NATIONAL REPORT—Hospitality companies are making deals in the South, ranging from hotel sales and a financing deal. Here’s a look:
HWE Arranges Sale of Hyatt Regency Atlanta
Hodges Ward Elliott (HWE) represented an affiliate of Hyatt Hotels Corporation in the recent sale of the Hyatt Regency Atlanta, a hotel located on Peachtree St. in downtown Atlanta. An HWE team comprised of Mark Elliott, Pete Dannemiller, Jeff Berkman and Nate Ries represented Hyatt in the transaction. The 1,260-room property has a 30,000-sq.-ft. Centennial Ballroom, 25,000 sq. ft. of pre-function space, a more than 19,000-sq.-ft. conference center and more than 50,000 sq. ft. of exhibit space among its 52 meeting rooms. Hyatt Regency Atlanta will continue to be managed by Hyatt.
HVS Closes Sale of Homewood Suites Houston West-Energy Corridor
HVS Brokerage & Advisory has closed on the sale of the 74-key Homewood Suites by Hilton Houston West-Energy Corridor in Houston. The property was purchased from Park 10 Lodging by Sunny Garden LLC, becoming Sunny Garden’s second Hilton asset. The property is near Houston’s West-Energy Corridor and corporate and leisure demand drivers. The Energy Corridor district includes BP Energy, Wyatt Field Services, Shell Oil and CITGO Petroleum. It is also home to Texas Children’s Hospital West Campus, Memorial City Mall and City Centre Plaza. HVS Brokerage & Advisory team members Eric Guerrero, Drew Noecker, Michael Handy and James Rebullida participated in the transaction
CHC Secures Acquisition Financing for Residence Inn
CHC Hotel Capital has arranged $11.9M for the acquisition financing of the Residence Inn in Hoover, AL. The loan was placed with a national lender at 70% loan-to-cost and offered a 10-year term, with a 30-year amortization schedule and a fixed interest rate locked at 3.82%. The 118-key hotel was sold by Blackstone and acquired by local hotelier, Chiman Patel, in partnership with Kana Hotels. Kana will manage the asset, as they do the Embassy Hoover and Springhill Tuscaloosa, which CHC financed for the partnership last year.