Adam's Mark Philadelphia
Target Corp. bought the 515-room property from Adam's Mark Hotels for an undisclosed amount. The Minneapolis-based retail chain will close the hotel on Feb. 1 and convert the property into a store and perhaps develop residential units on the site. Adam's Mark has sold 17 properties in the past two years.
LaSalle Hotel Properties acquired the 153-room executive conference center in Santa Cruz, CA for $18.5 million. Benchmark Hospitality, which also manages LaSalle's Lansdowne Resort in Virginia, will continue to operate the 20-year-old property.
Courtyard by Marriott
CB Richard Ellis Hotels sold Whitbread PLC's 11-property portfolio of U.K. Courtyards to Kew Green Hotels for about $150 million. Kew Green is a syndicate of private investors formed by Chiltern Mondiale. A subsidiary of Kew Green will lease and operate the hotels.
The Scottsdale, AZ-based firm took a $10-million loan from GE Commercial Finance, Franchise Finance to purchase two Wingate Inn properties in the Jacksonville, FL area, an 81-room property at the airport and a 104-room unit in the Windsor Parke area. United Financial CEO Mike Daspin brokered the deal.
Hilton Northwest, Austin, TX
Neptune Hospitality Advisors arranged a $4-million first mortgage loan for the purchase of the 293-room property by American Property Management Corp. and Allegiance Realty Corp. The new owners plan to renovate and reposition the hotel under a new brand.
Lake Lawn Resort
A group of local business partners purchased the historic 284-room, 258-acre Delavan, WI property and hired Gemstone Resorts International to manage and oversee a master redevelopment program.
Miramonte Resort & Spa
Working on behalf of an investment client, Lowe Enterprises Investment Management purchased the 216-room property in Indian Wells, CA from Marcus Hotels & Resorts. Price of the transaction was not disclosed. Destination Hotels & Resorts, a Lowe Enterprises affiliate, will manage the upscale, full-service resort.
Noble Management Group
The Ida Cason Callaway Foundation hired Noble to manage Calloway Gardens, Resort, Preserve and Community in Pine Mountain, GA. Parent company Noble Investment Group is negotiating with the foundation to develop a new resort hotel, spa and wellness center on the grounds of the 14,000-acre complex.
Ritz-Carlton at Bachelor Gulch
A joint venture between Gencom BG and Lehman BG bought a 49-percent stake in the Colorado resort hotel from Vail Resorts, Inc. Price of the transaction was $13 million.
Viceroy Anguilla Resort
Sonnenblick-Eichner Co. arranged land acquisition and joint venture equity financing for the proposed $130-million development on Anguilla, British West Indies. Owner-developers of the project are boutique operator The Kor Group and Lubert-Adler Management, a real estate investment fund. When complete, the 27-acre project will include 50 boutique hotel rooms and 52 oceanfront villas and condo units.
W Montreal Hotel
Starwood Hotels & Resorts paid $29 million to acquire a 49-percent interest in SEC Square Victoria Limited Partnership, the owner of the property. Starwood's management contract was extended as part of the transaction.
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