NEWS & TRENDS THAT SHAPE THE INDUSTRY
Ashford Hospitality Trust
Ashford Hospitality Trust provided $21.5 million to NCH/Transwest to secure Ashford's new interest in the Westin La Paloma Resort & Spa in Tucson, AZ and the Westin Hilton Head (NC) Resort. The 14-percent, interest-only mezzanine loan has a 10-year term.
Hampton Inn New Albany
New Albany Hotels LLC plans to modernize but not reflag the Hampton Inn of New Albany it bought from Woods Bay Lodging LLC in a deal arranged by The Mumford Company. Facilitating the transaction for the Indiana hotel was Steve Kirby of Mumford's Atlanta office.
Interstate Hotels & Resorts
Interstate Hotels & Resorts formed a joint venture with Harte Holdings of Cork, Ireland to acquire four hotels from The Blackstone Group for $207.8 million. The properties are the Sheraton Frazer Great Valley, Frazer, PA; Sheraton Mahwah (NJ); Latham Hotel Georgetown, Washington, DC; and Hilton Lafayette (LA).
FelCor Lodging Trust acquired The Renaissance Vinoy Resort & Golf Club in St. Petersburg, FL and the Renaissance Esmeralda Resort & Spa in Indian Wells, CA from affiliates of Walton Street Capital, Rockpoint Group and SCS Advisors. Marriott International will continue to manage the properties. Total purchase price: $225 million.
RockBridge Capital has closed on a $20.5-million, first-mortgage loan for acquisition of a 175-room Doubletree Hotel in Greensboro, NC. Sponsor of the deal for the hotel, which recently underwent a $16.5-million renovation, is Milestone Hotel Partners.
Super 8 Little Rock
The Mumford Company arranged sale of the 49-room Super 8 of Little Rock on behalf of Little Rock, LLC and SAI Lodging. The $1.65-million transaction was facilitated by Lance Potter of Mumford's Chicago office and Mike Francis of its Dallas office. SAI Lodging plans to upgrade the property and convert it to a Comfort Inn.
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