TRANSACTIONS

Charleston Place

Sonnenblick-Eichner Co. arranged $67 million in first mortgage financing for Orient-Express Hotels Ltd., owners of Charleston Place. The mixed-use project in downtown Charleston, SC includes a 442-room hotel and 57,000 square feet of retail space.

E-Z-8 Hotel

Jayashree Krishna, Inc. bought the 119-room E-Z-8 Hotel in San Bernardino, CA for $6.75 million from San Bernardino Motel Investors LLC. Amber Hotel Co. brokered the deal.

FelCor Lodging Trust

Dallas-based FelCor Lodging Trust last month completed its $63-million sale of two properties it deems as non-strategic. Hospitality Properties Trust acquired the two hotels: a 304-room Crowne Plaza in Miami and 445-room Crowne Plaza in Philadelphia.

GMAC Commercial Mortgage Corp.

The Hospitality Division of GMAC Commercial Mortgage Corp. recently provided loans for a number of hotel projects, including:

  • $17.2 million in floating-rate refinancing for the 140-room Residence Inn Coconut Grove in Miami;

  • $13 million in floating-rate refinancing for the 138-room Hampton Inn-Ybor City in Tampa;

  • $12 million in floating-rate refinancing for the 104-unit Staybridge Suites in Savannah, GA; and

  • $4 million in floating-rate interim acquisition financing for the 136-unit SpringHill Suites in Andover, MA.

Hansji Hotels

Neptune Hospitality Advisors arranged $30 million in 10-year, fixed-rate financing for two Anaheim, CA properties owned by Hansji Hotels. The properties are the 190-room Desert Palms Hotel & Suites and the 150-room Desert Inn & Suites.

Inn at Scituate Harbor

Tremont Realty Capital's Boylston Investment Fund provided $3 million in first mortgage acquisition financing for the Inn at Scituate Harbor, a 29-room hotel 26 miles south of Boston.

JW Marriott Desert Ridge Resort

CNL Hotels & Resorts last month purchased the remaining interests it didn't own in the JW Marriott Desert Ridge Resort & Spa in Phoenix. CNL paid a combined $65 million for the remaining 56-percent interest from Desert Ridge Ltd. and Marriott Hotel Services, Inc.

Marriott Suites Deerfield

Seattle-based Dow Hotel Co. purchased the Chicago Marriott Suites Deerfield in a joint venture with AEW Partners V. Dow will operate the 248-suite property under a long-term management agreement.

Melrose Hotel Washington

Highland Hospitality Corp. paid $76 million to acquire the 240-room Melrose Hotel in Washington, DC. Highland chose Crestline Hotels & Resorts to operate the property.

Radisson Los Angeles Westside

The Carlyle Group purchased the Radisson Los Angeles Westside and retained Davidson Hotel Co. to operate the property. Davidson will oversee a $3.5-million renovation of the 368-room hotel.

Radisson Hotel Harbor View

Neptune Hospitality Advisors arranged $25 million in five-year fixed-rate financing for the Radisson Harbor View Hotel in San Diego. American Property Management Corp. operates the 333-room property.

Ritz-Carlton Kapalua

A partnership consisting of The Gencom Group, Highgate Holdings and Whitehall Street Global Real Estate purchased the Ritz-Carlton Kapalua on the Hawaiian island of Maui. The new owners plan to spend $40 million to renovate and expand the 548-room resort. Eastdil Secured represented the seller in the transaction.

RockBridge Capital

Columbus, OH-based RockBridge Capital provided $7.3 million in first mortgage financing to InterMountain Management to develop a 92-room Residence Inn in Fayetteville, NC.

RockBridge also recently lent $9 million to Bridge Partners to refinance a 120-room Hilton Garden Inn and a 172-room Radisson Hotel next to the Tulsa, OK Airport.

Sheraton Suites Key West

Starwood Hotels & Resorts sold the Sheraton Suites Key West (FL) to Ocean Properties for $35.9 million. The 180-unit property is now a Sheraton franchise and is managed by an affiliate of Ocean Properties. The new owners plan to renovate the property.

Westin St. Francis

Strategic Hotels & Resorts purchased the Westin St. Francis in San Francisco from an affiliate of Blackstone Real Estate Partners. Purchase price for the 1,195-room property is $440 million. The transaction is set to close by June 30.

Woolley's Petite Suites

La Quinta Corp. purchased Woolley's Petite Suites in Santa Ana, CA from Petite Suites LLC for $14 million. The 183-room property, which was built in 1985, will become a La Quinta. Eric Lambiase and Ken Arimitsu of the Newport Beach, CA office of Grubb & Ellis brokered the deal.

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