Two Hotels Change Hands, Two Receive Financing

NATIONAL REPORT—Transactions are taking place on the East Coast, in the South and out West. Here’s a look at the recent sales and finance deals:

Shelter Island’s The Chequit Inn, Set To Sell At Auction Via Concierge Auctions
The Chequit Inn, a boutique hotel in Shelter Island, NY, will auction this month with a $3.5 million reserve via Concierge Auctions in cooperation with Michael Gembecki of Cushman & Wakefield. Originally built in 1872, the Chequit Inn has been renovated while maintaining the original antiques and design. Bidding will be held March 27 – 31 via Concierge Auctions’ online marketplace.

HREC Arranges Sale of the Fairfield Inn & Suites by Marriott—Savannah Midtown, Georgia
HREC Investment Advisors has arranged the sale of the 146-guestroom Fairfield Inn & Suites Savannah Midtown located in Savannah, GA. An affiliate of Encore Hospitality LLC, based in Dallas, acquired the property. North Point Hospitality Group, a developer and operator based in Atlanta, was the seller. HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led by Tom Huegel, SVP, in HREC Investment Advisors’ Atlanta office.

HREC Capital Markets Group Arranges Financing for the Tru by Hilton—Manchester, NH
HREC Capital Markets Group, the dedicated mortgage brokerage team within HREC Investment Advisors, has arranged a $14.15-million construction loan funded by a regional bank for the 126-guestroom Tru by Hilton located in Manchester, NH. The hotel is expected to open in third quarter of 2020. John Siska, VP, and Principal Mike Armstrong exclusively represented the borrower in this transaction.

Sonnenblick-Eichner Co. Arranges Loan For Sherman Oaks Hotel
Sonnenblick-Eichner Company has arranged $20.5 million in first mortgage debt for the 178-room Carriage Inn in Sherman Oaks, CA. The non-recourse 10-year fixed rate loan was priced at 3.36%, with interest-only payments for the entire loan term. The hotel is affiliated with the Best Western Plus brand.

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