1Refinancing the Inn at the Pier in Pismo Beach, California
Sonnenblick-Eichner Company has arranged $26.5 million of interim first mortgage debt to refinance the Inn at the Pier, a new 104-room, full-service luxury boutique hotel located one-half block from the Pacific Ocean in Pismo Beach, Calif. The non-recourse interim loan was provided by a debt fund. The loan was priced in the mid-300s over 30-day LIBOR and provided for a return of equity to the borrower.
2Liaison Washington Capitol Hill Changes Ownership, Management
YOTEL this week announced the acquisition of the Liaison Washington Capitol Hill by partners Metrovest Equities and BLDG Management. YOTEL will operate, transform, and rebrand the property over the next year, incorporating the brand’s signature technology and adaptable design features, including smart cabins (rooms) and multifunctional public spaces. The property is the closest hotel to the U.S. Capitol Building.
3Joint Venture Buys Raleigh Hotel in Miami
A joint venture between Deutsche Finance America, Bilgili Holding, and SHVO this week purchased the historic Raleigh Hotel in Miami for $103 million from Tommy Hilfiger and Turkish conglomerate Dogus Group, which had owned the Raleigh since 2014. The 83-room hotel is an icon of South Beach art deco, known especially for its ornate beachside swimming pool. The acquisition marks the second joint investment between New York City-based development firm SHVO, Turkish investment group Bilgili Holding, and investment management firm Deutsche Finance.
4Holiday Inn Express & Suites Sold in Lander, Wyo.
SVN|Hotels has arranged the sale of the Holiday Inn Express & Suites in Lander, Wyo., for $6.4 million. The 78-unit hotel is located along a highly trafficked corridor. SVN|Hotels facilitated the deal between Lander Hotel Group of Ohio and Timberline Hospitalities of Wyoming. The new ownership group has plans to renovate the property and maintain the Holiday Inn license.
5HREC Arranges Sale of Fairfield Inn & Suites Potomac Mills Woodbridge, Va.
HREC Investment Advisors has arranged the sale of the 84-guestroom Fairfield Inn & Suites Potomac Mills Woodbridge in Virginia, representing the seller Spirit Hospitality during the transaction. Bound by the Occoquan and Potomac rivers, Woodbridge is located 20 miles southwest of the nation’s capital. The town’s suburban setting offers residents and visitors easy access to the surrounding metropolitan area.
6CapStack Arranges Mortgage for The Ravel Hotel in Long Island City
CapStack Partners has arranged a $19 million mortgage for The Ravel Hotel in Long Island City, New York—a lifestyle hotel property that is part of Wyndham’s Trademark Collection. CapStack’s investment banking group worked on behalf of the borrower to place the 10-year fixed-rate loan. Loan proceeds were used to refinance construction costs and the prior mortgage that was previously arranged by CapStack.
7Vista Capital Negotiates Financing for Candlewood Suites in Indianapolis
Vista Capital Company recently closed $10 million in financing for the Candlewood Suites in downtown Indianapolis, Indiana. Vista negotiated non-recourse, fixed-rate financing for the property. The 10-year capital will be used, in part, to fund a comprehensive PIP that will transform the property and reinforce its position in the market. The financing was awarded to a European-based investment bank after a bidding process that is central to Vista’s capital-raising strategy.
8Oxygen Hospitality Acquires Wyndham Garden Phoenix Midtown
Oxygen Hospitality Group, an owner-operator hospitality management company, recently made its foray into the Phoenix market with the acquisition of the Wyndham Garden Phoenix Midtown, for an undisclosed amount. Located north of the downtown area, the six-story, 160-room property marks the company’s first Arizona acquisition. Purchased by Hotel Oxygen Midtown LLC, Oxygen Hospitality plans a multimillion-dollar property renovation.