Comfort Suites Austin
The Mumford Company arranged the sale of the Comfort Suites at the Austin, TX airport to SK Hotels, LLC for an undisclosed price. Representing seller Spirit Development IV was Mike Francis, principal, Mumford's Dallas office. The property will remain a Comfort Suites.
Comfort Suites Portage
Hotel Source completed the $2.875-million sale of the Comfort Suites-Portage (WI) to Krishna Hotel Corp. Sale of the former KRS Properties, LLC hotel was handled by Hotel Source's Steve Marx and Seth Glickman.
Equity Inns signed an agreement to pay InterMountain Management $90.5 million, or $122,000 per key, for a portfolio of eight hotels representing 742 rooms. Included are: Residence Inns by Marriott in Spokane, WA; Shreveport, LA; Albuquerque, NM and Kansas City, MO; Courtyards by Marriott in Shreveport and Reno, NV; a Fairfield Inn and Suites in Reno and a Fairfield Inn in Shreveport.
GE Real Estate
GE Real Estate recently provided a $19.5-million fixed-rate loan to owner Westmont Hospitality Group to refinance the 177-room Emily Morgan, a luxury full-service hotel in downtown San Antonio. Westmont has managed the Emily Morgan since it acquired and renovated it in 2002. CBRE Melody brokered the deal. In other Texas action, GE Real Estate provided a Commercial Mortgage Backed Securities (CMBS) loan to Dallas-based real estate firm The Tabani Group to refinance the Crowne Plaza Hotel in the north Dallas business district.
Hilton Fort Lee
First mortgage financing worth $33 million has been arranged for the Hilton Fort Lee, a New Jersey hotel near the George Washington Bridge. Sonnenblick-Eichner arranged a 10-year, fixed-rate, non-recourse mortgage from a European-based investment bank on the hotel. Loan payments are interest-only for the first five years.
Holiday Inn Oak Hill
Representing Equity Inns in the $2.5-million sale of the Holiday Inn Oak Hill, WVA was The Mumford Company. The sale to Midland Travelodge was structured by David Mumford and Ed James of the Mumford Company's Newport News, VA office. The hotel will remain a Holiday Inn after required renovations.
Interstate Hotels & Resorts formed a partnership with Investcorp International's U.S.-based real estate group. The joint venture agreed to acquire the 321-room Hilton Seelbach Louisville, the 226-room Crowne Plaza Madison (WI) and the 288-room Sheraton Columbia (MD) for an aggregate price of $118 million. The deal also demands an Interstate investment of about $4.7 million for a 15-percent equity interest in the Seelbach and Crowne hotels. Interstate also will acquire all of the Sheraton Columbia and invest $12 million in renovating it.
Meridian Capital Group
Within a recent month, Meridian Capital Group arranged $230 million-plus in financing for hotel properties in New York City, Los Angeles and the Florida destinations Palm Beach and Panama City. In Panama City, Meridian arranged $60 million in financing to reposition the Veneto Hotel & Casino as the Veneto-A Wyndham Grand Hotel Veneto Casino. In Palm Beach, it arranged $60 million in bridge and construction financing for the repositioning of The Ocean Club Beach Resort, formerly the Palm Beach Hilton. Meridian also arranged $55 million in the form of a 20-year, interest-only loan at 5.728 percent for Andre Balasz, owner of the storied Chateau Marmont. And in New York, Meridian arranged $55 million for the refinancing of the Mercer Hotel in Soho.
Motel 6 Springfield
Randy Lee of the Dallas office of The Mumford Company structured Accor North America's sale of the Motel 6 in Springfield, MO to Springfield Hospitality Group. The new owner plans to modernize the property and reposition it under another flag.
Neptune Hospitality Advisors
Neptune Hospitality Advisors arranged two five-year, fixed-rate loans totaling $16.73 million to buy the 100-room Hampton Inn and Suites in Charlotte, NC and the 111-room Hampton Inn in Columbia, SC. The hotels were acquired by affiliates of American Property Management Corp. About $3 million will go toward renovating them. The loans were arranged through an international investment bank.
Radisson Hill Country
The Dow Hotel Company and The Prudential Insurance Company of America paid FFI Real Estate LLC (Nuremberger Insurance Co.) $34.5 million for the Radisson Hill Country Resort & Spa in San Antonio.
RockBridge Capital, LLC closed on a $9.2-million mezzanine loan to finance acquisition of the 115-room Holiday Inn Express in Brooklyn, NY. Sponsors are Magna Hospitality Group and Greenfield Partners. Combined with a $13-million first mortgage loan that closed in July2006, RockBridge has invested $222.2 million in this Holiday Inn Express, InterContinental Hotel Group's first Brooklyn-affiliated hotel. In related news, RockBridge closed on a $2-million first mortgage investment to refinance development of a 97-room Homewood Suites in Reno, NV. Sponsor is InterMountain Management, LLC of Monroe, LA.
Staybridge Suites Times Square
A $62-million construction/mini perm loan for 340-344 Realty LLC has been arranged by Specialty Finance Group, LLC. The money will fund development of a Staybridge Suites hotel to be built in New York's Times Square. Specialty Finance is a subsidiary of The Bankers Bank. The 32-story Staybridge is expected to open in April 2009.
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.
Reprints and Licensing
© 2014 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Enter a City:
Select a State:
Select a Category: