Apple REIT 8
Apple REIT 8 paid R.D. Olson Development of Irvine, CA $80 million for Marriott Residence Inns in Burbank and Oceanside, CA. Olson last year completed development of both hotels after buying their respective sites in 2005 and 2006.
Sonnenblick-Eichner Company arranged $60 million in first-mortgage financing on behalf of Cooper Hotels for a portfolio of seven hotels in Florida, Tennessee and North Carolina. The portfolio covers five Doubletree properties, a Crowne Plaza and a Homewood Suites. The five-year, interest-only loan was provided by a commercial bank.
Hampton Marina Hotel
Mumford Company represented Hampton Economic Development Corp. in selling the Hampton Marina Hotel in Hampton, VA to MHI Hospitality affiliate Hampton Hotel Associates. Hampton Hotel Associates aims to invest more than $5 million to convert the property to a Crowne Plaza.
Hampton Inn-Wilkes-Barre, PA
HREC Investment Advisors arranged the sale of the 120-unit Hampton Inn in Wilkes-Barre, PA for KGKK Limited Partnership. Chartwell Hotels bought the property for $7.2 million. Chartwell is considering converting this Hampton, its sixth property, into a Holiday Inn Express.
Hyatt Regency Montreal
Ashford Hospitality Trust will sell the Hyatt Regency Montreal in Montreal, Quebec to Pandox. The deal, for $58.5 million Canadian, is scheduled to close by the end of the second quarter. Purchase price in U.S. dollars is $58.3 million, or $96,363 a key, according to the May 15 conversion rate. This Hyatt Regency is the only hotel Ashford owns outside the U.S.
The CB Richard Ellis Hotels Group helped arrange the sale of the Microtel McAllen (TX) to Creative Lodging Group LLC.
Ramada Inn Oceanside
Marcus & Millichap of Irvine, CA arranged a $5.2-million, 10-year loan to purchase a 67-room Ramada Inn in nearby Oceanside.
Sheraton Hotel Iowa City
In a deal facilitated by Molinaro Koger, Ashford Hospitality Trust sold the Sheraton Hotel Iowa City to a joint venture of Davidson Hotel Company and RockBridge Capital, LLC. Davidson will manage the center-city hotel. Molinaro Koger's John Jameson brokered the transaction.
Strategic Capital Solutions
SCS-Strategic Capital Solutions formed the Dedicated Hospitality Financing Program in an effort to fund up to $300 million of debt and equity investment in properties and construction projects throughout the U.S, the Caribbean, Latin America, the Middle East and Europe. The program was formed to combat turmoil in the credit markets, SCS says.
Virginia Crossings Resort
Merritt Capital Investors acquired the 183-room Virginia Crossings Resort in Glen Allen, VA for $18 million in a joint venture with an institutional partner. Arranging the joint venture was Keystone Realty Capital LLKC. Wyndham Hotels and Resorts manages the four-diamond property as the Wyndham Virginia Crossings Hotel and Conference Center.
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