Permanent refinancing of the Fairfield Inn & Suites Orlando I-Cove, a 200-unit, limited-service hotel, was secured through Capmark Finance. The $10-million, fixed-rate loan to Canada Avenue Hotel Associates originated with Chris Clark of Capmark. Clark also was originator of a $16-million fixed-rate loan under the same conditions to East Rutherford Lodging. That money will permanently refinance the 133-room Residence Inn East Rutherford, NJ. Capmark also funded $28 million in floating-rate, interim financing for acquisition and renovation of the 236-unit Embassy Suites Denver Tech Center. The money is going to RT Costilla Associates, an affiliate of AVR Realty.
HEI Hotels & Resorts
HEI Hotels & Resorts plans to acquire a one-acre site in Bellevue, WA for development of a 378-room full-service hotel, probably a Marriott. HEI would manage the hotel, which is expected to open in 2010.
Holiday Inn Lincoln
Vesta Hospitality acquired the 230-room Holiday Inn Lincoln, NE. Vesta, which has managed the 230-unit downtown property for two years, bought it from Columbus Hotel Properties following a $3.5-million renovation to the lobby and bathrooms. Vesta plans to pump another $3 million into renovations.
Hyatt Regency Milwaukee
Noble Investment Group's eighth investment of 2007 is the acquisition of the 483-room Hyatt Regency Milwaukee. Privately held Noble will spend $18 million on repositioning and upgrading the downtown hotel and operate it under a long-term license agreement with Global Hyatt Corp. The renovation is set to be completed in 2008.
Marshall Management aligned with development firms The Lam Group and Lam Generation to accelerate their development plans in New York City. Marshall will provide consulting services for back-of-the-house operations and pre-opening activities and assist in training and hiring. The agreement will cover a Four Points by Sheraton in Soho and a Fairfield by Marriott in Long Island City.
Sanibel Harbour Resort & Spa
Sale of the Sanibel Harbour Resort & Spa to Columbia Sussex represents the first hotel transaction for Cushman & Wakefield Sonnenblick Goldman since its formation in July. Cushman & Wakefield arranged the deal for the Fort Myers, FL property on behalf of Sanibel II Limited Partnership.
St. Regis Deer Crest
A syndicate of three domestic and international money center banks and financial institutions provided $212.5-million in non-recourse construction financing for the St. Regis Resort & Residences Deer Crest, planned for the mountain at the Deer Valley Ski Area in Deer Valley, UT.
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.
Westin Tampa Bay
A $51-million construction loan from Specialty Finance Group has been closed for the Westin Tampa Bay Resort Impact Properties is developing on Rocky Point Island overlooking Old Tampa Bay. Slated to open in December 2008, the project features a 255-unit, 16-story Westin.
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.
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