Baymont Inn & Suites Bloomington
Skyways Hospitality LLC paid $4 million for the 103-room Baymont Inn and Suites in Bloomington, IL. The Mumford Company's Lance Potter and Steve Kirby, respectively of the Chicago and Atlanta offices, structured the transaction on behalf of Archistar Corp. Skyways will manage the property.
A $92.1-million sale of the Bethesda (MD) Marriott has been arranged by Cushman & Wakefield Sonnenblick Goldman on behalf of West-brook Partners and North-field Hotel Group. A $13.5-million capital improvement program was just completed on the 407-room, four-diamond/four-star hotel.
Its first institutional transaction and sale of four-fifths of its stake in the Generation Properties I extended-stay portfolio are included in the $100-million-plus of capital transactions finalized in the past six months by The Generational Companies, LLC. Generation Companies is a Research Triangle, NC-based developer, owner, asset manager and operator of extended-stay hotels.
Hilton Downtown St. Louis
Neptune Hospitality Advisors arranged senior financing for the 195-room Hilton St. Louis Downtown. An international investment bank arranged the $21.6-million, five-year, fixed-rate loan, with 12 months of interest-only.
Hunter Realty Associates
The $41.5-million sale of a portfolio representing 331 rooms in select-service Marriott and Hilton-branded hotels in greater Washington, DC was brokered by Hunter Realty Associates. Fairfield Inns by Marriott in Fredericksburg, Chantilly and Potomac Mills, along with the Hampton Inn Woodbridge, were sold to Hermani Management of New Jersey by affiliates of Palmer-Gosnell Management. Palmer-Gosnell retained management of three.
Lodgian sold a 202-room Holiday Inn in Fort Wayne, IN and a 159-room Holiday Inn in Bridgeport, WV for a total of $5.6 million. Representing the full-service hotel owner and operator in both transactions was HREC Investment Advisors.
Neptune Hospitality Advisors arranged senior financing incorporating $4 million for renovation and conversion of the 301-room Sheraton Studio City in Orlando to a Sheraton Four Points. Neptune arranged the $24.7-million, five-year, fixed-rate loan on the 301-unit, 21-story, octagonal art deco building through an international investment bank. The new owner is American Property Hospitality Management.
Peninsula Beverly Hills
Countrywide Commercial closed on a $140-million loan to The Belvedere Hotel Partnership to refinance the luxury, 194-room Peninsula Beverly Hills hotel. Deepak Peruvemba, a senior vice president with Countrywide, represented the company in this transaction with Belvedere, an affiliate of Probity International Corp.
Quality Inn Reno
The 220-unit Quality Inn Hotel Reno in Sparks, NV will be acquired by a Navnish Group affiliate with a $14.9-million loan secured by the Capital Markets Group of Molinaro Koger. The loan was provided by Ascent Real Estate Advisors, a New York fund specializing in lodging. Navnish retained Crescent Hotels & Resorts to manage the hotel, which will become a Holiday Inn following a $6-million upgrade.
Quanah Hospitality Partners, LP has $100 million to acquire, develop and operate 15 Value Place extended-stay hotels, completing the first phase of Quanah's development program. NorthStar Realty Finance Corp., a publicly traded real estate investment company, provided the financing.
Radisson Lackawanna Station
A private investment group based in New Jersey secured $8.4 million in permanent financing for the Radisson Lackawanna Station Hotel it owns in Scranton, PA. The 10-year, fixed-rate $8.4-million loan was provided by Bear Stearns and arranged by AFC Realty Capital, a Manhattan investment bank. The permanent financing recoups the sponsors' equity investment in the property, located in the renovated former Lackawanna Rail Station.
Reprints and Licensing
© 2014 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Enter a City:
Select a State:
Select a Category: