The Boulevard Hotel
Tremont Realty Capital structured a $9-million bridge loan for South Beach Resorts LLC to purchase 43-unit The Boulevard Hotel in Miami Beach and convert it into hotel condominiums.
Courtyard by Marriott Memphis
The Summit Group paid $6.7 million, or $67,700 per room, to buy the Courtyard by Marriott Memphis East/Lenox Park from an undisclosed buyer. Summit plans to spend $1 million to renovate the 96-room hotel.
Hilton Garden Inn Tinley Park
RockBridge Capital provided a $9.1-million stretch first mortgage to Mid-Continent Development & Construction to build a 117-room Hilton Garden Inn in Tinley Park, IL.
Hilton Suites Brentwood
The Hotel Group purchased the 203-unit Hilton Suites Brentwood in suburban Nashville for $6.5 million. Seller was Hilton Hotels Corp.
Holiday Inn Sea World
A joint venture between America Property Management Corp. and Glenmont Capital Management purchased the Holiday Inn Sea World in San Diego. Neptune Hospitality Advisors arranged $30.5 million in senior financing for the deal.
Lodge at Rancho Mirage
Vail Resorts sold the Lodge at Rancho Mirage (CA) to a partnership led by Miami-based Gencom Group. Sale price was $33 million, or $137,500 per key, for the 240-room property. RockResorts will continue to manage the resort.
Marriott Wardman Park
The JBG Cos. in partnership with CIM Group bought the Marriott Wardman Park Hotel in Washington, DC from Thayer Lodging Group. While the purchase price wasn't disclosed, the new owners say they plan to spend $50 million to renovate and reposition the 1,300-room convention property.
The Procaccianti Group
Rhode Island-based Procaccianti purchased five Doubletree-brand properties from GE Asset Management for $300 million. The portfolio includes three Doubletree Guest Suites and two Doubletree Hotels.
Colony Capital paid about $1 billion for the hotel interests of Raffles Holdings Limited. The deal includes 15 Raffles Hotels & Resorts and 26 Swissotel Hotels & Resorts in 35 destinations. Colony says it will keep the current flags and look for opportunities to selectively grow the brands through franchising.
The Raphael Hotel
Lighthouse Properties bought The Raphael Hotel in Kansas City from the Pistilli family, the long-time owners of the 123-room property. The purchase price was not disclosed.
Residence Inn Franklin
GMAC Commercial Mortgage Corp. provided $8.5 million to the Turnberry Inn Group to refinance the Residence Inn Boston in Franklin, MA.
Sir Francis Drake
A joint venture between Oxford Lodging Advisory & Investment Group and Longwing Real Estate Ventures purchased the 417-room Sir Francis Drake Hotel in San Francisco. Seller was Sir Francis Drake Hotel Associates, led by Kimpton Hotels, which will continue to manage the property.
Denver-based Richfield added two properties to its management portfolio: the 300-room Newport Beachside Resort in North Miami Beach, FL and the 136-room La Quinta Inn & Suites in Valdosta, GA.
Cerritos Associates LLC sold its 203-room Sheraton Cerritos (CA) to Sunstone Hotel Investors for $24.9 million. Sunstone Hotel Properties, a division of Interstate Hotels & Resorts, will manage the 15-year-old property. Grubb & Ellis Co. arranged the sale.
American Property Management Corp. purchased the 322-room Sheraton Gunter Hotel in downtown San Antonio. The company plans a $5-million renovation of the property. Neptune Hospitality Advisors arranged $30.5 million in structured financing to facilitate the deal.
On behalf of an investment client, Lowe Enterprises bought the 254-room Skamania Lodge on the Columbia River Gorge in Stevenson, WA. Sellers were Beta West and CS First Boston. Destination Hotels & Resorts, an affiliate company of Lowe, will manage the resort.
WestCoast Hospitality Corp.
Spokane, WA-based WestCoast Hospitality has agreements in place to sell seven hotels and two commercial buildings. The properties include Red Lions in Boise, ID; Aberdeen, WA; Kalispell, MT; Bend, OR; Hillsboro, OR; and Klamath Falls, OR; and a Budget Inn in Spokane.
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