360-degree Hotel Group
Seattle-based Northgate Hotels changed its name to 360-degree Hotel Group. The Damji family-owned company operates two properties in Washington: a Best Western in Everett and a Hampton Inn & Suites in Lynwood.
Beverly Hilton Hotel
Oasis West Realty secured a $300-million loan from Column Financial to refinance the Beverly Hilton Hotel in Beverly Hills, CA. Sonnenblick Goldman advised the firm on the transaction. Oasis bought the 569-room property in 2003 and spent $80 million to renovate and reposition it.
Embassy Suites Boston
Eagle Hospitality Properties Trust acquired the Embassy Suites Boston at Logan Airport for $53.4 million. Prism Hotels & Resorts manages the 273-unit property.
Innkeepers USA Trust
The RJR Urban Lodging Fund agreed to sell four Southern California properties to Innkeepers USA Trust for $215 million. The portfolio includes Residence Inns in San Diego's Mission Valley and in Anaheim, a Hilton Suites in Anaheim and a Hilton in Ontario. Innkeepers Hospitality Management will operate the properties.
A joint venture between JER Partners and Longhouse Hospitality acquired the outstanding shares of Jameson Inns for $372 million. The merged Jameson and Longhouse company operates five brands: Jameson Inns, Signature Inns, Crestwood Suites, Sun Suites and Lodge America.
LaBreeze Inn & Suites
Ocean Waters acquired the 42-room LaBreeze Inn & Suites in Ormond Beach, FL. The acquisition is part of Ocean Waters' master plan to redevelop Ormond Beach. LaBreeze will continue to operate as a hotel, but long-term it will be replaced with a condo-hotel property.
Pointe South Mountain Resort
An affiliate of Grossman Company Properties purchased the Pointe South Mountain Resort in Phoenix from MONY Life Insurance Co. Classic Hotels and Resorts, another Grossman affiliate, manages the 640-unit property. The new owner plans to spend $50 million on renovations.
Starwood Hotels & Resorts sold the Sheraton Rockville (MD) to Innkeepers USA Trust for $23.3 million. The 155-room property is under construction and will open in October. Innkeepers Hospitality Management will operate the hotel.
Your Online Hotel Real Estate Resource
Whether you're buying or selling lodging real estate, the new Online Real Estate Today website from Lodging Hospitality is the place to go. The site has extensive listings of properties for sale across the U.S. and North America. The listings include property descriptions, locations, selling prices and a contact for more information. Go to www.LHonline.com/realestate/
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