Aruba Resort, Spa & Casino
Belfonti Capital Partners purchased a former 478-room Wyndham Resort in Aruba for $230 million from Aruba Hotel Enterprise NV. The new owners plan to renovate and reflag the property. Wachovia Bank provided acquisition and renovation financing for the deal.
First Hospitality Group
Illinois-based First Hospitality secured a $32.2-million first mortgage loan from Rock-Bridge Capital to recapitalize three of its hotels: a 117-room Hampton Inn & Suites in South Bend, IN; a 130-room Hampton Inn in Ann Arbor, MI; and an 84-room TownePlace Suites in Bloomington, IN.
Hilton Los Cabos Resort
Alagem Capital Group purchased the Hilton Los Cabos in Mexico for $91 million. Sonnenblick-Goldman arranged a floating-rate mortgage from JP Morgan to finance the acquisition. Alagem Capital owner Beny Alagem also owns the Beverly Hilton in Beverly Hills, CA.
Marriott Rancho Las Palmas Resort
KSL Capital Partners purchased the 444-room Marriott Rancho Las Palmas in La Quinta, CA from Strategic Hotels & Resorts for $56 million. The new owners plan to spend $30 million to renovate the property.
Staybridge Suites Parsippany
Hospitality Properties Trust purchased a newly developed Staybridge Suites in Parsippany, NJ for $21 million.
Whitehall Street Funds
The family of hotelier Gary Tharaldson sold 130 hotels to Whitehall Street Real Estate Funds for $1.2 billion. Tharaldson Property Management will continue to manage the properties. Countrywide Commercial Real Estate Finance advised Tharaldson on the sale.
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.
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