Hotel & Motel Management - March 17, 2008 - (Page 58) 58 Transactions H&MM March 17, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition Greensboro, N.C. RockBridge Capital LLC closed a $20.5-million first mortgage investment to finance the acquisition of the 175-room Doubletree Hotel in Greensboro, N.C. The sponsor is Milestone Hotel Partners of Boca Raton, Fla., which owns and manages 14 full- and limited-service hotels. The property re-opened in October after a $16.5-million renovation of guestrooms, guest bathrooms, lobby, meeting space, restaurant, fitness center, pool and all other public space. The renovation also included a roof replacement, the renovation of exterior walls and the replacement of all mechanical systems and the building’s plumbing. Torgerson Properties opened the 115-room Courtyard by Marriott Maple Grove/Arbor Lakes (Minn.) in January. FINANCING On behalf of United Capital Corp., Jones Lang LaSalle Hotels arranged a $7.5million, 10-year fixed-rate loan to recapitalize the recently renovated Wellesley Inn Atlanta Airport. Jones Lang LaSalle Hotels will provide Thor Equities with investment advisory and asset management services on the Palmer House Hilton in downtown Chicago. Thor is nearing completion on a $150million renovation, restoration and repositioning of the 1,640room property. Pacifica Capital & Brokerage arranged construction and permanent financing for the 100-room Comfort Suites currently under development in Ontario, Calif. Pacifica arranged the deal through an East Coast financial institution. ROCKBRIDGE CAPITAL ACQUISITIONS Ashford Hospitality Trust completed the previously disclosed sale of the JW Marriott New Orleans for $67.5 million in cash and assumed debt. behalf of the seller, an affiliate of The Blackstone Group LP. RMC National Interests purchased the hotel for an undisclosed amount. A Tulsa-based developer sold the 102-room Hampton Inn & Suites Tulsa South-Bixby (Okla.) to an affiliate of the Apple REIT Cos. for an undisclosed amount. Neptune Hospitality Advisors arranged the sale. Pioneer Realty & Investments of Artesia, Calif., arranged the sale of the 96-unit Residence Inn of Toledo, Ohio, to Ajam. The property will become a Studio 6 extended-stay hotel. Suites opened in North Charleston, S.C., in December. The hotel is owned by Maitri Group LLC and managed by EPH Management & Development. A Red Roof Inn in Montgomery, Ala., opened in January. Montgomery Ventures LLC owns the property. The Kalahari Resort in Sandusky, Ohio, became the nation’s largest waterpark with the opening of its additional 93,000-square-foot expansion. The park previously was 80,000 square feet. Kalahari Resorts owns the property. Choice Hotels International opened 36 franchised properties in December, including hotels in 19 states and territories and five countries. The 114-suite SpringHill Suites by Marriott opened in Norfolk, Va., in January. The Springhill Suites Old Dominion University Village is owned by BBL and managed by Ocean Hospitalities. The eight-story, 226-suite Embassy Suites East Peoria (Ill.) Hotel & Conference Center opened in January. Peoria’s first full-service hotel in more than 50 years is owned by John Q. Hammons and is managed by John Q. Hammons Hotels & Resorts. A newly constructed 99-room Wingate by Wyndham hotel in Henderson, Nev., held its grand opening in January. The property is owned by Steve Sparks. Key West Inns opened The Suites at Key Largo (Fla.), a 40-room property owned by Supertel Hospitality. NYLO Hotels opened its first property, NYLO Plano at Legacy in North Dallas, Texas. JHM Hotels opened the 130suite SpringHill Suites at the Orlando International Airport in January. Accor North America sold the 67-room Motel 6 in Augusta, Maine, to a New Jersey-based owner and operator, who will retain the property as a Motel 6 under franchise agreement with Accor. Optimum Hotel Brokerage closed the sale. The Miami and Houston offices of Holliday Fenoglio Fowler LP closed the sale of and financing for the 302-room Marriott Houston West Loop. HFF marketed the property on GROUNDBREAKINGS NYLO Hotels will break ground in early 2008 for its second property, a five-story, 200-room hotel in Irving, Texas. OPENINGS A 60-room Sleep Inn and MANAGEMENT Interstate Hotels & Resorts signed agreements to manage four hotels: the Bourbon Orleans in New Orleans, owned by MCC Group; the Courtyard by Marriott Westborough (Mass.) and the Courtyard by Marriott Orange (Conn.), owned by FFC Capital Corp.; and the Regency House Hotel Suites in Pompton Plains, N.J., owned by Roger and Mash Sopariwala of Balaji. Compiled by Emily Hanna, ehanna@questex.com The Red Roof Inn Brattleboro (Vt.) opened in January. The Nanak Hotel Group owns the 98-room hotel. Hampton, including Hampton Inn and Hampton Inn & Suites hotels, opened 13 properties in December, representing 1,274 new rooms. All openings were franchised, newly constructed hotels. CIRCLE NO. 135 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.kenyonappliances.com http://www.kenyonappliances.com
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