Hotels across North America are changing hands or being financed, including a boutique property in Vegas and a $47.5-million loan for a four-property portfolio.
The Siegel Group completes sale of Artisan Hotel Boutique
The Siegel Group Nevada Inc., a commercial real estate and development company, has completed the sale of the Artisan Hotel Boutique (pictured above), a 64-room boutique hotel in Las Vegas. The sale price was $11.9 million.
The Siegel Group acquired the Artisan in 2009 and quickly renovated, rebranded and repositioned the property. The Artisan became famous for its full property buyouts. The hotel gained a loyal following among locals, tourists and boutique enthusiasts who were drawn to the location’s eclectic design and hip, intimate atmosphere, the company reports.
Access Point Financial refinances Walker Reynolds Lodging Partners four-hotel portfolio
Access Point Financial LLC (APF), a direct lender focused exclusively on the hospitality industry, has originated $45.75 million in floating-rate debt to refinance four hotels owned by Walker Reynolds Lodging Partners (WRLP), a Colorado-based private real estate investment firm.
The hotels are all managed by Aileron Management, the exclusive management company of WRLP, and include a Residence Inn by Marriott in South Carolina and three Hampton by Hilton hotels located in Iowa and Wisconsin.
APF wrote separate, cross-collateralized loans on the properties, which include the 96-unit Residence Inn by Marriott Charleston North/Ashley Phosphate, the 135-unit Hampton by Hilton West Des Moines Lake Drive, the 122-unit Hampton by Hilton Appleton and the 119-unit Hampton by Hilton Milwaukee/Brookfield.
Berkadia brokered the refinancing package, which closed on March 9. WRLP plans to use the proceeds for planned renovations on the hotels and funding reserves, as well as to pay off an undisclosed amount of debt and cover closing costs.
The refinancing package included a $11.98-million loan on the North Charleston Residence Inn, which is located in the northern portion of the Charleston Airport submarket.
The Hilton West Des Moines, which received a $11.01-million loan, is located in the eastern portion of the Des Moines Airport/West lodging market.
The package also included a $13.48-million loan on the Hampton by Hilton in Appleton.
The final portion of the package was a $9.28-million loan on the Hampton by Hilton Milwaukee/Brookfield, located in the northeastern portion of the Milwaukee West & South lodging market.
Spirides provides $7M in loans for two hotels in NC
Spirides Hotel Finance Company provided $7 million in loans to refinance the existing mortgage debt and fund renovations to the Holiday Inn Express and Clarion Pointe hotels in Sylva, NC.
The ownership of the 67-room Holiday Inn Express Sylva, NC retained Spirides to provide them with a new conventional mortgage, which has a much lower fixed rate of interest than that of their previous mortgage, as well as additional funds to perform a comprehensive Holiday Inn Express “Formula Blue” renovation.
Concurrently, the same ownership wanted to refinance the mortgage debt of its 69-room Clarion Pointe Sylva, NC hotel to obtain a much lower fixed rate of interest than that of their previous mortgage, as well as advance additional funds to reimburse the brand conversion renovation that they had just completed.
Spirides Hotel Finance Company arranged for a Southeast U.S.-headquartered regional bank to make both of these conventional mortgage loans which feature a 25-year term, 25-year amortization, and a very low, fixed interest rate which will adjust every five years.
Mission Hill Hospitality acquires Inn of Naples, Tapestry Collection by Hilton
Mission Hill Hospitality, a KSL Capital Partners portfolio company has acquired the Inn at Naples, Tapestry Collection by Hilton, a 100-key property in Naples, FL. Terms of the deal are undisclosed.
The property is currently undergoing a large-scale transformation to better meet the needs and expectations of today’s travelers. Improvements include the comprehensive renovation of all guestrooms, lobby, public and meeting spaces and restaurant. The property offers a mix of guestrooms and suites, including many with accessibility features, an outdoor pool, fitness center and on-site restaurant.
Summit Hotel Properties completes Canopy by Hilton New Orleans Downtown acquisition
Summit Hotel Properties Inc. has completed the previously announced acquisition of the 176-guestroom Canopy by Hilton New Orleans Downtown for $56 million through its joint venture with GIC.
The closing of this transaction completes the $822 million portfolio acquisition from NewcrestImage which included 27 hotels containing 3,709 guestrooms, two parking structures and various financial incentives. Additionally, the company has more than $425 million of total liquidity after completion of the transaction.
Coast Hotels adds Regency Suites Hotel Calgary
Coast Hotels Limited, a fully owned subsidiary of APA Hotel Canada Inc. has entered into an agreement to purchase the Regency Suites Hotel in downtown Calgary from SM2 Capital Partners.
The property will be rebranded immediately as the Coast Calgary Downtown Hotel & Suites by APA and will start welcoming guests under the Coast Hotels flag starting April 12.
The hotel is a 120-room all-suite property located in downtown Calgary. Rooms range from 450 sq. ft. studio suites, 650 sq. ft. one-bedroom suites and 850 sq. ft. two-bedroom suites. All suites feature master bedrooms with plush king or queen beds, separate living areas and fully equipped kitchens.