NATIONAL REPORT—Hotel Business has been tracking recent sales, acquisitions and other transactions. Here’s more on the recent deals:
HFF Completes Sale of Two Properties in Florida
Holliday Fenoglio Fowler L.P. (HFF) has completed the $100-million sale of the Grand Plaza Hotel and the Beachcomber Beach Resort and Hotel, two waterfront hotels totaling 258 rooms in St. Pete Beach, FL.
The HFF team marketed the hotels on behalf of the seller, Excel Hospitality Inc. A venture led by Gencom purchased the hotels, and Benchmark, a global hospitality company will manage the assets.
The Greenwich Hospitality Group Acquires West Bay Beach Holiday Inn Resort
The Greenwich Hospitality Group (GHG) has acquired the West Bay Beach Holiday Inn Resort in Traverse City, MI, for $23.2 million. The 179-room, full-service waterfront resort, originally built in 1968, is located on the West Bay in downtown Traverse City. The hotel will be elevated to a four-star property and rebranded Delamar Traverse City after undergoing a more than $10-million transformation phased over a two-year period, during which it will remain open.
The purchasing entity, Delamar Traverse City LLC, consists of mostly Michiganders with multigenerational ties to Grand Traverse and Leelanau Counties.
TKO Miller Advises Oneida Airport Hotel Corporation on its Debt Financing
TKO Miller LLC has closed on a new commercial loan package for the Oneida Airport Hotel Corporation (OAHC). OAHC owns several hotels in the Green Bay, WI, area, consisting of approximately 500 rooms.
After structuring the required financing to include a revolving line of credit and two mortgage loans, TKO Miller identified the most appropriate senior lenders for OAHC, including regional and national commercial banks, along with numerous other real estate lenders, such as pension funds, insurance companies and bond issuers.
Aries Capital Closes on Loans
In the first transaction, Aries Capital arranged a $7.05-million bridge loan for the refinance of the Comfort Inn located in Downers Grove, IL. Chairman/CEO of Aries Capital, Neil D. Freeman originated the transaction on behalf of long-time client SB Yen Management Group who has plans to open San Francisco’s renowned 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 $17,000,000 floating rate bridge loan for The Eurostars Langford Hotel in downtown Miami. Freeman originated the loan, Perdeck provided the underwriting services and SVP Heather Madsen managed the closing process.
Heart of the House Hospitality Acquires The Supporting Cast
Heart of the House Hospitality has acquired The Supporting Cast. Both are staffing companies.
The acquisition adds to Heart of the House’s hospitality expertise and allows the company to expand into the clerical, events, catering and administrative‐support placements that The Supporting Cast has developed over 30 years in business.
The acquisition gives Heart of the House a presence in New York City with more than 90 clients, an operations team to oversee the market and about 400 hourly associates. Heart of the House is now in 26 markets nationwide and provides staffing for around 500 clients every day.
Dalata Hotel Group Acquires Clayton Hotel, City of London
Dalata Hotel Group plc has completed the acquisition of the entire issued share capital of Hintergard Limited. Hintergard Limited owns the 300-year leasehold interest of a hotel located at Aldgate, London.
The new 212-room hotel will be branded Clayton Hotel City of London and will open towards the end of this month.
