Hotel & Motel Management - January 7, 2008 - (Page 32) 32 Transactions H&MM January 7, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition Bossier City, La. The grand opening of the first Budgetel hotel occurred Nov. 7 in Bossier City, La., a suburb of Shreveport. The opening of the 114-room hotel was celebrated by [from left] Rickey Patel, son of partner Dennis Patel; Rita and Andy Desai, franchisees; Randy Evanchyk, Budgetel executive v.p.; Kishan Desai, the franchisees’ son; Pina and Mickey Bhakta, partners; and Dennis Patel. Budgetel Chairman Mike Patel also attended the event. BUDGETEL as managing director, while Carroll, the founder of Lazer Lodging, will serve as president. Within the first 12 months of its formation, DTZ Hospitality Group, a full-service, global investment sales and advisory team in the hotel and leisureservices industries, executed more than $1 billion in transactions, with more than $6 billion in active assignments under way. Richfield Hospitality was awarded the management contract for the Doubletree Hotel in South Burlington, Vt. The management contract follows Richfield Hospitality’s successful effort to acquire the hotel on behalf of Rich Burlington Hotel LLC. Davidson Hotel Co. will manage the 56-room, 10-story Hilton Pompano Beach (Fla.) Resort, which is scheduled to break ground this month. The project comprises two newbuild properties: the Hilton and a second unnamed 317-room hotel with an accompanying marina. The project, owned by Ocean Land Investments, should be completed by 2010. Interstate Hotels & Resorts signed management agreements with affiliates of Inland American Lodging Corp. for nine hotels, including Courtyard by Marriott properties in Westchase (Houston); West University (Houston); Fort Worth West Lands End (Dallas); and Harlingen, Texas; and Residence Inn by Marriott hotels in West University (Houston); Park Central (Dallas); Dallas Fort Worth Airport North; Brownsville, Texas; and Williams Centre (Tucson, Ariz.). Compiled by Emily Hanna, ehanna@questex.com OPENINGS Marriott International opened a 120-suite SpringHill Suites by Marriott in Louisville, Ky. The hotel is owned by Emerald Hospitality LLC and managed by Commonwealth Hotels. Splash Universe Water Park Resorts opened a $25million, year-round waterpark resort in Shipshewana, Ind. The 154-room resort, which is operated and managed by Focus Hospitality Services LLC, opened in October, along with the adjacent Shipshewana Town Center and Hostetler’s Hudson Auto Museum. Wyndham Hotels and Resorts opened the 282-room Wyndham DFW Airport North hotel in Irving, Texas. The $13million guestroom and exterior renovation of the Holiday Inn Select into an upscale, fullservice hotel is nearly complete. A 57-room Microtel Inn & Suites opened in Morgantown, W. Va., in December. Wilfong Hospitality LLC owns the hotel and Sky Hospitality LLC manages the hotel. A 61-room AmericInn Lodge & Suites opened in Waconia, Minn. The property is owned by Waconia Mill IV and managed by Three Rivers Hospitality LLC. An 89-room Country Inn & Suites by Carlson opened in Dover, Del., in November. Shalin Patel owns the hotel. A four-story, 55,000-squarefoot Residence Inn by Marriott opened in Sebring, Fla., in November. A central Florida builder, D&D Construction Services of Orlando, broke a construction-time record for Marriott International by building it in 363 days. ZMC Hotels owns the hotel. In November, a 100-room Country Inn & Suites by Carlson opened in Pineville, La. H.L. & H. Holding Co. owns the hotel. The Sheraton Kansas City (Mo.) Sports Complex Hotel, a 374-room hotel across from the Truman Sports Complex, opened in November. The hotel, owned by Sage Hospitality, underwent a $22-million renovation as part of its conversion from a Clarion hotel. Hampton opened nine properties in October, encompassing 1,039 rooms. The openings were two Hampton Inn hotels and seven Hampton Inn & Suites properties, all of which are franchised, new-build hotels. The Hampton Inn openings were in Omaha/West, Neb., and Syracuse/Clay, N.Y. Hampton Inn & Suites hotels opened in Altus, Okla.; Columbus, Ohio; Rohnert Park/Sonoma County, Calif.; Dulles, Va.; Rogers, Minn.; Davenport, Iowa; and Brier Creek, N.C. conjunction with the acquisition. The sponsor is Vesta Hospitality in Vancouver, Wash. The San Diego office of Holliday Fenoglio Fowler LP arranged $66 million in financing for the redevelopment of the 202-suite Atrium Suites Hotel into a luxury boutique hotel in Las Vegas. Working exclusively on behalf of Financial Capital Investment Co. and Asia Pacific Capital Co., HFF placed a threeyear, adjustable-rate loan with Lehman Brothers. Financing proceeds are being used to acquire, renovate and reposition the property as the Paradise Boutique Hotel. Premier Capital Associates LLC arranged and closed a $44-million refinancing for the 335-unit upscale Yosemite View Lodge and a $16-million refinancing on the 209-unit Cedar Lodge, both near Yosemite National Park, Calif. AFC Hotel Finance Group arranged $19 million in financing for Ascension Hotels, the owner of Crowne Plaza Hotel-Tulsa (Okla.). The 453-room hotel underwent renovations in 2007. GROUNDBREAKINGS Turner Construction Co. broke ground on the new $47-million, 226,627-square-foot Overton Hotel and Conference Center in Lubbock, Texas. The design/ build project is a joint venture between Turner Construction and Lee Lewis Construction. The project is a public/private partnership between the city of Lubbock, Garfield Traub Development and 1859 Historic Hotels Ltd., which will operate the hotel and conference center. Cobblestone Hotel Group LLC plans to break ground on a new Cobblestone Inn and Suites in Brillion, Wis., in January, with an anticipated opening of summer 2008. The Cobblestone in Brillion, developed by WHG Cos. LLC, joins the newconstruction brand’s first two properties under construction in Clintonville and Evansville, Wis. A 139-room, 11-story Hotel Indigo opened in Nashville. The conversion is the first Hotel Indigo to open in Tennessee and InterContinental Hotels Group’s 10th Hotel Indigo property. 1719 West End Holdings LLC owns the hotel and Wesley Hotels & Resorts manages it. Starwood Hotels & Resorts Worldwide plans to open Le Meridien Hotels in Philadelphia and Cambridge, Mass. Le Meridien Philadelphia is an adaptive reuse project that is scheduled to be completed in 2009, and Le Meridien Cambridge will be converted from the Hotel @ MIT. Both will be owned and operated by HEI Hotels & Resorts. This will bring the number of Le Meridien hotels in the U.S. to five and 119 worldwide. FINANCING WexTrust Capital LLC, a globally diversified private equity and specialty finance company, formed a new hotel and resort subsidiary, Axela Hospitality LLC. WexTrust Capital appointed hotel veteran Elmer Coppoolse as c.e.o. RockBridge Capital LLC closed on a $7.8-million first mortgage investment to finance the acquisition of the 92-room Comfort Suites in Redmond, Ore. The property, which opened in 2002, will see $800,000 in improvements in MANAGEMENT Atlanta-based Hotel Equities added a management contract for the 124-room Comfort InnNewport News (Va.). Richard Pastorino and Randall Carroll consolidated their respective companies, REVPAR International and Lazer Lodging into a new, full-service hotel asset management and advisory firm that will operate under the REVPAR International name. Pastorino, who founded the original REVPAR International in 1992, will serve Transactions Want your deal to be listed in transactions? Please include the following items: the property or properties involved; the buyer(s); the seller(s); and the purchase price if applicable. Send releases to Emily Hanna, associate editor, at ehanna@questex.com. 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