Hotel & Motel Management - December 10, 2007 - (Page 24)

24 Transactions H&MM December 10, 2007 | HotelMotel.com www.HotelMotel.com/digital_edition ACQUISITIONS Privately held Inﬁnity Hotel Group announced the acquisition of the 121unit Comfort Inn Pottstown (N.J.). The hotel will undergo an extensive $1.5-million renovation in early 2008 and will be managed by Inﬁnity Asset Management. It will continue to operate under franchise license from Choice Hotels International. The Plasencia Group served as exclusive adviser to Hilton Hotels Corp. on the sale of the 404-room Hilton Cleveland-East in Beachwood, Ohio, to Twin Tier Hospitality of Sayre, Pa., for an undisclosed amount. The Mumford Co. arranged the $2.8-million sale of the Clarion Hotel in Hagerstown, Md., on behalf of Hagerstown Hotel Associates, an afﬁliate of Magna Hospitality Group, to Millennium Hospitality Holdings LLC. The buyers are planning extensive renovations to the hotel, which will remain a Clarion. Hodges Ward Elliott sold the 489-room Tampa Doubletree Westshore Airport on behalf of Encore Hospitality LLC for more than $40 million. The buyer was Shamrock-Hostmark Tampa Westshores Hotel LLC, a wholly owned subsidiary of ShamrockHostmark Hotel Fund LP. Extended Stay Hotels purchased two properties in the Houston area. Each hotel has 145 guestrooms and was formerly owned by Baymont Inn & Suites. The hotels were reﬂagged as Extended Stay Deluxe properties. The Mumford Co. represented Continental Management in the sale of the Super 8 in Ankeny, Iowa, to Aashay LLC, a Missouri-based investor. The property, which was purchased for $2.03 million, will be modernized by the purchaser but maintain its afﬁliation with Super 8. The Mumford Co. arranged the sale of the Super 8 in Little Rock, Ark., on behalf of LK Investments LLC to SAI Lodging for $1.65 million. The 49-room property will be upgraded and converted to a Comfort Inn. hotel under the Corporate Suites name. Ashford Hospitality Trust completed the previously disclosed sale of the Residence Inn Atlanta Perimeter West and the Residence Inn Torrance (Calif.) for $61.5 million in cash. OPENINGS Starwood Hotels & Resorts Worldwide announced an agreement with The Buccini Pollin Group to open an Element hotel at the Baltimore/ Washington International Airport in late 2009. A 124-room Red Roof Inn property opened in Rocky Mount, N.C. The 45-room, six-story Duane Street Hotel, managed by Hersha Hospitality Management, opened in New York’s Tribeca neighborhood. Grandstay Hospitality LLC opened a 78-suite GrandStay Residential Suites Hotel in Apple Valley, Minn. Compiled by Emily Hanna, ehanna@questex.com THE LEXINGTON COLLECTION Fourteen new members representing more than 2,600 guestrooms have joined the Preferred Hotel Group since May. Domestically, new locations are in Dallas; Taos, N.M.; Bedford, Penn.; Naperville, Ill.; Duck Key, Naples and Singer Island, Fla.; Sausalito, Calif.; Bellingham, Wash.; French Lick, Ind.; and Koloa, Hawaii. Paciﬁca Capital & Brokerage arranged and closed $8.5 million in construction/ permanent ﬁnancing for the development of the new Comfort Suites in Ontario, Calif. The Mumford Co. arranged the $1.21-million sale of the Corporate Suites of Burlington, N.C., to Maniba LLC. The property will continue to be operated as an extended-stay 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 New York City The Lexington Collection added ﬁve new properties to its brand in October, with locations in New Orleans, Cincinnati, New York, Houston and Oxon Hill, Md., near Washington. The above property, The Lexington Hotel New York City, broke ground in October and is expected to open in November 2009. The Lexington Collection hotel chain premiered to the public in 2006. Capitalizing hospitality. It's what we do. For more than 14 years, RockBridge has been directly capitalizing the hospitality industry and building lasting relationships. With our experience and insight, it’s clear why many industry leaders choose us as their partner of choice. So when you need rst mortgage, mezzanine or equity tailored to your needs, give us a call. ROCKBRIDGE CAPITAL www.rockbridgecapital.com Jim Merkel 614.246.2505 Ron Callentine 614.246.2520 CIRCLE NO. 128 http://www.hotelmotel.com http://www.hotelmotel.com/digital_edition http://www.rockbridgecapital.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - December 10, 2007

Table of Contents News Wildfires test hotels' emergency plans LIIC roundtable: Capital available for hotel projects Departments Perspective Letters to the Editor At Your Risk Family Business Matters Sales Clinic On Finance Satisfaction Trends HotelWorld Update Events Trends & Stats Special Report H&MM's "year in review" tackles the top seven in 2007 Transactions Consumer Insight Travelers rank free breakfast high on must-have items Hot Products IH/M&RS Editors' Choice Award winners Construction Spending up, costs steady in construction Design Window treatments Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - December 10, 2007

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