Hotel & Motel Management - October 15, 2007 - (Page 42)

42 Transactions ACQUISITIONS Crescent Hotels & Resorts signed an agreement to acquire the 293-room Sheraton Tampa (Fla.) Riverwalk Hotel from a joint venture between Lehman Brothers and Driftwood Hospitality for an undisclosed amount. The Mumford Co. represented the Richardson Family interests in the recent sale of the Comfort Inn of Virginia Beach to La Quinta Acquisitions, LLC for $12 million. The purchaser plans to convert the hotel to the La Quinta brand immediately upon the transaction closing and will perform extensive renovations to the hotel after the 2007 season. Konover Hotel Corp. sold the Days Inn property in Middleborough, Mass., to Middleborough Hospitality LLC, H&MM October 15, 2007 | HotelMotel.com www.HotelMotel.com/digital_edition for an undisclosed price. HEI Hotels & Resorts plans to acquire a one-acre site in Bellevue, Wash., for development of a 378-room, full-service Marriott Hotel. Once ﬁnalized, the property is expected to open in 2010. The Dow Hotel Co. acquired the 369-room Doubletree Hotel Chicago-O’Hare Rosemont in a joint venture with Prudential Insurance Company of America for an undisclosed amount from an afﬁliate of Lowe Enterprises. 4,800 guestrooms to its existing portfolio of more than 445,000 guestrooms. The 261-room Courtyard by Marriott Fort Lauderdale Beach (Fla.) opened this month. Pyramid Hotel Group, Boston, is managing the Marriott franchise. A fourth Staybridge Suites property in the Dallas area opened recently. The 129suite property is a conversion of a Bradford Suites. It is a franchised property owned and managed by Driftwood Hospitality Management. NEPTUNE HOSPITALITY ADVISORS OPENINGS Choice Hotels International opened 59 franchised properties in August, including the ﬁrst new-construction Suburban Extended Stay Hotel property. The openings include hotels in 24 states and ﬁve countries, adding more than The Pokagon Band of Potawatomi Indians opened Four Winds Casino Resort in New Buffalo, Mich. The resort has 130,000 square-feet of gaming space and a 165-suite hotel attached. Charlotte, N.C. San Diego-based Neptune Hospitality Advisors arranged senior ﬁnancing for the acquisition of the 100-room Hampton Inn and Suites in Charlotte, N.C., (pictured) and the 111room Hampton Inn in Columbia, S.C. Neptune arranged two ﬁve-year, ﬁxed-rate loans totaling $16.73 million through an international investment bank. Approximately $3 million will be spent renovating both properties. The hotels were acquired by afﬁliates of American Property Management Corp., San Diego. A new 72-room Country Inn & Suites By Carlson opened in Lima, Ohio. in Holiday Inn Express Brooklyn. AFC Realty Capital arranged $8.4 million in permanent ﬁnancing for the Radisson Lackawanna Station Hotel, a 145-room property located in downtown Scranton, Pa. AFC arranged the 10-year, ﬁxed-rate loan, provided by Bear Stearns, on behalf of the property’s ownership, a private investment group based in New Jersey. Compiled by Jason Q. Freed, jfreed@questex.com FINANCING Countrywide Commercial announced the closing of a $140-million loan to The Belvedere Hotel Partnership, an afﬁliate of Beverly Hills-based Probity International Corp., for the reﬁnancing of The Peninsula Beverly Hills, a luxury hotel located within walking distance of Rodeo Drive and the Beverly Hills’ Golden Triangle shopping district. RockBridge Capital LLC, announced the closing of a $9.2-million mezzanine loan to ﬁnance the acquisition of the 115-room Holiday Inn Express in Brooklyn, N.Y. Combined with the assumption of a $13-million ﬁrst mortgage loan closed in July 2006, RockBridge currently has a $22.2-million investment CIRCLE NO. 123 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 Jason Q. Freed, associate editor at jfreed@questex.com. SEND US YOUR http://HotelMotel.com http://www.HotelMotel.com/digital_edition http://www.minibarNA.com http://www.minibarNA.com

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Hotel & Motel Management - October 15, 2007 Contents Concord Sets Goal to Double Portfolio Leaders: Budgetel Brand Off and Running Pension Funds Put More Capital Into Hotels Perspective Letter to the Editor At Your Risk Consultant's Corner Sales Clinic On Finance Guest Column Trends & Stats Industry Leaders Say Healthy Times Will Continue Eco-Concious Hotels Looks for Certification Events Removing Chemicals, Suds from Housekeeping Products Handhelds Help Track Safe Activity People on The Move Awards Transactions Supplier News Ad/Editorial Index Bath Trends Marketplace Classifieds Checking Out

Hotel & Motel Management - October 15, 2007

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