Financial Findings: Hotels Change Hands, AC Hotel Finds a Home

NATIONAL REPORT—Hotel Business has tracked a spate of financial news this week. Here’s a look at three of them:

Two Hotels Sold in Arkansas
Hunter Hotel Advisors has represented an institutional client on the sale of two Arkansas hotels. The portfolio included the sale of the 78-room TownePlace Suites by Marriott and the 130-room Candlewood Suites Rogers in Bentonville, AR. The all-suite hotels were purchased by Investra Capital Inc, and will continue to be managed by Atlanta-based Hospitality Ventures Management Group.

NHCohen Partners Concludes Equity Raise
New York City-based NHCohen Partners LLC has completed an equity raise of $6.1 million to facilitate the acquisition of the Comfort Suites Arlington in Texas. Affiliates of LBP Hotels and Waramaug LS Hotels, which had a minority interest in the four-story, 108-key, all-suites hotel, acquired 100% ownership through LBP Arlington Hospitality LLC. Comfort Suites Arlington, opened in 2009, is managed by Interstate Hotels & Resorts. Asset management will be provided by Waramaug Hospitality.

SJP Properties Sells Site
SJP Properties has sold a site within the center for the development of an AC Hotels by Marriott and a Zinburger Wine & Burger Bar. The brand’s newest location in Bridgewater, NJ, will have 150 guestrooms and a rooftop bar and lounge, and will be complemented by a 5,800-sq.-ft., free-standing Zinburger, the popular upscale burger restaurant offering gourmet burgers and paired wine selections. Construction on the hotel and restaurant will commence this month and is expected to be completed by 2020.