The Breakwater Edison hotel, an amalgam of the Breakwater and Edison hotels in South Beach, FL, has been sold to Nakesh. Jones Lang LaSalle Hotels arranged the $24.8-million deal on behalf of Oaktree Capital after bankruptcy trustee Barry Mukamal retained Jones Lang LaSalle for the disposition.
Century Plaza Hotel
The Century Plaza Hotel, a centerpiece of Los Angeles's Century City, has been sold for $366.5 million to Next Century Associates, a joint venture with global investment firm D.E. Shaw Group. Sunstone Hotel Investors, which bought the landmark in 2005, was the seller; Michael Rosenfield, Next Century's managing partner, aims to extend the appeal of the Global Hyatt-managed property to the area's entertainment community.
HEI Hotels & Resorts
HEI Hotels & Resorts formed HEI Hospitality Fund III. The new fund, HEI's third, has approximately $500 million in equity and aims to acquire $1.5 billion to $2 billion in lodging real estate in the next three years. Its target: fullservice, upper-scale and luxury hotels, resorts and premium select-service hotels.
Hyatt Hotel Dulles
Thayer Lodging Group acquired the Hyatt Hotel Washington Dulles International Airport in Herndon, VA from Ashford Hospitality Trust. Molinaro Koger facilitated the marketing and sale of the four-diamond, Global Hyatt-managed hotel for an undisclosed sum.
The Mumford Company facilitated the sale of Mainstay Suites in Anderson, SC and Kannapolis, NC owned by the David Drye Co. These were the fifth and sixth transactions Mumford facilitated for the seller, a regional hotel and multi-family developer, owner and operator. Ed James of Mumford headquarters in Newport News, VA, Tom Sommer of Mumford's Chicago office and Steve Kirby of its Atlanta office shepherded the $6.365-million deal.
Radisson Denver Southeast
AFC Realty Capital Principal Paul Fried provided strategic financing advice to the private hotel ownership chain that recently sold the renovated, 478-room Radisson Hotel Denver Southeast for an undisclosed sum. The Aurora, CO complex comprises a 12-story property, an eight-story property and a two-story parking deck.
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