Coastal Hotel Group
Led by President & CEO Yogi Hutsen, the senior management team of Coastal Hotel Group purchased the company from owners Don Simplot and Doug Toms. The Seattle-based firm operates seven hotels and has five development deals in the pipeline.
Backed by its primary sponsor, Sunburst Hospitality Corp., Colesville Partners formed a real estate investment fund with an acquisition capacity of $1 billion. The fund will buy a variety of individual real estate assets on the East Coast, including hotels and motels, in sizes from $5 million to $200 million.
Comfort Inn Phoenix
Kanini Hospitality sold a Comfort Inn in Phoenix to Arpi Investments for an undisclosed amount. Amber Hotel Co. represented both sides in the transaction.
Hilton Burbank Airport
Strategic Hotels & Resorts sold the 488-room Hilton Burbank (CA) Airport to Pyramid Hotel Opportunity Venture II for $125 million.
Homewood Suites Maryland Heights
Columbus, OH-based RockBridge Capital provided a $10.5-million first mortgage loan to Equs Hospitality Management to develop a 104-unit Homewood Suites by Hilton in Maryland Heights, MO.
Sheraton Colony Square
Anglo Irish Bank provided $71.4 million in financing to a partnership between Noble Investment Group and AEW Capital Management to purchase and renovate the Sheraton Colony Square in Atlanta. The property will reopen in late 2007 as a W Hotel.
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/
Reprints and Licensing
© 2014 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Enter a City:
Select a State:
Select a Category: