NATIONAL REPORT—Hotel Business is tracking transactions within the industry. Several properties have recently changed hands, including hotels in Florida, Illinois and Indiana.
HREC Arranges Sale of the St. Petersburg Marriott
HREC Investment Advisors has arranged the sale of the 209-guestroom St. Petersburg Marriott Clearwater located in St. Petersburg, FL.
HREC Investment Advisors exclusively represented the seller, Menna Development & Management Inc, during the transaction. The sale was negotiated by Scott Stephens, COO and senior principal and Jaimin Patel, SVP, in the Tampa office.
HREC Arranges Sale of the Fairfield Inn & Suites
HREC Investment Advisors arranged the sale of the 106-guestroom Fairfield Inn & Suites located in Rockford, IL. Oliver Companies, a multi-state owner and operator based out of Duluth, MN was the buyer.
HREC Investment Advisors represented its clients North Central Group (NCG) and Raymond Management Company (RMC) during the transaction. The sale was negotiated by Jeff Preston and Tom Sommer, both VPs in the Chicago office. Established in the 1980s, both NCG and RMC, collectively and individually, own and operate numerous hotels within the Hilton and Marriott families throughout the U.S.
Joint Venture Acquires Magnificent Mile Property in Chicago
Arbor Lodging Partners, in a joint venture with MBRE Healthcare and Metro Park, acquired the 352-room dual-branded hotel, 93,000 sq. ft. medical office building, and 225-stall parking garage at 150 and 160 E. Huron St., located a block from the Magnificent Mile and directly across from the Northwestern University Medical Campus in Chicago.
The acquisition required a creative co-investment structure for three different property types. The 40-story, Class A building is vertically subdivided into medical office space (floors 713), two sister hotels (floors 1440), and a valet parking garage (floors 26).
The 127-room Homewood Suites Chicago Downtown/Magnificent Mile and 225-room Hampton Inn Chicago Downtown/Magnificent Mile mark the fourth and fifth Hilton-branded hotels in Arbor Lodging’s current portfolio. The Homewood Suites marks the company’s ninth extended-stay property in the current portfolio.
McNeill Hotel Investors Acquires Homewood Suites in Indiana
McNeill Hotel Investors acquired the 137-room Homewood Suites by Hilton in Carmel, IN, expanding its geographic footprint to the Midwest and adding to the company’s existing portfolio of 18 hotels owned or managed by the affiliated McNeill Hotel Company.
The acquisition was facilitated by growth capital recently secured by McNeill through New York-based Almanac Realty Investors LLC.
The property underwent a comprehensive $6.4-million renovation that was completed in fall 2016, repositioning it from a DoubleTree Suites to a Homewood Suites by Hilton. McNeill’s property improvement plan includes a $1-million investment that will be spent on new guestroom televisions and significant exterior upgrades to include the facade, roof, landscaping and parking lot.