Alexandria Hotel Pentagon South
GMAC Commercial Mortgage Corp. provided $19.1 million in financing to Alexandria CY Hotel Associates to buy the 191-room Alexandria Hotel Pentagon South in suburban Washington, DC. Following a renovation, the owners will convert the former Sheraton to a Courtyard by Marriott.
HEI Hospitality purchased the landmark Algonquin in New York City's Times Square area from Miller Global Properties. Merritt Hospitality, an HEI subsidiary, will operate the 174-room property.
Captain Daniel Stone Inn
SDI, Inc. sold the Captain Daniel Stone Inn in Brunswick, ME for $2.25 million to a husband and wife team who will also operate the 34-room property. New England Hotel Realty advised the seller on the transaction.
Dellisart American Hotels & Resorts is a new joint venture between Dellisart Lodging and Hong Kong-based Bestride Holding to manage hotels in China. The venture signed agreements to operate its first two properties: the 236-room Bestride Hotel in Changsha, Hunan and the Gateway Club in Beijing.
MeriStar Hospitality sold the 295-room Doubletree Albuquerque to American Property Management. Financing of the transaction included a $13.9-million first mortgage from Merrill Lynch Business Financial Solutions and a $3-million, three-year mezzanine loan from Ashford Hospitality Trust. Neptune Hospitality Advisors arranged the financing, while Molinaro Koger acted as advisor to MeriStar.
Ashford Hospitality Trust purchased the Hyatt Dulles in Herndon, VA from an affiliate of Colony Capital for $72.5 million in cash. The 316-room property recently underwent a $5-million renovation. Hyatt will continue to operate the hotel under a long-term management agreement.
Hyatt Regency Austin
Hyatt Hotels Corp. sold the Hyatt Regency Austin to Fairfield Residential LLC. Hyatt will continue to operate the property. Molinaro Koger was Hyatt's advisor on the transaction.
GE Commercial Finance, Franchise Finance provided a fixed-rate $24.3-million loan to Jameson Inns. The 120-property chain will use the funds to pursue development of its Jameson Inn and Signature Inn brand.
Hilton Palm Beach
A joint venture between Investcorp and Ceebraid-Signal Corp. bought the 134-room Palm Beach (FL) Hilton from Davidson Hotel Partners for $42 million.
Reprints and Licensing
© 2014 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Enter a City:
Select a State:
Select a Category: