TRANSACTIONS

Avalon Hotel & Spa

Grand Heritage Hotels purchased the 99-room Avalon Hotel & Spa in Portland, OR from bankruptcy court. Terms of the sale, which was brokered by PKF Capital Markets Group, weren't disclosed.

Fairfield Inn Jackson

Lodgian, Inc. sold its 105-room Fairfield Inn in Jackson, TN to an undisclosed buyer for $2.5 million. The company says it will use part of the proceeds to reduce corporate debt.

Fisher Island Club

Tiverton, RI-based HVS/American Hospitality Management Co. has taken over asset management of the Fisher Island Club Hotel and Resort in Miami. The 65-unit luxury resort is a member of Leading Hotels of the World.

Gemstone Resorts

Utah-based Gemstone Resorts International will manage a new 130-room boutique hotel under development in Kansas City, MO. The property, which will be part of the West Edge office, retail, restaurant and entertainment complex, opens in mid-2008.

GMAC Commercial Mortgage

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

  • $21 million in permanent fixed-rate acquisition financing for three hotels in Manchester, NH: a Courtyard by Marriott, a TownePlace Suites and a SpringHill Suites;

  • $45 million in permanent fixed-rate refinancing for a portfolio of Homewood Suites in Savannah, GA, Jacksonville, FL, San Jose, CA and Tukwila, WA.

  • $33 million in floating-rate acquisition and mezzanine financing for the Double-tree North Shore Hotel in Skokie, IL.

  • $22 million for permanent fixed-rate financing for an Embassy Suites in Sacramento, CA.

Hampton Inn Albany

H.V.N. LLC purchased a Hampton Inn in Albany, GA from Albany-Tyre I. Molinaro Koger advised Albany-Tyre on the acquisition of the 82-room property, which will retain the Hampton flag.

Hilton Minneapolis

1001 Marquette LLC purchased the Hilton Minneapolis from Hilton Hotels Corp. for $92 million. The new owner will spend $15 million over the next three years to renovate the 821-room property. It will remain a Hilton.

Kerzner International

An investor group led by Chairman Sol Kerzner and CEO Butch Kerzner will buy and take private Kerzner International for $3.6 billion, including assumption of $599 million in debt. The destination resort and casino operator owns Atlantis, Paradise Island in the Bahamas and is developing another Atlantis in Dubai.

Tides Hotel

Los Angeles-based Kor Hotel Group recently purchased the Tides Hotel in the South Beach area of Miami Beach, FL. The company plans to develop the 45-unit property into a condo-hotel.

Westin Columbus

The Marcus Corp. purchased the 186-room Westin Columbus in downtown Columbus, OH from an affiliate of Berwind Property Group. Terms of the sale weren't announced.

Wyndham Orange County

An affiliate of Makar Properties bought the 238-room Wyndham Orange County Hotel in Costa Mesa, CA from an undisclosed seller. Grubb & Ellis Co. advised both the buyer and seller.

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