NATIONAL REPORT—Hotel Business is tracking transactions. MCR, HALL Structured Finance (HSF) and HREC Investment Advisors recently arranged deals. Here are the details:
MCR Sells Hilton St. Louis Downtown at the Arch
MCR has sold the 195-room Hilton St. Louis Downtown at the Arch in St. Louis. The firm purchased the hotel in December 2016. The owner-operator generated a 44% IRR on the investment. The transaction closed Sept. 6.
HSF Closes $53M Construction Loan in Scottsdale, AZ
Dallas-based carrier HSF has closed a new construction loan totaling $53 million to finance the expansion, redevelopment and reflagging of the existing 32-room CopperWynd Resort boutique hotel in Scottsdale, AZ. The property will be a 177-room luxury Autograph Collection resort by Marriott. The resort will open in Q1/Q2 2020.
HREC Arranges Sale of the Holiday Inn Cherry Hill, NJ
HREC has arranged the sale of the 186-guestroom Holiday Inn location in Cherry Hill, NJ. KPG Hotels has acquired the hotel. HREC represented the seller, 2715 Marlton Pike Associates LP. The marketing, negotiations and final sale were spearheaded by Ketan Patel, managing director in the Washington office, Mark von Dwingelo, SVP in the Danbury office and Bill Schoenenberger, an affiliate broker in New Jersey.