Chesapeake Lodging Trust has reached a deal to acquire the 430-room Boston Marriott Newton located in Newton, Mass., for $77.25 million.
The Annapolis-based company expects to close the transaction within the next 30 days and find a third-party manager to operate the hotel under its current name.
Chesapeake Lodging has been looking for deals in the Boston market because of what CEO James L. Francis says is limited new lodging supply, among other factors. It acquired the Hyatt Regency Boston in March.
The Boston Marriott Newton is a full-service, upscale property on 11.5 acres of scenic riverfront land along the Charles River. Chesapeake Lodging Trust went public in January.
Jenkins Cannery Complex escaping wrecking ball
A historic building in Frederick is being spared from becoming a parking lot.
Frederick officials say the city’s parking needs can be satisfied with a smaller parking deck than one previously planned, allowing the Jenkins Cannery Complex to remain intact.
The old food processing warehouse was built in the 1890s and was slated for demolition to make way for the lot. The building is now used by the National Park Service as its historic preservation training center. The park service rents the building for $24,000 a year.
Major interior and exterior renovations are planned for the site. The park service and the General Services Administration have already spent $1.6 million restoring the building.
Forrester Construction to restore D.C. War Memorial
Forrester Construction Co. of Rockville has been awarded the restoration of the D.C. War Memorial in Washington. Construction will begin in August and is expected to be completed by March 2011.
The project involves a comprehensive restoration and cleaning of the memorial, the installation of new drainage systems for the monument, electrical upgrades, new blue stone walkways, and modifications and additions to the existing landscape.
The D.C. War Memorial was built in 1931 and commemorates the citizens of the District of Columbia who served in World War I. It stands in a grove of trees in West Potomac Park, slightly off of Independence Avenue.
Bethesda hotel REIT secures $105M for acquisitions
Pebblebrook Hotel Trust has obtained a $105 million senior secured credit facility, which executives say the Bethesda firm will use to underwrite acquisitions.
Banc of America Securities LLC and Wells Fargo Securities LLC were the joint lead arrangers. The credit facility also includes Credit Agricole Corporate and Investment Bank; Raymond James Bank, FSB; Royal Bank of Canada; and Chevy Chase Bank.
Pebblebrook acquired the Sir Francis Drake Hotel in San Francisco in May for $90 million.
Rubeling & Associates partner named president of Greater Towson Committee
John DiMenna, a senior vice president and partner with Rubeling & Associates, a Towson-based architecture and interior design firm, has been named president of the Greater Towson Committee.
His term runs until June 30, 2011. The GTC is a volunteer-driven advocacy group that provides developers and urban-oriented professionals in the area with information and advisory support.
DiMenna said his efforts will be focused on encouraging Baltimore County to support the findings of the Urban Design Assistance Team and Walkability Study. The Urban Design Assistance Team is the organization responsible for creating the design plan for Towson, while the Walkability Study helped create the streetscape program.
This Week in Leases
- Hanna Paper Recycling (Mid Atlantic) Inc., a paper recycling company, renewed a lease for 58,825 square feet at 8840 Greenwood Place in Savage. Cassidy Turley’s Michael Bosica represented Hanna Paper. Matt Ryan and Tom Whelan from Ryan Commercial LLC represented the landlord.
- The Pasha Group, an international transportation and logistics firm based in Corte Madera, Calif., signed a lease for 68,300 square feet of warehouse and distribution space in Dundalk. The company also inked a deal with the Port of Baltimore for half an acre of land adjacent to the building, located at 6200 Beckley St. Scott Manhoff, senior vice president, and Douglas Kaufman, senior associate at Grubb & Ellis, facilitated the transaction, which represents a relocation for The Pasha Group from 1671 S. Highland Ave.
- Integrated BioTherapeutics has signed a multiyear lease for 10,500 square feet of laboratory and office space in Gaithersburg. The company, which conducts research on infectious disease, biodefense and vaccines, has been headquartered in Germantown. The new location in the Gaithersburg Accelerator building will allow expansion. Scheer Partners, a Rockville-based provider of commercial real estate services for the health sciences industry in the Baltimore-Washington corridor, represented IBT. The city of Gaithersburg is offering more than $6 million in lab-related renovations at the office building, located at 21 Firstfield Road. Other tenants include Zyngenia in the 53,000-square-foot research building.