CBRE Arranges Sale of Two Hotels in Iron Mountain, Michigan
CBRE has arranged the sale of the 62-room Holiday Inn Express & Suites and 57-room Comfort Inn in Iron Mountain, Mich., to AJLN and MGPAN, respectively. CBRE Hotels’ Brian Silberman, Scott Miller, Paul DeLucia, and Matt McClure represented the owner, Ardis, in the sale. The recently renovated Holiday Inn Express & Suites and Comfort Inn in Iron Mountain are located in the Upper Peninsula of Michigan, less than two hours north of Green Bay, Wis., and near BOSS Snowplow, MJ Electric, the headquarters of Systems Control, CCI Systems, Verso Paper Mill, WE Energies, and Warner Electric.
Hunter Hotel Advisors Announces Two Florida Hotel Sales
Hunter Hotel Advisors has announced the sale and recapitalization of the Hampton Inn & Suites Panama City Beach, Florida, Beachfront. Built in 2017 by Innisfree Hotels in partnership with Stonehill, this 182-suite hotel has an oceanfront location on the northern Florida Gulf Coast. Innisfree, who will continue to manage the hotel, retained an ownership stake in partnership with Wesley and Donna Spruill.
Hunter Hotel Advisors also completed the sale of the Hampton Inn in Gainesville, Florida. The buyer, a regional hotelier from Northeast Florida, paid $10.2 million for this 100-room property. The seller is a private-equity firm from California. The University of Florida is located nearby, and the hotel enjoys strong year-round occupancy thanks to corporate and medical travelers accessing the area.
HREC Arranges Sale of Two Mid-Atlantic Hotels
HREC Investment Advisors has arranged the sale and purchase financing of the 110-guestroom Hampton Inn & Suites in Hershey, Pa. The non-recourse acquisition loan was sized to 72.6 percent of the purchase price plus budgeted PIP cost and 71.5 percent of the property’s post-PIP value, and features a 10-year fixed rate of 4.35 percent and 30-year amortization.
HREC also arranged the sale of the 161-guestroom Comfort Inn & Suites BWI Airport in Baltimore, Maryland, representing the seller during the transaction. The property is located off of Interstate 695, and in close proximity to I-95, I-97, and the Baltimore Washington Parkway just 3.5 miles north of Baltimore-Washington International Airport (BWI), the busiest airport in the region.
Excel Group Acquires Courtyard by Marriott Springfield
Arlington, VA-based real estate investment firm Excel Group has acquired the 191-key Courtyard by Marriott Springfield in Springfield, Va., just 13 miles from downtown Washington, D.C., and near Fort Belvoir and the new 625,000-square-foot TSA headquarters slated to open in 2020. This purchase represents the seventh major transaction for Excel Group over the past twelve months, representing a total transaction volume of over $170 million.