Three Hotel Transactions to Watch

NATIONAL REPORT—A hotel development site was sold in Portland, ME; MCR nets a Homewood Suites by Hilton in the Baltimore area; and there’s more. Here are the details:

Sold: Hotel Development Site in Portland, ME

Holliday Fenoglio Fowler L.P. (HFF) revealed the sale of a fully approved hotel development site at the former Rufus Deering Lumber Co. in downtown Portland, ME. The HFF team represented the seller, Reger Dasco Properties, and procured the buyer/developer Norwich Partners LLC.

The former Rufus Deering Lumber Co. property is being redeveloped into a 469,153­sq.-ft. mixed-use project called Hobson’s Landing that will include 203 residential units, 25,000 sq. ft. of retail space, 155 hotel rooms and 313 parking spaces. The hotel will be among the first phase of development and upon completion will operate as an Aloft Hotel.

The six­-story, 112,439-­sq.-ft. building will have 155 guestrooms, restaurants, meeting space, fitness center and 22 on­site parking spaces in addition to hotel valet parking. The property’s location in downtown Portland is adjacent to the historic Old Port and Waterfront districts of the city and within walking distance of numerous restaurants, art galleries and retail shops.

The HFF investment advisory team representing the seller consisted of Managing Director Denny Meikleham; Senior Director Alan Suzuki and director Matthew Enright.

MCR Buys Homewood Suites by Hilton in Baltimore Area

MCR has acquired the 147-suite Homewood Suites by Hilton Baltimore-BWI Airport. The hotel is a short drive from Baltimore/Washington International Thurgood Marshall Airport (BWI) and a free 24-hour shuttle is available.

The all-suite hotel recently completed a multimillion-dollar renovation. Each room has a fully equipped kitchen with a two-burner stove, a microwave, a full-size refrigerator and a dishwasher.

Aries Capital Closes Loans for Two Hotels

Aries Capital arranged a $7.05 million bridge loan for the refinance of the Comfort Inn located at 3010 Finley Rd. in Downers Grove, IL. Freeman originated the transaction on behalf of long-time client SB Yen Management Group who has plans to open San Francisco’s Kingdom of Dumpling on the property. Aries Capital Senior Associate Brandon Perdeck managed the underwriting and closing. The two-year, fixed-rate bridge loan features a 70% loan-to-value ratio and a 30-year amortization. The loan will enable the borrower to build-out the 121-key hotel’s adjacent 21,000-sq.-ft. banquet/retail space for a new restaurant.

Aries Capital also arranged a two-year $17 million floating rate bridge loan for The Eurostars Langford Hotel in downtown Miami. Aries Capital CEO Neil Freeman originated the loan, Senior Associate Brandon Perdeck provided the underwriting services and SVP Heather Madsen managed the closing process.