Hotel & Motel Management - February 4, 2008 - (Page 48)

48 Transactions H&MM February 4, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition hotel is owned and managed by Cooper Hotels under franchise from Hilton Hotels Corp. Starwood Hotels & Resorts Worldwide plans to open a W Hotel in the Foshay Tower in Minneapolis in late 2008. The 229-room W MinneapolisThe Foshay will be owned by Foshay Hotel LLC. The Sheraton Hotel at Regent Pointe in Stockton, Calif., opened in December. Regent Hotel LLC owns the 178-room hotel. INTERCONTINENTAL HOTELS GROUP Hollywood, Fla. The 311-room Crowne Plaza Hollywood Beach Resort now is open. The property is owned by MHI/Carlyle Sian Lessee I LLC and managed by MHI Hotel Services. The hotel offers 10,000 square feet of meeting space, with seven meeting rooms available, and it has access to beaches, shops and the Hollywood Boardwalk. The hotel also offers an inﬁnity-edge outdoor pool with tiki bar, a ﬁtness center, a business center, and indoor and outdoor dining at Elements Bistro. ACQUISITIONS The Amstar Group, Sage Hospitality Resources and Inland Paciﬁc Cos. announced the purchase of the 369-room Westin Westminster (Colo.) hotel. The full-service hotel will remain a Westin and will be managed by Sage Hospitality. FelCor Lodging Trust acquired two upper-upscale destination resorts from entities owned by afﬁliates of Walton Street Capital, Rockpoint Group and SCS Advisors. The resorts, the Renaissance Vinoy Resort & Golf Club in St. Petersburg, Fla., and the Renaissance Esmerelda Resort & Spa in Indian Wells, Calif., were purchased for $225 million. Coastal Investors LLC, an afﬁliate of Coastal Hotel Group, acquired the Portland, Ore., Hotel Fifty, previously the Four Points by Sheraton. The hotel will be a ﬂagship property for the company and is its ﬁrst ownership stake in a property. The 140-guestroom hotel will undergo a $7-million renovation project. transaction is expected to be earnings neutral to Ashford. The Mumford Co. represented Bay Woods Lodging LLC in the sale of the Hampton Inn of New Albany, Ind., to New Albany Hotels LLC. The Mumford Co. represented Accor North America in the sale of the Motel 6 in Amarillo, Texas, to Paramount Hospitality LP. ﬁnance the acquisition of the 92-room Comfort Suites in Redmond, Ore. The property will receive about $800,000 in improvements in conjunction with the acquisition. The sponsor is Vesta Hospitality. On behalf of Crescent Real Estate Equities, Holliday Fenoglio Fowler LP arranged a $114.4-million, nonrecourse construction loan for The Tower Residences at the Ritz-Carlton in Dallas. This is the second phase of The Ritz-Carlton luxury hotel and condominium development, which is set for completion in 2009. Warnick & Co. arranged equity ﬁnancing for the new 250-room Ritz-Carlton golf and spa resort that currently is under construction at Dove Mountain in Tucson, Ariz. The resort, scheduled to open in late 2009, will be the largest branded resort and residential community managed by The Ritz-Carlton Hotel Co. Premier Capital Associates LLC arranged and closed two acquisition ﬁnancing transactions totaling $14.6 million for Kenner Hotel Associates LP. The properties, a 122-unit Hilton Garden Inn and a 106-unit Fairﬁeld Inn, are located in Kenner, La. Plaza was rebranded as hotel 480 in December in conjunction with Marriott International assuming management of the property. Marriott International opened an 84-room Fairﬁeld Inn & Suites by Marriott in Toledo, Ohio, in December. The Fairﬁeld Inn & Suites Toledo North will operate as a Marriott franchise and is owned and managed by Key Hotels and Property Management. Marriott International opened an 81-suite TownePlace Suites by Marriott in Yuma, Ariz., in December. The property will operate as a Marriott franchise, owned by Paul Welker and Brian Welker and managed by the Sunridge Hotel Group of Mesa, Ariz. The Fairﬁeld Inn & Suites by Marriott in Augusta, Maine, is open. The 81-room property is operated by Maine Course Hospitality Group. GROUNDBREAKINGS Hotel Equities broke ground for its 20th hotel, a Courtyard by Marriott, in Atlanta. The four-story, 110-room hotel is expected to open late this year. On behalf of University Park Phase II Limited Partnership, Jones Lang LaSalle Hotels sold the Hotel @ MIT in Cambridge, Mass., to HEI Cambridge LLC, an afﬁliate of HEI Hotels & Resorts. Molinaro Koger facilitated the sale of the Marriott Hotel BWI Airport in Baltimore on behalf of Ashford Hospitality Trust. Hibernia Worldwide Hotels BV, a joint venture between Bank of Scotland and Capital Hotel Group, acquired the 309-room property. The hotel will retain the Marriott ﬂag and will be managed by Marriott under a long-term agreement. MANAGEMENT Graves World Hospitality will manage the new Hotel Indigo Brooklyn (N.Y.). The 164-room property is owned by V3 Hotels, and is scheduled to open in early 2010. BDK Associates of Newport News, Va., named Hotel Equities as the management company for the new SpringHill Suites by Marriott hotel in Lake Charles, La. The hotel is expected to open in late 2008. A 59-room Country Inn & Suites by Carlson opened in Valparaiso, Ind., in December. In December, Marriott International opened a 124suite Residence Inn by Marriott in Tucson, Ariz. The Residence Inn Tucson Airport will operate as a Marriott franchise, owned by Western International and managed by Texas Western Hospitality Management of Dallas. A 147-suite Embassy Suites hotel opened in TampaBrandon, Fla., marking the 18th Embassy Suites in Florida. The property is owned by Whiteco Industries and operated by White Lodging. On behalf of a joint venture between Driftwood Hospitality and Lehman Brothers, Molinaro Koger facilitated the sale of the Courtyard by Marriott Hotel Richmond International Airport in Sandston, Va. Inland American Winston Hotels acquired the 142-room hotel. Ashford Hospitality Trust restructured two of its joint ventures with Hilton Hotels Corp., resulting in Ashford receiving full ownership in nine hotels and Hilton receiving full ownership in two hotels. The FINANCING AFC Hotel Finance Group secured $33.5 million in ﬁnancing for ﬁve hotels: the Fairﬁeld Inn in Fayetteville, N.C.; the Hampton Inn Bessemer (Ala.); the Best Western Cary (N.C.) Inn & Extended Stay Suites; the Holiday Inn Express Hotel & Suites in Anderson, S.C.; and the Holiday Inn Express Yankton (S.D.). RockBridge Capital LLC closed on a $7.8-milion ﬁrst mortgage investment to Interstate Hotels & Resorts will manage two Courtyard by Marriott hotels, a 98-room hotel in Westborough, Mass., and a 121-unit property in Orange, Conn. The hotels are owned by FFC Capital Corp. Compiled by Emily Hanna, ehanna@questex.com OPENINGS The Ritz-Carlton, Westchester in White Plains, N.Y., opened in December. The property includes a 118-room hotel, exclusive residences, a spa and BLT Steak restaurant. FelCor Lodging Trust announced the opening of hotel 480 in San Francisco’s Union Square. The former Crowne 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. SEND US YOUR The Embassy Suites DetroitMetro Airport celebrated its grand opening on Jan. 1, becoming the ﬁrst Hilton family hotel of 2008. The 151-suite http://www.HotelMotel.com http://www.HotelMotel.com/digital_edition

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Hotel & Motel Management - February 4, 2008 Contents Murray, Keltner to Keynote Atlanta Event ABVI Approves Per-room Fee Hike Growth, Guest Loyalty on Lexington’s Plate Perspective Legally Speaking AAHOA Update Marketing Matters Consultant’s Corner On Finance Training Trends HotelWorld Update Trends & Stats Outdoor Furniture Limited-service-hotel-chain Report Energy-management System Provides Link to Savings Upgraded Bedding Program Cost Comes Due Less Hot Water Equals Less-costly Bills Events Learn to Take Advantage of Lower Insurance Costs Brokers Will Remain Unscathed in 2008 Transactions Ad/Edit Index Marketplace Classifieds Checking Out

Hotel & Motel Management - February 4, 2008

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