Ashford Hospitality Trust
In a joint-venture investment with PREI, Ashford Hospitality Trust acquired a $17.5-million, interest-only mezzanine loan secured by a 29-hotel portfolio owned by affiliates of JER Partners. Advantages of the deal, according to Ashford President and CEO Monty Bennett: strong sponsorship and equity in the portfolio, geographic diversity and market-leading brands.
Best Western of Wilson
La Samanna Investment sold the Best Western of Wilson, near Raleigh, NC, to UVAA Hospitality. Brokering the deal between the firms was Tom Sommer of the Mumford Company's Chicago office and Justin Pinkard of Mumford's Newport News, VA headquarters. The 80-room property will remain a Best Western.
Concord Hospitality Enterprises
Concord Hospitality Enterprises aims to break ground on nine properties in the next two months and expects to open another six hotels and pick up a half-dozen management contracts by the end of 2008. With another nine hotels in development, along with $50 million it aims to reinvest, Concord expects to add more than 3,400 rooms this year. Doing so will keep it on track to meet its goal of doubling its current size to 100 hotels by 2010.
Dutch hotelier Fletcher Hotels has named HVS Hodges Ward Elliott exclusive advisor for the sale/leaseback of Fletcher Hotels' portfolio of 23 three- and four-star properties. These total 879 rooms and are scattered throughout the Netherlands.
Hampton Inn & Suites, Wichita
RockBridge Capital, LLC and management company TMH Hotels formed a joint-venture investment to develop a 102-room Hampton Inn & Suites in Wichita, KS. The Hampton will be located within Regency Lakes, a shopping complex now under construction.
Interstate Hotels & Resorts
Interstate Hotels & Resorts formed a joint venture with JHM Hotels to operate and invest in hotels in India. The 50-50 JHM Interstate Hotels India partnership, which will have an office in New Delhi, will be Interstate's platform for all hospitality-related activities in India, primarily focused on securing management agreements on existing and prospective hotels. In addition, Interstate and JHM agreed to invest in Duet India Hotels Limited, a UK-based fund dedicated solely to investment in three- and four-star, business travel-oriented hotels in India.
Radisson Hotel Hampton
MHI Hospitality Corp. will buy the 172-room Radisson Hotel in Hampton, VA for $7.75 million. The waterfront property, on 3.5 acres downtown, will be rebranded as a Crowne Plaza and operated by InterContinental Hotels Group.
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