NATIONAL REPORT—Hotel Business has been rounding up transactions in the industry. Here’s what we found:
Hunter Hotel Advisors Reps Cascade Group in Sale
Hunter Hotel Advisors represented the Cascade Group in the sale of the Hilton Garden Inn and Homewood Suites in Columbus, GA. The seller had completed renovations over the past few years to maintain the quality of the hotels. Banyan Investment Group purchased the two hotels unencumbered of management.
Marcus & Millichap Arranges Sales of Texas Properties
Marcus & Millichap has arranged the sale of the 84-room hospitality Holiday Inn Express & Suites in Dripping Springs, TX. Built in 2017, Holiday Inn Express & Suites Dripping Springs opened its doors in July of that year.
The firm also arranged the sale of a two-property, 190-room hotel portfolio in Grapevine, TX. The properties are a 94-room Hampton Inn & Suites and a 96-room Comfort Suites. Gomes and Allan Miller, First Vice President Investments, represented the seller, Supreme Bright Grapevine II and IV LLC, a Dallas-based company, and procured the buyer, another locally based enterprise.
Square Mile, JPMorgan Chase Originate $75M Financing
Square Mile Capital Management LLC has teamed with JPMorgan Chase to originate $75 million in financing secured by the Boston Marriott Quincy, a 466-key hotel located in Quincy, MA. The financing was made to Columbia Sussex Corporation, a privately owned hotel owner and operator based in Crestview Hills, KY, with a current portfolio in excess of 13,000-keys across the United States and St. Maarten. The financing, which was used to acquire the property and fund certain renovations, was arranged by Lawrence Britvan and Matt Jacobs of Hodges Ward Elliot’s New York City office.