Monday, June 19, 2017

Continental Partners Secures $20.5 Million in Financing for Sheraton Grove Hotel Near Disneyland

Sheraton Garden Grove-Anaheim South Hotel, Garden Grove, CA

Mitch Paskover
GARDEN GROVE, Calif. (June 19, 2017) – Commercial real estate investment banking firm Continental Partners has secured $20.5 million in fixed-rate, non-recourse refinancing for the Sheraton Garden Grove-Anaheim South Hotel, a 285-room hotel near the Disneyland theme park. 

The financing was arranged by Continental Partners President Mitch Paskover.

“The Orange County hotel sector is experiencing remarkable growth and outperforming other U.S. markets,” notes Paskover. “Driven by a thriving tourism industry, the region’s hotel market continues to demonstrate annual RevPAR growth and occupancy rates that are above national averages. 

"Based on these fundamentals, there is strong investment activity and sustained lender appetite for quality hotels with high average daily rates throughout Orange County.”

According to a report by CBRE, average daily rates in the Orange County market are projected to increase 3.5 percent in 2017. Market occupancies average 77 percent, far outpacing the national average of 65.4 percent.

Fairfield Inn & Suites Harrisburg Goes Airborne at Groundbreaking in Pennsylvania

Tim Edwards
Harrisburg, PA, June 19, 2017— Officials of Shaner Hotels, an award winning, international hotel owner, operator and developer, today announced the groundbreaking of the 120-room Fairfield Inn & Suites Harrisburg.

 Located at the Harrisburg International Airport (HIA) Airport, the four-story hotel is owned by Shaner Hotels on land leased from the Susquehanna Area Regional Airport Authority (SARAA), a joint-municipal authority that operates four regional airports.

 The property will be managed by Shaner and was financed by Kish Bank based in State College, Pa.

                “The Fairfield Inn & Suites Harrisburg provides an important component for HIA’s continued growth as the first hotel to be located adjacent to the airport,” said Timothy Edwards, HIA executive director.

 “Currently, the closest hotel is approximately seven miles away, which can prove inconvenient for arriving and departing travelers.  We did considerable research regarding demand for a hotel, the proper segment and an operator with knowledge of the market and an excellent reputation.  We believe this property will enhance the airport’s capabilities and stimulate further growth in the area.”

Lance Shaner
“With our headquarters in State College, this hotel really is part of our extended hometown, an area in which we have operated for more than two decades,” added Lance Shaner, chairman and CEO. 

 “In addition to being literally connected to the airport terminals via walkway, the hotel will be the first Marriott-branded hotel near the airport, which we expect to stimulate additional demand.  

"This marks our fourth property in Central Pa., with an additional project slated to commence in Mechanicsburg in the near future.  We look forward to being good neighbors and active members of the community for years to come.”

                Located adjacent to the Harrisburg International Airport (HIA), the site is just steps from the Middletown business community and Penn State Harrisburg Campus. 

The proposed property will feature such amenities as on-site laundry, fitness room, business center and 1,600 square feet of meeting space.  As with all Fairfield Inn & Suites, guests will enjoy a daily, complimentary breakfast, as well as a lobby lounge and full-service bar that offers a wide array of drinks and small bites food menu. 

 For a complete copy of the company’s news release, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553

Renovations at Renaissance Square in Downtown Phoenix, AZ Attract Cantor Law Group

                            Renaissance Square, Downtown Phoenix, AZ

John Pierson
PHOENIX, AZ– Bolstered by new ownership and a $50 million renovation plan for Renaissance Square, the Phoenix office of JLL has completed a 24,233-square-foot lease that will relocate Cantor Law Group from its current offices at CityScape to new space at the “Two Ren” building, located at 40 N. Central Ave., within the two-building Renaissance Square in the heart of downtown Phoenix.

JLL Managing Director John Pierson, Vice President Trevor Pratt and Associate Jenna Borcherding represented Cantor Law Group in its site selection and lease negotiations.

Bill Blake of Lee & Associates represented the property owner, a venture between Cypress Office Properties LLC and funds managed by Oaktree Capital Management LP.

Renaissance Square totals nearly 970,000 square feet in two, Class A office towers bounded by West Adams Street, West Washington Street, Central Avenue and First Avenue.

“Plans to modernize and renovate Renaissance Square were critical in Cantor’s decision to relocate,” said Pierson. “The law firm’s new space will be designed in a way that improves efficiency and functionality, and allows for the future growth of the firm – without giving up the amenities of downtown Phoenix that help to attract and retain top talent.”

JLL’s Project Development and Services (PDS) Group will manage all tenant improvement consulting and construction management for Cantor Law Group.

“We are very excited to relocate to Two Ren,” said Cantor Law Group Owner, David Michael Cantor. “Our lawyers emphasize criminal law, family law and personal injury as our primary practice areas. Most of our attorneys are in court on a daily basis, and Two Ren is within walking distance of 140 courtrooms located in downtown Phoenix. It is a perfect location.”

Trevor Pratt
“Securing Cantor Law Group demonstrates the rebirth of Renaissance Square and our commitment to creating a leading-edge business environment in the downtown Phoenix office market,” said Cypress principal Ron Lack.

“The renovations now underway, together with the addition of several on-site project amenities, should be well received by the tenant community as we work to modernize and stabilize this classic property.”

In April, Cypress and Oaktree initiated a $10 million, Phase I renovation at Renaissance Square that will include upgrades to building lobbies, elevators and restrooms, as well as the construction of a new 7,000-square-foot multi-purpose conference facility and Class A, move-in-ready office suites.

 The Phase I improvements are part of a $50 million renovation to the LEED Gold Certified buildings that will differentiate “One Ren” and “Two Ren” with amenities that appeal to high-tech and contemporary, Class A office users.

 This includes updates to the 21,000-square-foot on-site, full-service gym and the addition of new retail amenities. It also includes converting two existing tennis courts located on the site into a 15,000-square-foot outdoor tenant amenity that will include meeting and collaboration areas, zen gardens, games, amphitheatre, and food/bar catering facilities.

Jenna Borcherding

Current tenants at Renaissance Square include Quarles & Brady, Jones, Skelton & Hochuli, Bryan Cave, Gammage & Burnham, Ernst & Young, Gabriel Partners and the U.S. Attorney General. Last month, San Francisco-based financial tech firm Upgrade Inc. also committed to a 38,000-square-foot lease spanning two full floors at the “One Ren” building.

Cantor Law Group will relocate to Renaissance Square in May 2018.

For a complete copy of the company’s news release, please contact:

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195