Ashford Hospitality Trust
Ashford will pay $250 million for a 21-property, 4,094-room hotel portfolio. The sellers group includes affiliates of the Fisher Brothers, the Gordon Getty Trust, George Soros and some members of Ashford's management team. The portfolio consists of a core group of 13 hotels across five brands — Embassy Suites, Hilton, Radisson, Sheraton and Crowne Plaza — and an independent, plus eight smaller hotels that may be sold, repositioned or rebranded. Ashford affiliate Remington Lodging & Hospitality will operate the properties.
DiamondRock Hospitality Co.
DiamondRock spent about $126 million in December to buy three hotels: the 408-room Marriott Griffin Gate Resort in Lexington, KY ($50 million); the 276-unit Bethesda Suites Marriott in Bethesda, NY ($41.6 million) and the 189-room Hotel 5A in New York City ($34.4 million). The company plans to rebrand the Hotel 5A as a Courtyard by Marriott. The seven-month-old DiamondRock plans to evolve into a real estate investment trust.
Doubletree Hotel Tucson
Neptune Hospitality Advisors arranged $12.5 million in fixed-rate, first-mortgage financing for San Diego-based American Property Management Corp.'s acquisition of the 295-room property.
GMAC Commercial Mortgage Corp.
In the past few months, the firm has provided financing for a number of lodging properties: $144 million for the Omni ChampionsGate Resort in Orlando; $12.5 million for the Courtyard by Marriott Shadyside in Pittsburgh; $16.1 million for a Courtyard by Marriott in Cypress, CA; $7.8 million for a Hawthorn Suites in Herndon, VA; and $13 million for a Homewood Suites in Columbia, MD. It also arranged $25 million in fixed-rate refinancing for the Hotel ZaZa in Dallas.
The Atlanta-based hotel owner-operator sold two Holiday Inns for a combined $3.7 million. The properties are in Memphis and Florence, KY. The sales are part of the company's plan to dispose of 19 non-strategic properties. Including these two hotels, Lodgian has sold 12 properties.
Radisson Hotel and Suites Fallsview
Buffalo-based Benderson Development bought the 232-room property in Niagara Falls, ON for about $26 million. Seller was Panoramic Hospitality, a Canadian-based private partnership. Ron Darko and Adam McGaughy of CB Richard Ellis negotiated the sale on behalf of Panoramic.
The Columbus, OH-based financial firm provided a $10.3-million first-mortgage loan to RDA Investments to refinance a 100-room Residence Inn in Avon, CT. Similarly, RockBridge provided a $10.7-milion stretch first mortgage to Briggs Hospitality to refinance the 194-room Sheraton Park South Hotel in Richmond, VA.
The San Antonio city council selected FaulknerUSA to develop a 1,000-room, $215-million hotel near the Henry B. Gonzalez Convention Center. Faulkner plans to commit $77.3 million to the project. The two-tower, 525-foot-high hotel will include more than 90,000 square feet of meeting space and five levels of underground parking. The property is scheduled to open in early 2008.
The Proaccianti Group won the bid from the Rhode Island Convention Center Authority to buy the 364-room property. The company says it will invest between $40 million and $60 million to improve the existing hotel and to expand it by 200 rooms.
The Dallas-based chain sold 25 non-strategic properties for $366 million to a private investment fund managed by Goldman Sachs and affiliates of Highgate Holdings. The portfolio includes 15 Wyndhams, three Doubletrees, three Hiltons and one each of Hyatt, Marriott, Holiday Inn and Radisson.
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