Capmark Finance Inc. provided $24.5 million in floating-rate, interim financing for CapStar Secaucus's acquisition of the 167-unit Courtyard Secaucus (NJ) Meadowlands. The loan for the 1989-era property is the third transaction in which Capmark Finance financed a hotel for CapStar. Angelo Stambules, vice president of the McLean, VA Capmark Finance office, originated the transaction.
Crowne Plaza Greenville
Roper Mountain LLC recently acquired the 205-room Crowne Plaza-Greenville (SC). The new owners plan a $4-million renovation of the property, which targets the corporate and leisure markets.
Larkspur Landing Hotels
A Starwood Capital Group Global affiliate has acquired the 11 Larkspur Landing extended-stay properties owned by Larkspur Hospitality Development and Management Co. Larkspur Hotels and Restaurants will manage the West Coast hotels. Transaction terms were not disclosed.
Microtel Inn & Bushnell
Microtel Inn and Suites sold the Microtel Inn & Suites of Bushnell, FL in a $4.35-million transaction structured by David Mumford and Matt Winston of Mumford Company headquarters in Newport News, VA. This is the second acquisition through Mumford for the buyer, an individual investor who will retain SKY Hospitality to manage the property.
Sheraton San Antonio
Neptune Hospitality Advisors arranged $40 million in senior financing for the 322-room Sheraton Gunter Hotel in San Antonio. The five-year, interest-only, fixed-rate loan was arranged through an international investment bank.
Stonebridge Companies acquired the Four Points by Sheraton Denver Cherry Creek, will rename the Colorado property the Cherry Creek Hotel and deaffiliate it from the Starwood family. Mike Cahill, president and founder of Hospitality Real Estate Counselors, brokered the deal.
Tremont Realty Capital
Tremont Realty Capital arranged an $18.1-million loan through a national bank to refinance a Lexington, KY portfolio that includes a Baymont Inn, a Holiday Inn and a Best Western. The properties represent just more than 500 rooms. Tony Kolomayets of Tremont's Chicago office secured the recourse loan, which carries an eight-percent interest rate and a 75-percent loan-to-value.
The Global Hospitality Group of Los Angeles law firm Jeffer, Mangels, Butler & Marmaro closed the senior debt portion of the capital stack on the $800-million Hollywood W Hotel & Residences, a “green” multi-use complex, featuring at 300-room hotel, planned for Hollywood & Vine in Hollywood. The transaction was arranged for HSH Nordbank AG, a credit institution based in Hamburg, Germany. The Hollywood W complex is a venture joining hotel investment/operating company HEI Hospitality and Gatehouse Capital Corp., the largest owner and developer of W hotels in the United States.
GE Real Estate provided a $17.545-million flexible-rate loan to the Shamrock-Hostmark Hotel Fund to help buy and renovate the 293-key Wyndham Andover Hotel. The fund bought the Massachusetts hotel for $23 million and will invest about another $1.5 million to improve its public areas, meeting space and ballroom.
Reprints and Licensing
© 2014 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Enter a City:
Select a State:
Select a Category: