Amalfi Hotel Chicago
The sales effort started in mid-September for the Amalfi condo hotel in Chicago. A joint venture between Shamrock Holdings of California and Illinois-based Hostmark Hospitality Group is developing the 213-unit property.
Charles Street Jail hotel
Holliday Fenoglio Fowler arranged a $65-million construction loan for the redevelopment of the former Charles Street jail in Boston into a 308-room luxury hotel. A joint venture between Carpenter & Co. and Multi-Employer Hotel Partners is developing the property, which will open in late 2007.
CNL Hotels & Resorts
CNL sold its Lake Lanier Islands Resort in north Georgia to LLI Management Co. for $24.5 million. The transaction includes the 216-room Emerald Pointe Resort, the 30-villa LakeHouses on Lanier, the 254-room Renaissance PineIsle Resort, a beach and waterpark, 18-hole golf course, equestrian center and a marina.
Comfort Suites, Stafford, TX
Bhadresh Patel and Shastriji Maharaj, Inc. bought the 54-room Comfort Suites in Stafford, TX. PKF Capital Markets Group brokered the sale.
Dubai Investment Group purchased the Essex House Hotel in New York City from Strategic Hotel Capital. Sonnenblick-Goldman Co. was Strategic's advisor on the transaction. Dubai Investment, which named Jumeirah Hospitality & Leisure as operator of the property, plans to spend $50 million to renovate the 500-room property on Central Park South in Manhattan.
Huntington Hotel Group sold its Courtyard by Marriott in Carlsbad, CA to Equity Inns for $22 million. Huntington will continue to manage the 145-room property. Additionally, Equity recently finalized its $26-million purchase of four select-service hotels in the Midwest — three Hamptons and a SpringHill Suites — from Hospitality Specialists, Inc.
GMAC Commercial Mortgage Corp.
The firm provided more than $85 million in permanent fixed-rate refinancing to affiliates of MeriStar for two Hilton properties: the 425-room Hilton Clearwater Beach (FL) Resort and the 386-room Hilton Crystal City at Reagan National Airport in Arlington, VA.
Inn at Pelican Bay
Gates McVey, owner of the Inn at Pelican Bay in Naples, FL, selected Guest Services, Inc. to operate the 100-room property. Guest Services' Vice President Barry Trice will oversee the hotel's operations, while Lora Lee Eberhart was named general manager.
Marriott Milwaukee West
CSM Pewaukee LLC bought the 282-room Marriott Milwaukee West from Columbia Properties Milwaukee. John Karver and Nate Sahn represented Columbia in the transaction.
Columbus, OH-based RockBridge recently provided first mortgages to refinance two lodging properties: Milestone Hotel Partners borrowed $22 million for the 263-room Hilton Hotel in Silver Spring, MD, while RDA Investments secured $25.8 million in funding for the 304-room Marriott Hotel in Lake Mary, FL.
Sleep Inn Louisville
Williamsville, NY-based Hamister Hospitality Group purchased a 75-room Sleep Inn near the state fairgrounds in Louisville, KY. An affiliate, the Hamister Group, will manage the property.
Strategic Hotel Capital
Chicago-based Strategic Hotel Capital recently sold two hotels: the 333-unit Embassy Suites Lake Buena Vista (FL) Resort to HEI Hospitality for $56 million and the 398-room Marriott Schaumburg (IL) to The Procaccianti Group for $24 million.
A partnership between Winston Hotels, Inc. and Grand Heritage Hotel Co. will buy the Stanley Hotel in Estes Park, Co. The joint venture contributed $5 million in equity and secured a $13-million mortgage from Credit Suisse First Boston to finance the acquisition. Grand Heritage will continue to operate the 141-room hotel. Winston also acquired the 116-room Hampton Inn & Suites Baltimore Inner Harbor for $16.25 million.
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