NATIONAL REPORT—Caliber recently acquired its ninth property, HFF secured $40 million in acquisition financing for the purchase of Hyatt Regency Dulles, and there’s more. Here’s a look at the latest transactions:
Caliber Acquires Ninth Hotel Property
Caliber recently closed on its ninth hotel property, Holiday Inn Ocotillo-Chandler in Arizona. The $11.6-million acquisition brings Caliber’s total assets under management to more than $375 million. The property will be managed by HMC Hospitality.
Situated alongside the Ocotillo Golf Club, the property has 106 guestrooms and more than 2,000 sq. ft. of multi-use meeting space. It was financed with the help of Alfie, a community based lending solutions company, providing short-term commercial real estate loans.
Acquisition Financing Secured for Hyatt Regency Dulles
Holliday Fenoglio Fowler L.P. (HFF) has secured $40-million acquisition financing for Hyatt Regency Dulles, a 316-room, full-service hotel adjacent to Washington Dulles International Airport in the Washington, DC-area suburb of Herndon, VA.
The HFF team worked on behalf of the borrower, Wheelock Street Capital, to place the five-year, floating-rate loan with a financial services company. The 13-story Hyatt Regency Dulles features the LEED Silver and IACC-certified Executive Meeting Center constructed in 2014 that consists of 29,000 sq. ft. of meeting and event space. Other amenities include a ballroom and outdoor gazebo reception area; three F&B outlets—Elements full-service restaurant; Express O’s coffee shop; and the lobby bar in the atrium lobby—newly renovated fitness center, indoor lap pool, full-size hot tub, as well as walking and jogging paths.
TCOR Hotel Partners and Trigate Capital Partner For Equity Joint Venture
TCOR Hotel Partners has formed an equity joint venture with TriGate Capital LLC for $30 million. The venture will focus on the acquisition of branded, premium select-service hotels. In addition, TCOR will create value at the hotels by implementing property improvement plans, aggressively asset managing operating performance and engaging third-party management companies.
In addition, TCOR and TriGate signed a definitive agreement for its first acquisition expected to close in late August. Holliday Fenoglio Fowler L.P. (HFF) assisted in the arrangement of the joint venture between TCOR and TriGate.
TownePlace Suites by Marriott Sold
SVN|Hotels has brokered the sale of the TownePlace Suites by Marriott at University Research Park in Charlotte, NC. The Kayak Group acquired the property for $7.25 million.
SVN|Hotels, a nationwide hotel brokerage company, exclusively represented the seller and handled the sale of the 96-room, 3-story extended stay hotel.
HREC Arranges Sale of Two Properties
HREC Investment Advisors has arranged the sale of the 116-guestroom Residence Inn Charlotte South to Bridgeton Acquisitions LLC. Monty Levy, managing director in HREC Investment Advisors’ Atlanta office, represented the seller, a Southeast-based owner, in this transaction.
In addition, HREC Investment Advisors arranged the sale of the 160-guestroom Hilton Garden Inn T.F. Green Airport located in Warwick, RI to MCR Warwick LLC of New York. HREC represented Jefferson Hospitality LLC during the transaction. Jefferson developed and operated the hotel in conjunction with the Iron Works Tavern. Additionally, a 107-unit Home 2 by Hilton is scheduled to be developed on residual land abutting the hotel parcel.
Aqua Beach Inn Sold
Lodging Partners has arranged the sale of the Aqua Beach Inn, a 60-room hotel located in Myrtle Beach, SC. The hotel was originally constructed in 1986 and converted in 2011 to the Aqua Beach Inn.