NATIONAL REPORT—Hotel Business is tracking transactions. PMZ Realty Capital, HFF, Mission Capital, Hodges Ward Elliott ad IHT have recently made deals. Here are the details:
PMZ Realty Capital Arranges $20M Financing for Two IHG Properties
PMZ Realty Capital LLC has closed two loans totaling $20 million for two IHG properties: the 161-room Holiday Inn Philadelphia South-Swedesboro in Philadelphia and the 92-room Holiday Inn Express & Suites Detroit- Novi in Novi, MI.
HFF Arranges Sale of Home2 Suites by Hilton Gainesville
Holliday Fenoglio Fowler L.P. has arranged the sale of Home2 Suites by Hilton Gainesville, a 95-room, select-service, all-suite hotel near the University of Florida in Gainesville, FL. The HFF team represented seller, Impact Properties. Memphis, TN-based McNeill Hotel Investors purchased the asset free and clear of existing debt in an off-market transaction.
Mission Capital Arranges $19.25M in Financing for Acquisition of Portfolio of Extended-Stay Hotels
Mission Capital Advisors has arranged $19.25 million in non-recourse, floating-rate financing for the acquisition of a portfolio of extended-stay hotels in Winston-Salem, NC. The Mission Capital team of Beau Williams, Steven Buchwald, and Lexington Henn represented the sponsor, a partnership of Milestone Companies and Woodmont Lodging, in arranging acquisition financing for the two properties that comprise the portfolio—a 91-key Home2 Suites by Hilton and a 95-key SpringHill Suites by Marriott.
Hyatt Regency Indian Wells Resort & Spa is Sold
Hodges Ward Elliott has represented Grand Champions LLC in the sale of the Hyatt Regency Indian Wells Resort & Spa in Indian Wells, CA to Hyatt Corporation. Hodges Ward Elliott President Mark Elliott and Managing Director Michael DiPrima represented the seller in the transaction.
IHT Finalizes Sale of Yuma Hotel Property
Innsuites Hospitality Trust has completed the sale of its InnSuites Yuma Hotel and Suites Best Western for $16.050 million. The trust will recognize a significant profit after transactional costs, including the paying off total debt of approximately $5.6 million. The trust’s estimated basis in the Yuma Hotel is approximately $4.6 million.