The Abbey Resort
The Abbey Resort, known as “the landmark on Lake Geneva,” is now managed by Hostmark Hospitality Group. The Fontana, WI property, one of the first successful condominium hotel conversions, was recently acquired by Abbey Provident Venture, LLC, which includes Oxford Capital Group, LLC. The only full-service resort in the area with lakefront property and a protected marina, the Abbey Resort recently underwent a $40-million renovation.
Boston Marriott Long Wharf Hotel
Sunstone Hotel Investors recently completed a $228.2-million acquisition of the 402-room Boston Marriott Long Wharf Hotel on Boston Harbor. The bulk of the purchase was financed with a $176-million mortgage loan with a 5.58-percent interest rate that matures in 2017.
Campton Place Hotel
Taj Hotel Resorts and Palaces is acquiring the Campton Place Hotel in San Francisco from Kor Hotel Group. Kor bought the property 19 months ago for $44 million and is selling it for $58 million to Taj, an Indian company with a reputation as a luxury hotel operator.
Doubletree Hotel Tucson at Reid Park
Following a $2.5-million renovation of all 295 guestrooms, the Doubletree Hotel Tucson at Reid Park is being sold to NCH Corp. The sale, on behalf of DNT Reid Park, LLC, was structured by Molinaro Koger. The upper-end business hotel is the longest continually branded Doubletree in the Hilton family of hotels and the fifth hotel owned and operated by DNT in the Tucson area.
Radisson Hotel Cross Keys
Interstate Hotels & Resorts and an affiliate of Meisel Capital Partners will pay The Blackstone Group $17 million for the 147-room Radisson Hotel Cross Keys in Baltimore. Interstate has operated the property since 1998.
and acquired a 15-percent minority equity interest for $750,000, which includes its share of a planned $1.5-million upgrade. Interstate will continue to manage the property.
Winston Hotels, a real estate investment trust and owner of premium limited-service, upscale extended-stay and full-service hotels, has agreed to merge with Inland American Real Estate Trust. In the deal, which calls for Inland American to purchase all of Winston common and Series B preferred stock, each share of common will be converted into the right to receive $15 in cash. The Series B conversion figure is $25.44. The merger is expected to close in the third quarter.
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