NATIONAL REPORT—Hotel Business is tracking transactions. SAK Developers, McNeill, Lightstone, Summit Hotel Properties, SG Blocks, MCR and HREC have been involved in hotel deals. Here are the details:
SAK Developers Acquire Hyatt Place Chesapeake
SAK Developers has purchased the Hyatt Place Chesapeake. Marshall Hotels & Resorts of Salisbury, MD, will provide sales & marketing, operations and accounting services to the owner. Hunter Hotel Advisors represented the owner.
McNeill Acquires Home2 Suites Mobile
McNeill Hotel Investors has acquired the four-story, 105-room all-suite extended stay Home2 Suites Mobile (AL). The acquisition by McNeill Hotel Investors was facilitated by capital recently secured by McNeill through New York-based Almanac Realty Investors LLC.
Lightstone Closes Financing For New Moxy in NYC
National real estate investor and developer Lightstone has closed $35.6 million in financing from Bank OZK for the acquisition of a site for the development of a new Moxy hotel located at the corner of Bowery and Broome St. The 298-key hotel will be Lightstone’s fourth Moxy in New York City.
Summit Hotel Properties Closes Expanded $600M Unsecured Credit Facility
Summit Hotel Properties Inc. closed on a $600 million unsecured credit facility. The increased credit facility is comprised of a $400 million unsecured revolving line of credit and a $200 million unsecured term loan and replaces the company’s existing $450 million unsecured credit facility.
SG Blocks Receives $25M Purchase Order from Phoenix Hotel & Hospitality
SG Blocks Inc. has signed a $25 million contract for a multi-thousand module order with Phoenix Hotel & Hospitality. The purchase order represents the largest retail module contract to date for SG Blocks. The modules will be designed, prefabricated and delivered to locations across the United States, where they will be installed by the customer. SG Blocks has already commenced work on the project in the fourth quarter of 2018.
MCR Acquires Hilton Garden Inn Denver South Park Meadows Area
MCR has acquired the 157-room Hilton Garden Inn Denver South Park Meadows Area. HREC was the broker on the sale of the Hilton Garden Inn Denver.
HREC Arranges Sale of Fairfield Inn & Suites
HREC Investment Advisors has arranged the sale of the 106-room Fairfield Inn & Suites located in Ithaca, NY. The buyer was Baywood Hotels. HREC Investment Advisors represented the seller Titan Hotel Group during the transaction.