive RevPAR growth for our company owned hotels and development partners,” says Bruce Haase, CEO of the brand. “Leveraging our highly profitable operating model and history of product innovation, we believe that our rebranding strategy will be the catalyst to take the company to the next level of growth and profitability. We are building from a strong foundation.”
INDIANAPOLIS — Hilton Worldwide has signed a franchise license agreement with PK Partners to develop the 125-room Hampton Inn & Suites Indianapolis/Keystone. The five-story hotel will be located at 8980 River Crossing Blvd. in Indianapolis. PK Partners will own the property and Schahet Hotels Inc. will operate the hotel. Located in the heart of Keystone at the Crossing, adjacent to the River North at Keystone, Hampton Inn & Suites Indianapolis/Keystone will be part of a mixed-use development and within walking distance to the Fashion Mall at Keystone. The new hotel is set for completion in late 2016.
OAK BROOK, ILL. — Rosemont, Ill.-based First Hospitality Group Inc. has reopened The Drake Oak Brook hotel in Oak Brook. The boutique hotel recently underwent extensive renovations to the exterior, lobby, an 11,300-square-foot meeting space, a 2,000-square-foot outdoor patio, office space and its 84 guest rooms. Originally built in 1961 as the suburban counterpart to Chicago’s famous Drake Hotel, Jim Nagle and Tely Nagle own the independent hotel. First Hospitality Group manages the hotel. Unique details of the property include a piece of floral, floating artwork composed of 1,000 pieces of glass and a gold-leafed table in the lobby designed by an artist who’s work also appears in the Vatican, and original murals. The hotel is accessible to downtown Chicago and O’Hare International Airport via I-88 and I-294.
LAKE OF THE OZARKS, MO. — Air Masters Corp. will complete a HVAC retrofit as part of the The Lodge of the Four Seasons hotel’s $11.5 million renovation in Lake of the Ozarks. Air Masters is incorporating a Building Automation System (BAS) to improve the hotel’s energy efficiency and savings. With guest room HVAC monitored by the BAS, hotel management will discover any potential issues before guests are inconvenienced. The hotel renovation includes the remodeling of 194 guestrooms and updating of all public areas including the entry, lobby, restaurants, meeting rooms, atrium and hallways. The project is scheduled for completion in December. The Lodge of Four Seasons offers 359 rooms and more than 60,000 square feet of meeting space. Amenities include 36 holes of golf, a full service marina and five restaurants. The Lodge is also the home of the nationally recognized Spa Shiki.
EVANSTON, ILL. — The Dow Hotel Co. (DHC) has completed the $8.6 million renovation of the 269-room, Hilton Orrington/Evanston. The hotel is located at 1710 Orrington Ave., just north of Chicago in the North Shore district. All guest rooms and baths were completely renovated to include new carpeting, televisions, furniture, lighting, beds, bedding, showers and tiling. The hotel’s 12,000-square-foot conference center, as well as its additional 20,000 square feet of meeting space, which includes the famous Grand Orrington Ballroom, were also upgraded with new furniture, art and carpeting. The hotel public space also was reconfigured to create new private dining areas as well as new carpeting and lighting. DHC and The Carlyle Group’s Carlyle Realty Partners VI own the hotel. DHC will also operate the property. DHC is a hotel owner/investor and operator.
BUCYRUS, OHIO — NorthMarq Capital has arranged $2.7 million in acquisition financing for the purchase of a Holiday Inn Express & Suites in Bucyrus. The 40,380-square-foot hospitality property is located at 1575 N. Sandusky Ave. The 10-year loan includes a 25-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a CMBS lender. Matt Marshall of NorthMarq Capital’s Boston regional office arranged the loan for the undisclosed borrower.
INDIANAPOLIS — 21c Museum Hotels plans to redevelop Old City Hall in downtown Indianapolis into a museum and hotel space. The $55 million project will be redeveloped following the approval of city and other financing incentives. The project will include the rehabilitation of Old City Hall and the construction of a new addition on the adjacent parcel into a 21c Museum Hotel and unique tenant space. The property will feature a boutique hotel with approximately 150 rooms, guest suites with private terraces on the rooftop, art-filled meeting and event spaces. The tenant space will occupy the second, third and fourth floors of Old City Hall. The property will also feature rotating exhibitions that reflect the global nature of art today, as well as site-specific installations and cultural programming. 21c will manage the tenant spaces and work with the city to lease space to arts-related tenants. New York-based architects Deborah Berke Partners will design the property. 21c will secure approximately $29 million in project financing, which includes equity and debt. The company will also work closely with the city to apply for an $11.3 million federal loan through the U.S. Department of Housing and Urban Development Section 108 program, which will …
LINCOLN, NEB. — HREC Investment Advisors has brokered the sale of the 231-room Holiday Inn Downtown located in Lincoln. AJ Capital Partners purchased the property for an undisclosed sales price. The hotel is located within the historic Haymarket District of downtown Lincoln and is in walking distance to the University of Nebraska and the Nebraska State Capitol. The 16-story Holiday Inn Lincoln was built in 1974 and will undergo a major renovation. Geoff Davis, Patrick Culligan and Scott Kaniewski of HREC Investment Advisors represented the seller, Rick Takach of Vesta Lincoln Partners LLC, in the sale. Rick Takach and Vesta Hospitality Services will continue to manage the property.
MINNEAPOLIS — Carey Watermark Investors Inc. has acquired the Westin Minneapolis hotel for $66.4 million. The full-service hotel includes 214 guestrooms and is located in downtown Minneapolis. The acquisition was financed with $43.5 million of debt. The Westin Minneapolis, originally built as the Farmers & Mechanics Bank building in 1942, formerly served as a bank hall and was repurposed in 2007 as the hotel’s lobby. The hotel features 34-foot vaulted ceilings, a marble staircase and wood-carved emblems signifying the leading industries of the World War II era. As part of the 2007 redevelopment, the adjoining office building was fully reconfigured to house the hotel’s guestrooms and meeting space. The hotel will continue to be managed by HEI Hotels & Resorts, a hospitality owner/operator that owns and manages 41 full-service, upper-upscale, luxury and premium select-service hotels and resorts throughout the U.S.