NATIONAL REPORT—Hotel Business is tracking transactions, with two properties being sold and one receiving financing.
Sold: SpringHill Suites by Marriott, Jacksonville Airport
HTL Hospitality Advisors arranged the sale of the SpringHill Suites by Marriott Jacksonville Airport located at 13550 Airport Ct., Jacksonville, FL. This sale was part of HTLHA’s growing off-market practice and the fifth off-market Marriott-franchised hotel HTL recently sold. The new owners plan to extensively renovate the 104-room hotel, built in 2007, to meet the new SpringHill Suites brand standards.
HREC Arranges Sale of The Maritime New Orleans
HREC Investment Advisors has arranged the sale of the 105-unit Maritime Building, located one block from the French Quarter in downtown New Orleans. Timeshare Acquisitions Real Estate LLC acquired the property. HREC Investment Advisors exclusively represented the seller during the transaction. The marketing, negotiations and final sale were led by Len Wormser, SVP in the New Orleans office.
HFF Secures Acquisition Financing for Holiday Inn in Michigan
Holliday Fenoglio Fowler L.P. (HFF) has arranged financing for the acquisition of Holiday Inn Ann Arbor Near The University of Michigan, a 225-room, full-service hotel situated just off the University of Michigan in Ann Arbor, MI.
The HFF team worked on behalf of the borrower, an affiliate of Linchris Hotel Corporation, to arrange the five-year, fixed-rate loan. Loan proceeds will be used to acquire the hotel and execute a property improvement plan that will include modernizing the guestrooms, bathrooms and building envelope.