Hotel & Motel Management - November 5, 2007 - (Page 54)

54 Transactions H&MM November 5, 2007 | HotelMotel.com www.HotelMotel.com/digital_edition the 255-room Westin St. Louis in Missouri for an undisclosed amount from Cupples Station Hotel LP, a joint venture of McCormack Baron Salazar and AIG/SunAmerica. The hotel will be managed by HEI and will undergo a $7-million enhancement program in stages during the next three years. Red Lion Hotels Corp. completed the acquisition of the leasehold interest in a 314-room, full service hotel in Anaheim, Calif. The purchase price for the leasehold, which runs through 2107 if all extension options are exercised, was $8 million. The company plans to spend about $10 million on extensive renovations to guestrooms and public areas and reposition the hotel to meet Red Lion’s brand standards. The Mumford Co. represented Equity Inns in the sale of the Holiday Inn in Oak Hill, W.Va., to Midland Travelodge. The transaction was structured by Mumford Co. for $2.5 million. Interstate Hotels & Resorts formed a joint-venture partnership with Investcorp International’s U.S.-based RealEstate Group. The partnership, along with Interstate, has agreed to acquire three hotels from afﬁliates of The Blackstone Group L.P. for an aggregate price of $118 million: the 321room Hilton Seelbach Louisville (Ky.); the 226-room Crowne Plaza Madison (Wis.); and the 288-room Sheraton Columbia (Md.). Cranston, R.I.-based The Procaccianti Group acquired two hotels in New York City: the 300-room Tudor Hotel at The United Nations and the 227-room Holiday Inn SoHo. Cushman & Wakeﬁeld Sonnenblick Goldman represented the sellers in both transactions. The Procaccianti Group plans to invest up to $10 million in the Tudor Hotel at the United Nations to upgrade the guestrooms and other public space. Terms were not disclosed. St. Louis-based Roberts Hotels Group bought the WS Hotel in downtown St. Louis and plans to convert it or another building on the site into a Hotel Indigo—their second planned for the area. Roberts Hotels Group, a division of Roberts Cos., purchased the WS Hotel for $5.8 million in cash from Western United Life Assurance. Lowe Enterprises Investors, the investment management afﬁliate of national real-estate company Lowe Enterprises, acquired the Inn and Spa at Loretto, a 134-room luxury boutique hotel in Santa Fe, N.M., for $47.5 million. The ﬁrm plans to invest an additional $6.2 million in interior and exterior renovations. LEI acquired the hotel from Noble House Hotels & Resorts on behalf of an investment client. Another Lowe-afﬁliated company, Destination Hotels & Resorts, will assume management of the property. Molinaro Koger closed a transaction of the University of Florida Hilton Hotel in Gainesville, Fla., on behalf of Cornerstone Real Estate Advisers LLC. The 248-room, full-service asset was acquired by Inland American Lodging Corp., a subsidiary of Inland American Real Estate Trust. The hotel will remain a Hilton property following the sale and will be managed by Davidson Hotel Co. The law ﬁrm Thompson & Knight LLP assisted Accor with its sale of Red Roof Inns (341 hotels and 36,683 guestrooms) to a consortium comprised of Citi’s Global Special Situations Group and Westbridge Hospitality Fund LP for $1.313 billion. WESTGATE RESORTS Las Vegas Textron Financial Corp., a subsidiary of Textron, ﬁnalized the arrangement of a $400-million construction and development loan for Westgate Resorts. Textron Financial teamed with a co-lender and other participants to enable Westgate’s building plans for the Planet Hollywood Towers by Westgate in Las Vegas. Planned for completion in fall 2009, the 50-story vacation ownership tower will become Westgate’s ﬂagship property and is on the Las Vegas strip with access to the Planet Hollywood Resort & Casino. MANAGEMENT BayStar Hotel Group LLC, a Tampa, Fla.-based hotel development and management company, was retained to manage two hotels for the Bayshore Group, a Tampabased real-estate developer and owner of ofﬁce buildings. Located in the greater Tampa Bay area, the hotels are the 117room Best Western Brandon Hotel & Conference Center and Lakeland’s Holiday Inn Hotel and Conference Center. BayStar took over responsibility Continued on page 56 ACQUISITIONS The Shamrock-Hostmark Hotel Fund LP announced its latest addition, Doubletree Hotel Tampa Westshore Airport. The 489-room property just completed a $2-million room renovation. The fund intends to infuse an additional $13 million in capital improvements. Noble Investment Group acquired the 205-room Hilton Birmingham (Ala.) at Perimeter Park. The hotel will undergo a $5.5-million repositioning and will be operated by Noble under a long-term license agreement with Hilton Hotels Corp. HEI Hotels & Resorts acquired http://HotelMotel.com http://www.HotelMotel.com/digital_edition

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - November 5, 2007

Hotel & Motel Management - November 5, 2007 Contents M&A Pace Slowing After Early Boom LodgeWorks Jumps Into Upscale Game Accor Reorganizes Leadership, Structure Perspective At Your Risk Travel Trends Sales Clinic On Finance Family Business Matters Cornell Insights Franchise Law Training Trends Satisfaction Trends Management Trends Events Guest Column Trends & Stats GM Survey Historic Property Conversions Offer Appeal for All Extended-Stay Brands Survey Green is the Word at IH/M&R Show Transactions Restaurant POS Handhelds Keep Managers Alerted Rising Costs Confront Midwest Builders Business Travelers: Breakfast Still an Important Perk IH/M&RS Product Preview Vacation Ownership Projects to Grow in U.S., Abroad Awards Training Programs Jump to Front Lines Refrigeration: Before You Break It, Fix It Lighting Enhances Property People Supplier News Best Western Aims High with Atria Vantage Makes Global Plans Sierra Moves Forward with New Name, High Expectations Maintenance Doctor Social Marketing Makes Way into Hotel Industry People Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - November 5, 2007

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