NATIONAL REPORT—Hotel Business is tracking transactions. Lark Hotels, Cronheim Mortgage and Rockbridge recently made deals. Here are the details:
Lark Hotels Expands Collection With the Danforth
Lark Hotels has added The Danforth to its growing list of East Coast inns. The Danforth is Lark Hotels’ second property in Portland, ME. The inn will undergo a full renovation and redesign under Lark Hotels in 2020.
Cronheim Secures $25M for Multifamily and Hotel Construction
Cronheim Mortgage has arranged $25 million in three-year construction financing for a 48-unit multifamily project and 112-key Hampton Inn & Suites located in Watsonville, CA.
The subject consists of two separate projects. Blackbird Homes, a 48-unit multifamily project property, is located along the south line of Harkins Slough Rd. The improvements consist of four distinctive townhouse style unit types ranging in size from 1,350 sf to 2,002 sq. ft. in three-and four-bedroom layouts. Currently under construction, Blackbird Homes is expected to receive its certificate of occupancy in 2019.
Rockbridge Acquires Two Hotels in Knoxville, TN
Rockbridge acquired The Tennessean Hotel and the Holiday Inn Knoxville Downtown Hotel, both of which sit in prime locations in downtown Knoxville, TN. Aimbridge Hospitality will manage both hotels.
The Tennessean has 82 guestrooms and offers full-service dining in the Drawing Room Restaurant. Situated near the banks of the Tennessee River, guests have easy access to attractions in Knoxville, including a variety of historic landmarks, outdoor recreational activities, and an arts, theatre and culinary scene. Less than an hour drive from the Great Smoky Mountain National Park, Knoxville is also home to The University of Tennessee.
The 286-room Holiday Inn Knoxville Downtown will undergo a comprehensive renovation, which will touch almost every area of the property including guestrooms, lobby, meeting space, restaurant/lounge and exterior. The hotel is ideally located adjacent to the Knoxville Convention Center and within walking distance to many attractions, including the Knoxville Museum of Art, historic Market Square, and the University of Tennessee.