Airport Economy Inn
Jigna LLC bought the 56-room Airport Economy Inn in West Lebanon, NH from LS Revocable Trust for $3.4 million. J.P. Ford and Earle Watson of New England Hotel Realty advised LS on the sale.
Ashford Hospitality Trust
Dallas-based Ashford Hospitality Trust recently sold two Ramada Inn properties: the 196-room Ramada Inn Hyannis Regency in Hyannis, MA to Sleepy Time LLC for $4.74 million; and the 164-room Ramada Inn in Warner Robbins, GA to Care Hospitality for $1.53 million.
Ashford extended an $8-million, five-year mezzanine loan to the Keating Group for the 350-room Hyatt Regency Philadelphia at Penn's Landing.
CNL Hotels & Resorts
Orlando-based CNL sold 30 hotels to an affiliate of Ashford Hospitality Trust for $465 million. The portfolio includes 4,328 rooms in 16 states and represents four Marriott brands.
Hilton Deerfield Beach
Starwood Hotels & Resorts sold the 221-room Hilton Hotel Deerfield Beach (FL) to Wisconsin-based CS Hospitality LLC. Molinaro Koger advised Starwood on the transaction. Terms of the deal weren't announced.
Holiday Inn East
RockBridge Capital provided a $9.65-million first mortgage to Milestone Hotel Partners for the acquisition and renovation of the 299-room Holiday Inn East in Harrisburg, PA. The new owners will spend $5.5 million to renovate the property.
The Oklahoma Publishing Co., publisher of The Oklahoman newspaper and owner of the Broadmoor Hotel in Colorado Springs, CO, purchased the Hotel Jerome, a 91-room luxury property in Aspen, CO.
John Q. Hammons Hotels
Owner-operator John Q. Hammons Hotels, Inc. and its principal stockholder, John Q. Hammons, agreed to deal exclusively until May 25 with an investor group on a possible merger transaction. The investor group, JQH Acquisitions LLC, has proposed to buy the company's class A shares for $24 per share.
Lowe Destination Development
Lowe Development has converted its Resort at Squaw Creek in Squaw Valley, CA into a condominium hotel. As part of a $21-million renovation and repositioning of the property, Lowe created 238 condo units, 65 percent of which are already sold. The property will continue to operate as a luxury resort.
Hong Kong-based CTF Holdings, an affiliate of New World Development, will sell 32 hotels to Marriott International for $1.45 billion. Marriott has already made deals to sell five of the properties for $419 million to Sunstone Investors and eight hotels to Walton Street Capital for $578 million.
Ty Warner Hotels & Resorts purchased the Miramar Resort in Santa Barbara, CA for $43 million from an entity controlled by Northstar Investment Corp. Jones Lange LaSalle Hotels arranged the sale of the 213-room oceanfront property.
Rihga Royal Hotel
Affiliates of Blackstone Real Estate Advisors have purchased the 54-story, 505-room Rihga Royal, a JW Marriott Hotel in New York's midtown Manhattan. Terms of the deal were not disclosed. Blackstone says it will assume management oversight of the luxury property by early summer.
Starwood Hotels & Resorts
Lehman Brothers and Starwood Capital Group Global offered to purchase most of the owned and leased hotel portfolio of Le Meridien. Starwood Hotels & Resorts subsequently made a deal with Lehman/Starwood Capital to buy Le Meridien's brand and management and franchise business and also to manage the 36 owned and leased properties the group will acquire.
Starwood Hotels sold its Sheraton Lisboa Hotel & Towers in Lisbon, Portugal to Sociedade de Construcoes Marope SA. Sheraton will continue to manage the 376-room property.
USB Realty Investors paid a reported $95 million to buy the Westin Galleria in north Dallas. Seller of the 432-room property was Houston-based Hines Development.
Starwood Capital bought the 412-room Westin Resort in Hilton Head, SC for $73.4 million from Caesar Park Hotels. Westin has managed the 20-year-old property since 1997.
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