AmericInn Plover, WI
Kanak LLC bought a 65-room AmericInn in Plover, WI from Water Tower Enterprises. Ron McCord and Jennifer Church of Millmark Hotel/Motel Investments brokered the deal.
Boykin Lodging Co.
A venture between Cadim, Inc. and an affiliate of Westmont Hospitality Group will buy Boykin Lodging Co. for about $416 million, including debt. Before the deal closes, Boykin Chairman and CEO Bob Boykin will buy the company's interests in two Florida properties — the Pink Shell Beach Resort and Spa and the Banana Bay Resort & Marina — for $14.6 million.
Resort and club operator ClubCorp hired Goldman Sachs to explore strategic options, including possible sale of the company. If the company is sold, the family of founder Robert Dedman, Sr. will acquire the remaining interest in Pinehurst Resort in North Carolina. The family currently owns 70 percent of the landmark golf resort.
Highland Hospitality Corp. paid $29 million for the newly opened Courtyard by Marriott in Gaithersburg, MD. Marriott operates the 210-room property.
Crowne Plaza San Antonio
The Shamrock-Hostmark Hotel Fund acquired a 226-room Crowne Plaza Hotel at the San Antonio Airport. Co-sponsors of the fund are Shamrock Holdings of California and Illinois-based Hostmark Hospitality Group.
Hampton Ft. Lauderdale Airport
Stirling Hotel Associates sold a 104-unit Hampton Inn & Suites at the Ft. Lauderdale, FL Airport to an affiliate of Baywood Hotels for an undisclosed price. The Aztec Group advised the seller in the transaction.
Shamrock-Hostmark Hotel Fund bought a Radisson Hotel in Princeton, NJ. The new owners plan to spend $8 million to renovate the 241-room property and convert it to the Doubletree brand. Molinaro Koger advised the seller in the deal.
Wellesley Inn Suffern
BRE/Prime Holdings bought a 95-room Wellesley Inn in Suffern, NY for $7.3 million from Ratan Hospitality Group. Sperry Van Ness represented both groups in the transaction.
Westin Atlanta North
Diamond Rock Hospitality Co. and Noble Investment Group paid $61.5 million to Starwood Hotels & Resorts to acquire the Westin Atlanta North at Perimeter Center in Atlanta. The new owners plan to invest $3 million in capital improvements to the 369-room property.
GE Real Estate provided $176 million in financing to Winston Hotels, the North Carolina-based real estate investment trust. The company will use the 10-year, fixed-rate loans to repay debt and expand the business. Winston owns or has investments in 55 hotels with 7,542 rooms.
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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