Ashford Hospitality Trust
Ashford sold two Howard Johnsons on Long Island, NY for $11 million. CB Richard Ellis brokered the deal. The properties — a 110-room hotel in Commack and an 80-unit property in Jerricho — were part of a 21-hotel portfolio Ashford acquired last March.
Hilton San Diego Convention Center
Co-developers Portman Holdings and Phelps Development secured a $348-million construction loan from the San Diego National Bank for the Hilton San Diego Convention Center. Construction of the 1,190-room property begins this year, with opening scheduled for fall 2008.
The equity investment arm of J.E. Roberts Companies acquired a seven-property portfolio of TownePlace Suites from Rocky Mountain Extended Stay LLP for $53 million. Six of the hotels are in the Denver area, and one is in Colorado Springs. Sage Hospitality will continue to manage the properties. HREC Investment Advisors represented the seller.
The Northbrook, IL-based owner and operator recently landed one management contract and bought three hotels. The acquired properties include a 224-room Hilton in Grand Rapids, MI, a 219-room Radisson in Annapolis, MD and a 146-room Courtyard in Durham, NC. The management contract is for the 253-room Crowne Plaza in Bloomington, MN.
The Maryland-based firm landed five management contracts in the last quarter of 2005. Three of the properties — a Holiday Inn, Hampton Inn and a Best Western — are in North Carolina, while the other two — a Holiday Inn and a Days Inn — are in the Walt Disney World area of Florida.
The global hotel brokerage firm closed on $2.2 billion in hotel transactions and funding in 2005, the busiest year in the firm's 47-year history. Last year, the company opened officies in San Francisco, Shanghai and Beijing.
The Florida-based hotel firm bought two Daytona Beach properties in separate transactions. The acquisitions are the 143-room Sea Garden Inn and the 52-room Royal Beach Motel.
Plantation Inn and Golf Resort
Prism Hotels recently purchased the Plantation Inn and Golf Resort in Crystal River, FL and plans to spend $6.9 million in capital improvements to the property. The project includes the addition of 60 guestrooms and 3,000 square feet of meeting space.
The Procaccianti Group
The New England-based firm completed more than $600 million in hotel acquisitions in 2005. The purchases encompassed eight hotels with 2,500 rooms in seven states. The company also promoted Rob Leven from executive vice president of acquisitions to chief investment officer.
The Columbus, OH-based lender recently closed two transactions: an $8.2-million first mortgage to refinance the 123-room Hampton Inn & Suites at Denver Tech Center and a $3-million mezzanine loan to recapitalize a 288-room Hilton in Houston.
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