Century Plaza Hotel & Spa
Sunstone Hotel Investors has a deal to buy the Century Plaza Hotel & Spa in Los Angeles from Pivotal Group for $293 million. Sunstone plans to spend $22.5 million to renovate and reposition the 728-room property as the Hyatt Regency Century Plaza. Earlier this year, Pivotal sold the adjacent St. Regis Hotel to Related Cos., which plans to raze the property and replace it with a condominium tower.
Doubletree Resort Orlando
SRV Associates bought the Doubletree Resort Orlando-Villas at Maingate in Kissimmee, FL. from Villas of St. Paul, Inc. Aztec Group represented both buyer and seller in the deal and arranged a $16-million acquisition and renovation loan for the buyer. The property will be renovated and converted into a condo hotel.
During August, Tennessee-based Equity Inns, Inc. sold two hotels and purchased six more. Acquisitions included a Hampton Inn and SpringHill Suites in Grand Rapids, MI; two Hamptons in East Lansing, MI; a Hampton in Champaign/ Urbana, IL; and a Homewood Suites and a Hampton Inn in Peabody, MA. The REIT sold Hamptons in Memphis and Louisville.
Hampton Inn, Ontario, CA
RockBridge Capital provided a $7.5-million mortgage to San Antonio-based K Partners Hospitality Group to refinance the Hampton Inn & Suites in Ontario, CA. The 91-unit property opened in January.
Imperial Palace Hotel & Casino
Harrahs, Inc. bought the Imperial Palace Hotel & Casino in Las Vegas for $370 million. The 2,640-room property is located on the Las Vegas Strip between the Flamingo Hotel and Harrah's Las Vegas.
Microtel Inn & Suites, Indianapolis
Gremi and Sons bought the Microtel Inn & Suites in Indianapolis for $2.1 million from Economy Hotels LLC. Huff, Niehaus & Associates represented the seller.
Palmer House Hilton
An affiliate of Thor Equities bought the Palmer House Hilton from Hilton Hotels Corp. for $230 million. Hilton will continue to manage the 1,639-room property, which will undergo a $100-million-plus renovation. Sonnenblick-Goldman Co. arranged financing, and Optimum Brokerage brokered the deal.
Radisson Hotel, Marlborough, MA
A joint venture between FFC Capital Corp. and Waterford Hospitality Group purchased the Radisson Hotel in Marlborough, MA. An affiliate of Waterford will manage the 206-room property.
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. Ashford Hospitality Trust provided a $5.6-million mezzanine loan for the deal.
Union Station, Nashville
A venture between Turnberry Associates and the Corner Partnership has purchased Union Station-A Wyndham Historic Hotel in downtown Nashville. Purchase price wasn't disclosed. The new owners plan a multi-million-dollar renovation of the 125-room hotel.
Westin Copley Place
LaSalle Hotel Properties will buy the 803-room Westin Copley Place for $318 million from an undisclosed seller.
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.
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.
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