NATIONAL REPORT—Hotel Business has been tracking recent sales, acquisitions and other transactions. Here’s more on the recent deals:
DoubleTree Hotel Denver-Westminster Sold
The Plasencia Group represented a joint venture between Hotel Capital Partners and ORIX Real Estate Americas in the sale of the DoubleTree by Hilton Hotel Denver-Westminster. The 186-room hotel in the Denver suburb of Westminster was acquired by an affiliate of Encore Hospitality, LLC, a Dallas-based commercial real estate investment company.
The Plasencia Group’s VP Joe Corcoran and Senior Managing Director Robert Wiemer advised the seller in this transaction. The sale marks the second time The Plasencia Group has transacted this hotel.
Spirides Arranges $8.7M Hotel Development Loan for New Holiday Inn
Spirides Hospitality Finance Company has arranged, and its client has closed an $8.7 million building conversion and term, first priority conventional loan from a Southeast U.S. headquartered bank to finance the development of a new Holiday Inn in Downtown Columbia, SC.
The new 90-guestroom, 10-story, full-service hotel is being developed by converting an existing 1950s era office building into a distinctive property.
The terms of the financing include a five-year term with a “very favorable” fixed rate of interest for the life of the loan, 70% loan-to-cost ratio, interest-only monthly mortgage payments for the first 18 months through the construction period, followed by principal and interest payments based on a 20-year amortization schedule for the remainder of the term.
Illinois Country Inn & Suites Sold
CBRE has arranged the sale of the 108-room Country Inn & Suites in Prospect Heights, IL to Palwaukee Hospitality LLC. CBRE Hotels’ Brian Silberman, Scott Miller, Paul DeLucia and Matt McClure represented the owner, RK Hospitality LLC in the sale. The hotel’s five-story, concrete and steel structure will allow Palwaukee Hospitality LLC the opportunity to convert the hotel to a Holiday Inn Express & Suites by this summer.