NATIONAL REPORT—Whether acquiring or building, here’s a look at some of the latest deals in the hotel industry.
SC Home2 Suites Is Acquired
Hunter Hotel Advisors represented the owners in the sale of the 93-room Home2 Suites in Summerville, SC. Condor Hospitality Trust Inc. purchased the hotel from an affiliate of MDK Hospitality. The hotel opened in July 2017 and was purchased for $16,325,000 ($175,538 per key).
Birch Glen Lodge & Motel Is Sold
Crystal Investment Property LLC (CIP) has brokered the sale of the Birch Glen Lodge & Motel in Cascade, ID. CIP represented the seller and buyer in the sale. Joseph P. Kennedy, president of CIP, worked closely with the buyer and related parties to negotiate a mutually acceptable sale. The final sale price is confidential.
Financing for Acquisition of Three Hotels
Cronheim Hotel Capital (CHC) has arranged financing totaling $27.8 million for the acquisition of three hotels in greater Salt Lake City. The properties consisted of a Fairfield Inn & Suites, a TownPlace Suites and a Staybridge Suites. The loan was placed with a large investment bank for a securitized execution and offered a 10-year term and 30-year amortization, according to the company.
Con Loan for Hotel Indigo in SC
PMZ Realty Capital LLC has arranged a $19-million construction loan for the Hotel Indigo – Charleston located in Mount Pleasant, SC. The 158-room boutique hotel is scheduled to open later this year, with a distinct atmosphere designed to permeate every aspect of the hotel.