Best Western Dallas Telecom
Ashford Hospitality Trust sold the 70-unit Best Western Telecom Area Suites in Dallas for $1.35 million. The hotel is one of eight Ashford designated as non-core properties. It is pursuing the disposition strategy for the remaining hotels.
Creative Hotel Associates
Maryland-based Creative Hotel Associates secured $37 million in refinancing for 11 of its hotels from GE Commercial Finance, Franchise Finance. Neptune Hospitality Advisors brokered the deal. CHA, which will use the money to develop and acquire more hotels, has 14 properties with one more under development.
French Lick Springs Resort and Spa
Boykin Lodging Co. sold its French Lick Springs Resort and Spa in Indiana for $25 million. The company says the sale is part of its plan to divest non-core assets.
Four Seasons Toronto
Through a unit of his Kingdom Hotels International, Saudi Prince Alwaleed bin Talal purchased the 380-room Four Seasons Hotel in Toronto's Yorkville district from Maritz, Wolff & Co. Sonnenblick-Goldman Co. arranged the sale.
GMAC Commercial Mortgage Corp.
Tharaldson Lodging received $140.8 million in fixed-rate refinancing from GMAC Commercial Mortgage for a portfolio of 29 properties. ING Life Insurance arranged the deal.
Zion Suites LLC got a $16.3-million permanent, fixed-rate refinancing loan from GMAC for the 241-unit Embassy Suites in Salt Lake City.
Philadelphia-based Hersha Hospitality Trust acquired the 136-room Hampton Inn-Manhattan near Madison Square Garden in New York City. Hersha Hospitality Management will operate the property, which opened in February.
Hilton Waikoloa Village
Hilton Hotels Corp. paid $115 million to Lanpar/HTL Associates for a fee interest in the land on which sits the 1,241-room Hilton Waikoloa Village on the Big Island of Hawaii. Hilton had previously leased the 62-acre parcel from Lanpar.
Howard Johnson Antiqua Bay Resort
A private investment group bought the Howard Johnson Antiqua Bay Resort in Wisconsin Dells, WI from Holidel, Inc. for $4.5 million. Hotel Source, Inc. brokered the deal for the 228-room waterpark hotel.
InterContinental Hotels Group
The Plascencia Group and its affiliate, Regent Street, advised InterContinental Hotels Group on its sales of 13 hotels valued at $425 million to Hospitality Properties Trust and two properties valued at $303.5 million to Strategic Hotel Capital. The sales included InterContinentals, Crowne Plaza, Holiday Inns and StayBridge Suites.
Lowe Enterprises Investment Management purchased two conference center hotels: the Dolce Hamilton Park in Florham Park, NJ and the Dolce Tarrytown House in Tarrytown, NY. AEW Capital Management arranged the sales on behalf of one of its institutional clients. The properties will be renamed the Hamilton Park Hotel and Conference Center and the Tarrytown Estate and Conference Center. Destination Hotels and Resorts, a Lowe affiliate, will manage the properties.
Daytona Beach, FL-based Ocean Resorts bought two properties in its hometown: the 80-unit Atlantic Las Brisas Inn & Suites and the 114-room Best Western Mayan Inn.
The Summit Group
Sioux Falls, SD-based The Summit Group recently purchased four hotels — two Courtyards by Marriott, a Fairfield Inn and a Hampton Inn & Suites. The company paid $27.7 million, or $64,871 per room, for the portfolio.
Mantra LLC sold 2.1 acres of land in Anaheim, CA to timeshare company Trendwest Resorts, which plans a 14-story, 255-unit vacation resort on the site. Colliers International Hotels arranged the deal.
GMAC Commercial Mortgage Corp. provided $32 million in floating-rate refinancing for the 290-room Waterfront Hilton in Huntington Beach, CA.
USB Realty Investors paid a reported $95 million to buy the Westin Galleria in north Dallas. Seller of the 432-room property was Houston-based Hines Development.
Westin Hilton Head
Starwood Capital bought the 412-room Westin Resort in Hilton Head, SC for $73.4 million from Caesar Park Hotels. Westin has managed the 20-year-old property since 1997.
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