 (1).png)
News:
Owners Developers & Managers
Posted: September 30, 2016
HFF closes sale of 104-unit TownePlace Suites in North Kingstown, R.I.
North Kingstown, RI Holliday Fenoglio Fowler, L.P. (HFF) closed the sale of the 104-suite TownePlace Suites Providence North Kingstown. HFF marketed the property on behalf of the seller, Waterford Development Corp and XSS Hotels, and procured the buyer. The hotel was sold unencumbered by management.
TownePlace Suites Providence North Kingstown - North Kingstown, RIThe TownePlace Suites Providence North Kingstown is located at 55 Gate Rd., 19 miles south of downtown Providence and 12 miles south of T.F. Green Airport within Quonset Business Park, which is home to nearly 200 companies, The Port of Davisville and Quonset State Airport. Completed in 2011, the Marriott-branded hotel features fully-equipped kitchens in each suite, complimentary high-speed internet access, complimentary breakfast, a sundry/convenience store, fitness center, heated indoor salt water pool, business center, BBQ/picnic area, guest laundry and complimentary shuttle service.
The HFF investment sales team representing the seller was led by managing director Denny Meikleham and director Alan Suzuki.
XSS Hotels is a vertically integrated hotel development company with expertise in site selection, permitting, project design, interior design, procurement and project management. Together with its management company affiliate and its construction affiliate, XSS Hotels has brought to life more than 3,000 keys throughout the Northeast. The XSS Hotels portfolio serves the full-service, boutique, upscale extended-stay, select service and upper midscale hotel segments that are licensed with Marriott International, Hilton Worldwide and Intercontinental Hotel Group.
Waterford Development has been active in site selection, permitting and development of hotels, multifamily and residential housing since its inception in 1995. The principals have partnered with XSS hotels in a series of hotel properties, as well as developing 1,200 multi-family apartments, the corporate headquarters for Sunovion Pharmaceuticals and master planned residential communities throughout New England.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
MORE FROM Owners Developers & Managers
Atlantic Property Management expands facilities maintenance platform: Assigned two new facility management contracts in RI
Boston, MA Atlantic Property Management (APM) has expanded its internal facilities maintenance and operations platform and has been assigned two new facility management contracts in Rhode Island. The properties will undergo redevelopment and repositioning
Quick Hits
 (1).png)
Columns and Thought Leadership
Unlocking value for commercial real estate: Solar solutions for a changing market - by Claire Broido Johnson
As the commercial real estate market continues to navigate the disruptive forces of rising vacancy rates and increasing operating costs, landlords are under pressure to find new levers to protect income and strengthen asset performance. Amid these challenges, onsite solar and battery storage – particularly when financed through third-party ownership models – are emerging not just as environmental upgrades, but as powerful financial strategies.
New Quonset pier supports small businesses and economic growth - by Steven J. King
Quonset recently celebrated a milestone nearly 70 years in the making when federal, state, and local leaders joined us for the ribbon cutting of the new Terminal 5 Pier and Blue Economy Support Docks at the Port of Davisville.
Tenant Estoppel certificates: Navigating risks, responses and leverage - by Laura Kaplan
When it comes to the sale or financing of real property, tenant estoppel certificates are not just formalities – they are crucial documents that confirm the status of existing leases. Tenant estoppel certificates offer prospective buyers and lenders necessary assurance regarding the property’s financials and any
Connecticut’s Transfer Act will expire in 2026. What should property owners do now? - by Samuel Haydock
A major shift in Connecticut’s environmental law is on the horizon: the state’s Transfer Act will expire next year, ushering in a new cleanup program with broader applicability and new triggers.