INTERNATIONAL REPORT—Hotel transactions are taking place, including four sales and one financing. Here’s more on the deals here and abroad in Canada:
EOS Investors LLC Acquires Embassy Suites by Hilton Washington, DC Georgetown
EOS Investors LLC has acquired the Embassy Suites by Hilton Washington, DC Georgetown, a 197-room hotel in the capital’s West End neighborhood on the doorstep of historic Georgetown. In 2016, the Embassy Suites DC underwent a renovation of all 197 two-room suites and public spaces, including its lobby with full-height atrium. The hotel is also home to Hilton Grand Vacations.
HREC Arranges Sale of the Home2 Suites by Hilton Baltimore-White Marsh, MD
HREC Investment Advisors has arranged the sale of the 108-guestroom Home2 Suites Baltimore White March, MD. HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led by Ketan Patel, managing director, and Dana Weinberg, an affiliate broker in Maryland. The property is close to downtown Baltimore.
Streetcar Developments and Dream Unlimited Acquire the Gladstone Hotel in Toronto
Streetcar Developments and Dream Unlimited have purchased Toronto’s Gladstone Hotel in the West Queen West community. The Gladstone, currently owned by the Zeidler family, underwent a major renovation in 2005 led by architect Eb Zeidler to preserve the landmark building’s historical significance. Streetcar and Dream transformed The Broadview Hotel, a 127-year-old landmark, into a luxury boutique hotel. CBRE Hotels advised Zeidler in reviewing strategic options for this historic property and finding a buyer. Streetcar and Dream are set to take ownership of the property later this month.
Access Point Financial to Finance Hitalk Hotels’ Acquisition of Hyatt Place Mohegan Sun
Access Point Financial LLC (APF) has signed an agreement with Hitalk Hotels to provide financing for the company’s acquisition of the Hyatt Place Mohegan Sun in Uncasville, CT. Access Point Financial provided $10.1 million in financing for the acquisition of the property, which will be managed by Aimbridge Hospitality. The hotel is expected to now undergo a renovation to update its furniture, fixtures, and equipment in accordance with brand standards.
Sonnenblick-Eichner Company Arranges Loan to Refinance Austin, TX Hotel
Sonnenblick-Eichner Company has arranged first mortgage debt to refinance the Lone Star Court, a 123-room boutique hotel located within The Domain, a 303-acre master planned development in Austin, TX. The CMBS loan, funded by a Wall Street investment firm, pays 3.49% interest only over the entire 10-year term. Loan proceeds were utilized to retire existing debt and provide working capital.