NATIONAL REPORT—Construction and sales are in view today. Here’s three deals to know about.
Construction Loan for Residence Inn by Marriott in Mesa, AZ
Hall Structured Finance (HSF) closed a new first-lien construction loan totaling $17.3 million to finance the development of a 127-room Residence Inn by Marriott in Mesa, AZ. This is the first hotel loan that HSF has closed in Arizona. Suky and Jas Khangura, co-owners of Khangura Hotels, are the project developers. The four-story extended-stay hotel is located across from the Mountain Vista Medical Center.
“The location of the planned Residence Inn across from a major medical center and surrounded by Mesa’s growing tech industry made this hotel a very attractive opportunity for us,” said Mike Jaynes, president of HSF. “Marriott’s Residence Inn product will be a great fit for the area’s hospitality demand and growing medical and tech corridor.”
Amenities at the new hotel will include complimentary WiFi, 800 sq. ft. of meeting space, a fitness center, swimming pool and outdoor sports court.
HSF has now closed $180 million in construction loans in 2017, with plans to close more than $300 million by year’s end.
Comfort Suites Sold in California
In Yuba City, CA, HTL Hospitality Advisors sold the 65-key Comfort Suites Marysville for an undisclosed price. Located at 10334 N. Beale Rd., the limited-service property offers two meeting rooms, business center, indoor pool and fitness room. The three-story hotel, with an ADR of $85.28, was built in 2006 and is proximate Beale Air Force Base. HTL’s Joel Hiser did the deal.
MCR Disposes of Florida Courtyard
In the Southeast, owner/operator MCR sold the Courtyard by Marriott Jacksonville Orange Park at 610 Wells Rd. in Orange Park, FL, for $16.55 million.
MCR CEO/Managing Partner Tyler Morse said, “The sale of this property reaffirms our strategy of investing in limited-service hotels affiliated with industry leading brands and opportunistically disposing assets to generate attractive returns for our investors.”
The 115-room hotel was built in 2008.