Nakheel Hotels paid $375 million for a 50-percent interest in the Fontainebleau Miami Beach. Nakheel Hotels is a division of Nakheel, a Dubai-based firm best known for developing The Palm Islands and The World. In conjunction with Fontainebleau Resorts, Nakheel Hotels is involved in a $500-million renovation of the iconic resort.
Hilton Garden Inn
Premier Capital Associates arranged and closed on $9.2 million in refinancing for Akhil Hospitality, owner of a 99-unit Hilton Garden Inn in Orange Park, FL. The hotel, less than a year old, is near Jacksonville Naval Air Station.
Kimpton Group Holding
Kimpton Hotels & Restaurants parent Kimpton Group Holding closed its third institutional real estate fund and its follow-up fund to Kimpton Hospitality Partners, LP. With the close of this second KHP fund, Kimpton has raised $246 million, with the goal of acquiring more than $800 million in hotels in the next three years.
Kronos Hotels acquired eight new hotels valued at about $45 million. They include Holiday Inn Selects in Atlanta and St. Louis and Fairfield Inn, Holiday Inn Express and Comfort Inn & Suites properties in Kansas, Missouri and Washington state. In addition, Kronos is renovating Holiday Inns in Sheffield, AL; Lancaster, PA; Pittsburgh, and Lansing, MI; Crowne Plazas in Cedar Rapids, IA and New York City; and a Ramada Plaza in Macon, GA. The acquisitions bring Kronos holdings to 36 properties in 10 states, representing about 5,000 rooms and about $250 million in assets.
Motel 6 Grand Prairie
The Mumford Company represented Motel 6 and Accor Hospitality in the sale of the Grand Prairie, TX Motel 6 to AUM, LLC. Randy Lee of Mumford's Dallas office facilitated the sale to a regional owner and operator of extended-stay hotels in Texas. Following an extensive refurbishment, the property will operate as a Studio 6 under a long-term license agreement.
The Peabody Orlando
Capmark Finance arranged $405 million in construction financing for the Peabody Orlando Hotel, putting together a syndicate of 10 institutions, including a Capmark affiliate, to fund the loan. With a four-year term and a one-year extension option, the money will refinance existing debt and provide borrower UST Hotel Joint Venture, Ltd. money for an expansion that will nearly double the size of the hotel.
Sleep Inn Concord, NC
The Mumford Company represented the David Drye Company in the sale of the Sleep Inn of Concord, NC to SD Hospitality, Inc. Ed James and Matt Winston of Mumford's Newport News, VA headquarters marketed the 82-unit property and facilitated its sale for an undisclosed amount.
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