AFC Hotel Finance Group
AFC Hotel Finance Group secured $30 million in portfolio financing from a French bank for a StayBridge Suites in Baltimore, a Fairfield Inn in Tampa and a Hampton Inn Hotels & Suites in San Antonio. AFC President Peter M. Berk says the money will meet a variety of needs.
Days Inn Indianapolis
The Mumford Company, represented by Steve Kirby of the Atlanta office and Lance Potter of the Chicago office, arranged sale of the Days Inn of Indianapolis to Westloop Hotels, LLC. The hotel, which will remain a Days Inn, was sold on behalf of a Bowling Green, KY-based seller.
Holiday Inn Little River
Charlestowne Hotels, Inc. sold a Holiday Inn & Suites in Little River, SC to an undisclosed buyer. Scott Stephens of the Tampa office of HREC Investment Advisors represented the seller.
Host Hotels & Resorts
Host Hotels & Resorts allied with Reco Hotels JV Private Limited affiliate GIC Real Estate Pte Ltd to explore investment opportunities in Asia and Australia. The joint venture, structured as a Singapore corporation, represents $600 million in equity apiece from Host and RECO.
Hotel Sierra Branchburg
RockBridge Capital, LLC closed on a $17.3-million first mortgage for the 139-room Hotel Sierra in Branchburg, NJ. Owner/operator LodgeWorks is up-branding the former Sierra Suites as a high-end, contemporary boutique property.
Mira Mesa Hotels sold a Quality Suites and Holiday Inn Express in San Diego to JCK Hospitality for $23.8 million, or $117,821 per room. Ben Tashakorian and Alvin Mansour of Marcus & Millichap Real Estate Investment Services represented the seller in the transaction.
Kansas City Marriott
Atlanta-based Noble Investment Group bought the 295-room Kansas City Marriott-Country Club Plaza in Kansas City, MO from an undisclosed seller. The investment was the company's 10th acquisition by its Noble Hospitality Fund, a discretionary private equity real estate fund. Noble plans a comprehensive $8.8-million renovation of the property.
LaSalle Hotel Properties
LaSalle Hotel Properties plans to build a super-luxury hotel on floors two through 13 of the Mies van der Rohe-designed IBM building in downtown Chicago. LaSalle and Oxford OG Hospitality Chicago LLC formed a joint venture, Modern Magic Hotel LLC, to buy the property for $46 million from Prime Group Realty Trust. The hotel in the landmark building is expected to house up to 335 units, a fifth of them suites.
Radisson Hotel Hampton
MHI Hospitality Corp. will buy the 172-room Radisson Hotel in Hampton, VA for $7.75 million. The waterfront property, on 3.5 acres downtown, will be rebranded as a Crowne Plaza and operated by InterContinental Hotels Group.
University Plaza Hotel
Core Properties purchased the 243-room University Plaza Hotel at Ohio State University in Columbus, OH. Seller was River Road Hotel Corp., a university entity that has owned the property since receiving it partially as a gift from the original developer in 1988. The hotel was built as a Hilton in 1973. Eric Belfrage and Tom Ives of CB Richard Ellis represented the seller.
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