Hotel & Motel Management - February 18, 2008 - (Page 42)

42 Transactions H&MM February 18, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition ACQUISITIONS McMahon Family L.P. sold the 158-room Holiday Inn Oakland Park St. Louis Airport to SL Airport Hotel LLC, which plans to spend more than $1 million on renovations. Paramount Lodging Advisors arranged acquisition ﬁnancing for this transaction. Supertel Hospitality completed the previously announced agreement to purchase seven hotels in Kentucky from Musselman Hotels II LLC, and in other transactions acquired two additional hotels in South Dakota and one in Wisconsin. The combined purchase price of approximately $21.8 million was funded through borrowings from General Electric Capital Corp. and existing credit lines. Broughton Hospitality Group purchased the 55-room Orchid Inn at San Simeon (Calif.) from Sea Coast LLC. Strategic Hotels & Resorts closed on the previously announced agreement to sell the Hyatt Regency New Orleans to Poydras Properties Hotel Holdings Co. LLC. Strategic Hotels & Resorts sold the property for $32 million, composed of $23 million in cash, a $6-million, 10-percent interest-bearing promissory note due March 31, and a $3million noninterest-bearing promissory due in six years. Oak Lawn, Ill. Richﬁeld Hospitality was awarded the management contract for the Hilton Oak Lawn (Ill.). The management contract follows Richﬁeld’s successful effort to acquire the hotel on behalf of its investment group. Richﬁeld Hospitality identiﬁed the property through its market intelligence and assembled the investment group, Rich Oak Lawn Hotel LLC, to acquire the hotel. The 184-room hotel is located near Midway Airport outside of Chicago and features 20,000 square feet of conference space, a business center, a health club, an indoor pool and an award-winning restaurant. RICHFIELD HOSPITALITY The David Drye Co. sold the 77-unit MainStay Suites of Charlotte, N.C., to The Generation Cos. of Raleigh, N.C., for an undisclosed amount. The Mumford Co. represented the seller in the transaction. Compiled by Emily Hanna, ehanna@questex.com 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 http://HotelMotel.com http://www.HotelMotel.com/digital_edition http://www.hotelworldexpo.com http://www.hotelworldexpo.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - February 18, 2008

Hotel & Motel Management - February 18, 2008 Contents ALIS Attendees: Bumpy Road Ahead Denihan Expands with James Hotel Purchase AAA Updates its Diamond Rating Guidelines Perspective Letters to the Editor Legal FAQ Satisfaction Trends Sales Clinic HotelWorld Update Trends & Stats Locally Grown Food Gains Popularity Companies Cultivate International Ties Wireless Internet Access Opens Up Possibilities Ice Machine Care Improves Efficiency, Performance The Importance of F&B to Leisure Travelers Lamps/Lighting Transactions Events Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - February 18, 2008

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