Hotel Deals to Know

NATIONAL REPORT—Construction and sales are in view today. Here’s three deals to know about.

Construction Loan for Residence Inn by Marriott in Mesa, AZ

Hall Structured Finance (HSF) closed a new first-lien construction loan totaling $17.3 million to finance the development of a 127-room Residence Inn by Marriott in Mesa, AZ. This is the first hotel loan that HSF has closed in Arizona. Suky and Jas Khangura, co-owners of Khangura Hotels, are the project developers. The four-story extended-stay hotel is located across from the Mountain Vista Medical Center.

“The location of the planned Residence Inn across from a major medical center and surrounded by Mesa’s growing tech industry made this hotel a very attractive opportunity for us,” said Mike Jaynes, president of HSF. “Marriott’s Residence Inn product will be a great fit for the area’s hospitality demand and growing medical and tech corridor.”

Amenities at the new hotel will include complimentary WiFi, 800 sq. ft. of meeting space, a fitness center, swimming pool and outdoor sports court.

HSF has now closed $180 million in construction loans in 2017, with plans to close more than $300 million by year’s end.

Comfort Suites Sold in California

In Yuba City, CA, HTL Hospitality Advisors sold the 65-key Comfort Suites Marysville for an undisclosed price. Located at 10334 N. Beale Rd., the limited-service property offers two meeting rooms, business center, indoor pool and fitness room. The three-story hotel, with an ADR of $85.28, was built in 2006 and is proximate Beale Air Force Base. HTL’s Joel Hiser did the deal.

MCR Disposes of Florida Courtyard

In the Southeast, owner/operator MCR sold the Courtyard by Marriott Jacksonville Orange Park at 610 Wells Rd. in Orange Park, FL, for $16.55 million.

MCR CEO/Managing Partner Tyler Morse said, “The sale of this property reaffirms our strategy of investing in limited-service hotels affiliated with industry leading brands and opportunistically disposing assets to generate attractive returns for our investors.”

The 115-room hotel was built in 2008.