TRANSACTIONS

ALIS Awards

Four major investment-related awards were presented at the Americas Lodging Investment Summit in Los Angeles in January:

  • St. Regis Hotel, San Francisco, received the award in the Development category.

  • In Mergers & Acquisitions, The Blackstone Group was honored for its $3.24-billion purchase of Wyndham International.

  • The Dubai Investment Group and Oxford Lodging Group's $440-million acquisition of the Jumeirah Essex House in New York City was named the top Single Asset Transaction.

  • Hodges Ward Elliott Senior Managing Director Mark Elliott received the Jack A. Schaffer Financial Advisor Award.

Best Western Sterling Hotel and Suites

Myrtle Beach-based Strand Development Co. assumed management of the 81-room Best Western Sterling Hotels and Suites in Charlotte, NC.

The Blackstone Group

Palm Beach Hospitality LLC sold its Wellesley Inn in West Palm Beach, FL for $8.1 million to an affiliate of The Blackstone Group. The 103-room property will become a La Quinta. The Maken Group was sole broker in the deal.

Boca Raton Bridge Hotel

Billden Boca Bridge LLC purchased the 121-room Boca Raton (FL) Bridge Hotel from a local partnership.

Carlton Hotel, Miami Beach

AFC Realty Capital arranged $13.5 million in financing for the purchase and redevelopment of the Carlton Hotel in the South Beach district of Miami Beach. The package included $8 million to buy and $5.5 million to renovate and expand the 67-room property.

Crowne Plaza Phoenix

Sonnenblick-Eichner Co. arranged a permanent financing package for the 250-room Crowne Plaza Hotel in Phoenix. The five-year loan was priced below six percent with a 30-year amortization period and an interest-only period, says the company.

Days Inn, Rochester, NY

Optimum Hotel Brokerage brokered a deal for the sale of a 153-room Days Hotel near the Rochester, NY Airport. The property will be renovated and repositioned as a Quality Inn. Optimum represented the seller in the transaction.

Doubletree Hotel LAX

An affiliate of The Harp Group paid $30.5 million to buy the 215-room Doubletree Hotel at the Los Angeles Airport. The Irvine and San Francisco offices of Colliers International brokered the deal. The property will retain the Doubletree flag and be managed by Portfolio Hotels & Resorts.

Four Seasons Austin

Chicago-based Lodging Capital Partners purchased the 291-room Four Seasons Hotel Austin, TX from Maritz, Wolf & Co. The new owners say they plan to renovate and upgrade the property in the next 18 to 24 months.

Four Seasons Washington

Strategic Hotel Capital will pay $168.9 million to purchase the Four Seasons Hotel in Washington, DC from Louis Dreyfus Property Group. The 211-room property recently reopened after a $27-million renovation.

Grande Lakes Orlando

CNL Hotels & Resorts last month closed on the previously announced purchase of the Grande Lakes Orlando resort. The resort property includes a 584-room Ritz-Carlton, a 998-room JW Marriott, spa and 18-hole golf course. CNL paid $753 million to an affiliate of Thayer Lodging Group for the resort.

Hilton Garden Inn Colorado Springs

GMAC Commercial Mortgage Corp. provided $8.85 million in permanent, fixed-rate financing to RLJ Colorado Springs Hotel LLC for the acquisition of a 154-room Hilton Garden Inn in Colorado Springs, CO.

Hilton Garden InnLake Mary

Trans Inns Management purchased the 123-room Hilton Garden Inn in Lake Mary, FL from Garden Hospitality I. Hotel Equity Advisors represented the seller.

House of Blues Hotel Chicago

LaSalle Hotel Properties will pay $114.5 million for the House of Blues Hotel in Chicago and adjacent Marina City retail and parking facilities. In addition to the 367-room hotel, the transaction includes 115,000 square feet of retail and restaurant space and 896 parking spaces.

Jones Lang LaSalle Hotels

The Chicago-based investment services firms arranged the sale of $243.95 million in full-service hotels since last December. The nine properties sold include five Hiltons.

Ocean Waters

Daytona Beach, FL-based Ocean Waters recently purchased the 143-room Sea Garden Inn and the 52-room Royal Beach Motel in separate transactions. Both properties are in the Daytona Beach area.

Pan Pacific San Francisco Hotel

Ashford Hospitality Trust will buy the Pan Pacific San Francisco Hotel for $95 million from Pac Realty LLC. Ashford says it will rebrand the property and spend $10 million in renovations.

Renaissance Nashville

Highland Hospitality Corp. will pay $77 million to buy the Renaissance Nashville Hotel. The company says it will spend $6.5 million on a two-year improvement plan for the 673-room hotel.

Trappers Turn Golf Club

Kalahari Resorts purchased the Trappers Turn Golf Club in Wisconsin Dells, WI from Robert and Patty Francis. The course will become an added amenity for Kalahari's 740-room waterpark resort in the Dells.

Twelve Oaks Corporate Housing

BridgeStreet Worldwide purchased Chicago-based Twelve Oaks Corporate Housing. The acquisition includes leases for 300 units in 14 furnished apartment complexes as well as the ff&e in the units.

Wyndham Colorado Springs

The Procaccianti Group acquired the Wyndham Colorado Springs (CO) for an undisclosed price from Thayer Lodging. The firm says it will invest $11 million to upgrade the 311-room property and convert it to a full-service Marriott.

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