The Ferchill Group, a Cleveland-based developer, secured a $180-million first mortgage construction loan through Meridian Capital Group to renovate, restore and reopen the former Book-Cadillac Hotel in downtown Detroit. Following the renovation project, the property will become the Westin Book-Cadillac and will have 455 guestrooms and 67 condo units.
Fairmont Scottsdale Princess
Strategic Hotels & Resorts will pay $345 million to buy the Fairmont Scottsdale Princess in suburban Phoenix from Fairmont Raffles International. Strategic also bought an adjacent 10-acre development parcel for $15 million. Fairmont will continue to manage the 651-room resort.
Homewood Suites Fort Collins
RockBridge Capital extended a $10.8-million first mortgage loan to InterMountain Management to build a Homewood Suites by Hilton in Fort Collins, CO. The 99-unit property will open next spring.
Daytona Beach-based owner-operator Ocean Waters bought two hotels in Ormond Beach, FL, including the 44-room Best Western Mainsail. The firm also changed the name of its Thunderbird Beach Motel to the SeaSide Inn.
Ramada Riverfront Inn
MHI Hospitality Corp. agreed to pay $7.6 million to buy the Ramada Riverfront Inn in Louisville, KY. The company plans a major renovation of the 186-room property.
Wyndham Dallas Hotel
Neptune Hospitality Advisors arranged a $22.4-million floating-rate, interest-only loan for American Property Hospitality Management to acquire the Wyndham Dallas Hotel. The firm plans to renovate and reposition the 310-room property as a Sheraton.
W San Diego
A joint venture led by Multi-Employer Development Partners sold the 259-room W San Diego for $96 million to Sunstone Hotel Investors. The property opened in 2002.
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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