Hotel & Motel Management - September 18, 2007 - (Page 34)

34 Transactions Continued from page 33 spring, and it is scheduled to open in 2009. H&MM September 18, 2007 | HotelMotel.com www.HotelMotel.com/digital_edition OPENINGS The 66-room AmericInn Lodge & Suites opened in McCall, Idaho. The hotel is owned by Transcend Properties LLC. A 119-room Country Inn & Suites by Carlson opened in Fredericksburg, Va. Ground was broken on the ﬁrst Embassy Suites Hotel in Kennesaw, Ga., in August. The 156-suite hotel is scheduled to open in fall 2008. Sterling Resorts opened the Reﬂections at Bay Point resort, Panama City Beach, Fla. True North Hotel Group opened the 525th Residence Inn by Marriott, in St. LouisO’Fallon, Mo. The 108-suite hotel is owned by Corporex Select Service Hotels of Covington, Ky. The locations are: eight Motel 6 properties in Southgate, Mich.; Saginaw, Mich.; Grand Rapids, Mich.; Los Banos, Calif.; San Jose, Calif.; Holbrook, Ariz.; Walterboro, S.C.; and Moses Lake, Wash.; a Studio 6 motel in Bay City, Texas; and ﬁve Red Roof Inn properties in Duluth, Minn.; Stockton, Calif.; Ann Arbor, Mich.; Corpus Christi, Texas; and Toms River, N.J. ROCKBRIDGE CAPITAL Ballroom, meeting rooms and ﬁtness center; and replacement of the hotel’s softgoods. RockBridge Capital closed a $13 million ﬁrst mortgage investment to ﬁnance the development of a 97-room Homewood Suites in Reno, Nev. The sponsor is InterMountain Management LLC. AFC Hotel Finance Group arranged ﬁnancing for a $35million portfolio encompassing four hotel properties in Irving and Dallas, Texas. AFC secured the capital on behalf of Chase Hospitality Resources. The portfolio comprises two SpringHill Suites franchises in Irving and Dallas, a Courtyard by Marriott in Irving and a Homewood Suites by Hilton in Dallas. First American Realty Associates secured conduit reﬁnancing on the 58-room Country Inn in Stafford, Va. The 75-percent leverage, ﬁxed-rate loan carried 30-year amortization. Carlson Hotels Worldwide opened a new 97-room Country Inn & Suites by Carlson in Miami. Dallas RockBridge Partners, an afﬁliate of RockBridge Capital and Hospitality Ventures, announced a joint-venture acquisition of four Embassy Suites and one Sheraton Suites, totaling more than 1,000 rooms, from FelCor Lodging Trust for $86 million, or about $85,000 per room. The properties in the acquisition are the Embassy Suites Dallas Park Central [shown] (279 guestrooms); the Embassy Suites Brunswick, Ga. (130 guestrooms); the Embassy Suites Detroit-Troy/Auburn Hills (251 guestrooms); the Embassy Suites Tulsa, Okla. (244 guestrooms); and the Sheraton Suites Lexington and French Quarter Square Retail Center, Lexington, Ky. (155 guestrooms). The ﬁve properties will undergo $30 million in renovations over the next several months to upgrade every aspect of each hotel. FINANCING The Capital Markets Group of Molinaro Koger secured debt of $14.9 million for the acquisition and renovation of a 220-room Quality Inn Hotel, Reno (Nev.) by an afﬁliate of the Navnish Group. Ascent Real Estate Advisors provided the loan. Navnish retained Crescent Hotels & Resorts to manage the hotel, which is undergoing a $6-million renovation and conversion to a Holiday Inn. Cushman & Wakeﬁeld Sonnenblick Goldman arranged the $92.1-million sale of the Bethesda Marriott in Bethesda, Md., on behalf of Westbrook Partners and Northview Hotel Group. The 407-room hotel is located on 12 acres outside of Washington. Westbrook Partners and Northview Hotel Group recently completed a $13.5-million capital improvement program, which included the creation of a restaurant and lounge; renovations of the Grand Duluth, Minn.-based ZMC Hotels opened an 80-room Residence Inn by Marriott in Sebring, Fla. Marriott International announced the opening of the 340-room Charleston (S.C.) Marriott. The property is owned and managed by JHM Enterprises of Greenville, S.C. Starwood Hotels & Resorts Worldwide opened its second hotel in Indianapolis. The Sheraton Indianapolis City Centre Hotel, which was converted from a Radisson, is owned by Ashford Hospitality Trust and managed by Remington Hotels. A Microtel Inn & Suites hotel opened in Panama City, Fla. The 63-room hotel is owned and operated by Shri Krishnay Namah. The ninth Hotel Indigo, part of InterContinental Hotels Group, opened in August in Amherst, N.Y. The 187-room Hotel Indigo Buffalo-Amherst is the ﬁrst Hotel Indigo property to open in New York. It is a $6-million renovation of a Hampton Inn. Marriott International opened the 158-suite Dulles Airport SpringHill Suites by Marriott in Sterling, Va. Accor North America opened 14 new franchise locations. Compiled by Stephanie Ricca, sricca@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 Stephanie Ricca, managing editor at sricca@questex.com. SEND US YOUR The difference is in the details. We believe that’s true at every level in the hospitality industry. That’s why many industry leaders choose us as their partner of choice. In fact, we’ve been focused on capitalizing the hospitality industry—and building experience, insight and relationships—for more than 14 years. make a connection at rockbridgecapital.com CIRCLE NO. 165 http://HotelMotel.com http://www.HotelMotel.com/digital_edition http://rockbridgecapital.com http://rockbridgecapital.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - September 18, 2007

Hotel & Motel Management - September 18, 2007 Contents Vista Inns Redefines Business Model Conley Applies Satisfaction Theory to Boutique Hotels Questex Acquires Oxford Publishing Perspective At Your Risk Consultant’s Corner Sales Clinic Travel Trends On Finance Franchise Law Cornell Insights HotelWorld Update Training Trends Satisfaction Trends Management Trends Speakers Named, Registration Open for IH/M&RS Going Green Saves Green Trends & Stats Vacuums Go the Extra Mile Transactions Offsetting Emissions is Newest Sustainability Initiative Minibar Advancements Supplier News People on The Move ADA Compliance Can Be Easier With Programs Business Travelers Interested in Remote Check-In/Out Awards Markets Dictate Renovations vs. New Builds More Development Opportunities Available Top Hotel Companies Survey The Lodging Conference Previews Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - September 18, 2007

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.