Hotel & Motel Management - July 21, 2008 - (Page 32)

32 Transactions H&MM July 21, 2008 | HotelMotel.com www.HotelMotel.com/digital_edition Palm Springs, Calif. RockBridge Partners, an afﬁliate of RockBridge Capital LLC, and Davidson Hotel Co. jointly acquired the 194-room Hyatt Regency Suites in Palm Springs, Calif., from PSH Holdings, for an undisclosed amount. Davidson commenced management of the property June 1 and will coordinate a $18.5-million renovation, scheduled to begin next summer. Guestrooms will be fully refurbished with the Hyatt Grand Bedding package and ﬂat-screen televisions. The lobby, atrium, restaurant and lounge will be re-concepted, and a new spa and ﬁtness center will be developed next to the pool area. The meeting space and exterior public spaces also will be redeveloped. Marriott International recently opened the 150-suite SpringHill Suites by Marriott in Bossier City, La. The SpringHill Suites Shreveport-Bossier City/Louisiana Downs is owned and managed by LAD Hotel Properties LLC. historic location, formerly the site of Seattle’s ﬁrst hotel, was transformed by AEW Capital Management and Stonebridge Cos. into a modern-era design. Maine Course Hospitality Group opened the ﬁrst Homewood Suites by Hilton in Maine in Scarborough. The Mumford Co. represented Rivermont Inn LLC’s interests in the sale of the 117-room Ramada Downtown North of Louisville, Ky., to Quadrant Hospitality LLC for an undisclosed price. Baird/SHO sold the Hyatt Century Plaza in Los Angeles for $366.5 million and intends to deploy some proceeds through a tender offer for common shares. Next Century Associates, a joint venture with an entity in the D. E. Shaw group, purchased the 19-story hotel from Sunstone Hotel Investors. The Mumford Co. advised Musselman Hotels in the recent disposition of the Days Inn of Pikeville, Ky. The property was transferred to Pikeville College after determining that the highest and best use of the facility was student housing. This was the third hotel transaction handled by Mumford Co. for Musselman Hotels. The Mumford Co. was involved in the completed sale of the Econo Lodge of Pooler, Ga. Mumford’s Atlanta ofﬁce represented the seller in structuring the transaction of this 117-room property. The seller, a single-asset owner from the Midwest, sold the property to return proceeds to investors. HotelBrokerOne sold the 120-room Ramada Inn in Altus, Okla., for $1.38 million to Shree Swaminarayan Corp. Pioneer Realty & Investments arranged the sale of the 122-unit Comfort Inn and 78-unit Holiday Inn Express, both in Marion, Ill., to Ajam. Compiled by Elaine Simon, esimon@questex.com The 206-room Courtyard by Marriott in Atlantic City, N.J., has opened. It is owned and managed by Island Hospitality of Palm Beach, Fla. Marriott International opened the 65-room Fairﬁeld Inn & Suites by Marriott in Richﬁeld, Utah. The hotel is owned and managed by Mark and Carla Greenwood. W Atlanta-Midtown celebrates its grand opening. The property is owned and developed by Noble Investment Group in a joint venture with AEW Capital Management. Starwood Hotels & Resorts Worldwide opened The Joule, A Luxury Collection Hotel, in downtown Dallas. The Joule was developed by Juno Development. OPENINGS Marriott International opened the 116-room Fairﬁeld Inn & Suites by Marriott in Baltimore on May 1. The property is owned and managed by Skye Hospitality of Baltimore. Best Western International’s boutique property, The Hotel California in San Francisco, celebrated the grand opening of its newly renovated hotel. The 96-year-old building features 82 guestrooms. After a $9-million renovation, the Homewood Suites Convention Center/Pike Street in Seattle now welcomes guests to the hotel. This FINANCING The Plasencia Group was retained as the investment advisor on two luxury resort transactions. TPG is engaged in securing acquisition ﬁnancing for Ladera Resort in St. Lucia, West Indies, to encompass the resort, its restaurant and bar, full-service spa, adjacent mountainside residence and expansion land. The company also is advising on the disposition of the St. Regis Resort, Fort Lauderdale, Fla. Carlton Advisory Services has been engaged exclusively as the equity and debt advisor to secure about $100 million of acquisition and predevelopment bridge ﬁnancing for a mixeduse development project called The Proscenium in Sarasota, Fla. Carlton also will be responsible for identifying joint venture equity partners and construction ﬁnancing subsequent to the initial predevelopment ﬁnancing. Pioneer Money Corp. arranged ﬁnancing to acquire the 122-unit Comfort Inn, Marion, Ill. “We are excited to be building a new property and joining the Settle Inn family. The fairness of the franchise agreement is what clinched it for us: when a franchisor says that ‘the franchisee has to make money FIRST in order for the franchise to be successful,’ then we know this is something we can put our names on. We also love the fact that Settle Inn is led by seasoned industry professionals whom we have known and trusted for 20 years.” – Kelly & Tammy Wise Owners– Settle Inn & Suites Harlan, Iowa in the industry protection package With Settle Inn or GuestHouse International you get a smart experienced franchise partner, an award winning franchise agreement, and some of the lowest franchise fees in the industry. All this adds up to freedom from long-term contracts, the ﬂexibility to avoid costly amenity creep, and the power to stand up to the strongest of competitors. Plus, unlike most other brands, Settle Inn and GuestHouse still have access to many of the best markets in America. To learn more contact: of Franchise Sales and Development terry@settleinn.com (605) 725-5302 W W W. F R I E N D LY F R A N C H I S I N G . C O M 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 Elaine Simon at esimon@questex.com. SEND US YOUR ACQUISITIONS The Mumford Co. represented Mountain Valley Associates in the sale of the Rodeway Inn of Roanoke, Va., to Star City Lodging LLC. The purchaser, a regional multiunit owner and operator, plans to update and renovate the hotel. Accredited Contract Accredited Franchise American Association of Franchisees & Dealers . . | . . CIRCLE NO. 120 http://HotelMotel.com http://www.HotelMotel.com/digital_edition http://www.settleinn.com http://www.guesthouseintl.com http://WWW.FRIENDLYFRANCHISING.COM http://www.guesthouseintl.com http://www.settleinn.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - July 21, 2008

Contents Larkspur Hotels Branch Out with New Brand Starwood’s C.E.O. Maps Out Journey New Brand Leaders Share Hits, Misses Perspective Letters to the Editor Legal FAQ Training Trends Sales Clinic HotelWorld Update Trends & Stats Special Report: 2008 Construction Companies Survey Guest Column Events Technology: Telephones Hotel Operations: Building Exterior Design: Televisions Transactions Awards Hot Products: Mattresses Supplier News Ad/Edit Index Marketplace Classifieds Checking Out Hotel & Motel Management - July 21, 2008

Hotel & Motel Management - July 21, 2008

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