DePalma Hotel Corp.
Arlington, TX-based DePalma added two hotels to its management portfolio: the 432-room Fort Worth Plaza and the Hearthside Suites, a 146-unit property in Austin, TX.
Turnberry Associates purchased the landmark Fontainebleau Hilton in Miami Beach from long-time owner Stephen Muss. The new owners will launch a two-year, $150-million enhancement and renovation program for the property. And according to press reports, Turnberry will shed Hilton as the operator and manage the resort on its own.
Grafton on Sunset
LaSalle Hotel Properties bought the 108-room Grafton on Sunset in West Hollywood, CA for $25.5 million. Outrigger Lodging Services will continue to operate the property for the new owner. LaSalle also purchased the 282-room Hilton San Diego Gaslamp Quarter for $85 million. S.D. Malkin Properties was the seller.
Hampton Inn & Suites Phoenix
Columbus, OH-based RockBridge Capital LLC provided a $5.9-million first mortgage to Ocean Park Hotels to acquire and renovate the 132-room Hampton Inn & Suites on the south side of the Phoenix airport. The new owners spent $2 million to renovate the property and construct 30 suites.
Hilton Long Beach
HEI Hospitality bought the 393-room Hilton Long Beach (CA) Hotel for $77 million. Seller was Boston-based AEW Capital Management. It is the sixth property acquired by HEI since it formed the $275-million HEI Hospitality Fund in June 2004. Merritt Hospitality, an HEI subsidiary, will manage the Hilton. The Plasencia Group was AEW's advisor on the transaction.
Hostmark Hospitality Group
The Egyptian Ministry of Interior selected Hostmark to operate a new hotel in Alexandria. The seaside, 207-room property opens in the fall.
Hotel Source, Inc.
Chicago-based Hotel Source recently advised on the sale of four hotels: An East Coast lender sold the Best Western Pinewood Lodge in Au Gres, MI for $700,000 to a regional hotel owner; Waukesha Hotel LLC sold its 97-room Best Western Waukesha (WI) for $3 million to Shiv Hotel Corp.; Malone Enterprises sold the 36-room Econo Lodge & Suites in Eau Claire, WI to RAM Effingham Corp. for $965,000; and Coldwater Hotel Partners bought an 80-room Holiday Inn Express in Coldwater, MI for $5.3 million from JPMS, Inc.
The real estate brokerage firm closed on a company record $1.3 billion in hotel real estate transactions in 2004. In early '05, the firm advised Lane Hospitality and LNR Property Corp. on their sale of the 303-room Hilton College Station (TX) & Conference Center to JER Partners. Sage Hospitality will continue to manage the property.
The Plasencia Group
The Tampa-based consulting firm was advisor to Host Marriott on its recent sale of three properties — Marriott Tampa Westshore, Marriott Albuquerque and Marriott Hartford — to Columbia Sussex Corp. Terms of the deal weren't disclosed.
Saipan Grand Hotel
CB Richard Ellis Hotels advised Micro Pacific Development Corp. on its sale of the 224-room Saipan Grand Hotel in the Marianas to Asia Pacific Hotels, Inc. Terms of the deal weren't disclosed.
Sheraton Denver Tech Center
HREC Investment Advisors represented Starwood Hotels and Resorts in its recent $11.5-million sale of the 263-room Sheraton Denver Tech Center to Clinton Street Investments, a division of The Hotel Group Opportunity Fund II.
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