TRANSACTIONS

Best Western Beverly Pavilion Hotel

Pacifica Hospitality Advisors and Investcorp sold the Best Western Beverly Pavilion Hotel in Beverly Hills, CA to Thompson Hotels for about $24 million. Pacifica and Investcorp have owned the 110-room property since 1999.

Crowne Plaza United Nations

InterContinental Hotels Group sold its leasehold interest in the 300-room Crowne Plaza United Nations in New York City to Halifax Holdings, an affiliate of Highgate Holdings, for $34 million.

Hotel Danieli

Starwood Hotels & Resorts signed an agreement to sell the Hotel Danieli in Venice, Italy to The Statuto Group for about $244 million. Starwood will retain a long-term management contract to operate the 233-room property as part of its Luxury Collection. Jones Lang LaSalle Hotels and Deutsche Bank advised Starwood on the transaction.

Eagle Hospitality

Prudential Mortgage Capital Co. provided an $81.8-million loan to Eagle Hospitality Properties Trust. The loan is secured by first mortgages on three of Eagle's full-service hotels: a Marriott in Covington, KY; an Embassy Suites in Independence, OH; and an Embassy Suites in Tampa.

Garrett Hotel Group

Ramsfield Hospitality Finance provided a $6.5-million loan to Garrett Hotel Group. Garrett will use the proceeds to consolidate debt and invest in two of its upstate New York lodging assets, The Point and the Lake Placid Lodge.

Gulph Creek Hotels

Moody National Companies bought five hotels from Gulph Creek Hotels for $92 million. The portfolio consists of four Hampton Inns and a Homewood Suites Hotel, all in the Philadelphia area. Gulph retains management of the properties. HREC Investment Advisors advised Gulph on the transaction.

Hersha Hospitality Trust

Philadelphia-based Hersha bought five hotels in the Philadelphia and Wilmington, DE area for $48.9 million in cash. The portfolio of 480 rooms includes a Courtyard by Marriott, three Holiday Inn Express properties and an independent hotel.

JLK-Kadhiwala Group

Mukesh Kadhiwala, owner of Allentown, PA-based JLK-Kadhiwala Group, purchased the Allentown McIntosh Inn from McIntosh Inn Corp.

Onyx Hotel

LaSalle Hotel Properties purchased the Onyx Hotel in Boston for $28.6 million. Kimpton Hotels will continue to manage the 112-room property, as well as LaSalle's five DC Urban Collection hotels.

Park Inn Wausau

Dennis and Carol Hyde sold the Park Inn in Wausau, WI to Crab Tree Ridge LLC. The Block Hotels Organization will operate the 119-room, full-service property, which will be renamed The Block at Granite Peak. Ron McCord and Jennifer Church of Milmark Hotel/Motel Investments brokered the deal.

Ramada Memphis Airport Hotel

Pine Bluff, AR-based IBAC Corp. bought the 127-room Ramada Airport Hotel in Memphis at auction for $1.7 million. The purchase includes a separate parcel with a free-standing restaurant.

Renaissance Hotel Northbrook

Columbus, OH-based RockBridge Capital provided a $26-million first mortgage loan to Davidson Hotel Co. to refinance the 385-room Renaissance Hotel in Northbrook, IL. The recently renovated property was formerly a Sheraton.

Reno Hilton

Caesars Entertainment sold the 2,000-room Reno Hilton to Grand Sierra Resort Corp. for $150 million. Oppenheimer & Co. was advisor to Grand Sierra, while CB Richard Ellis represented Caesars.

Residence Inn Weston

GMAC Commercial Mortgage Corp. provided $7.6 million in fixed-rate financing to Weston Road Hotel Associates for the 100-unit Residence Inn by Marriott in Weston, FL.

Hotel Tadoussac

Canadian Hotel Income Properties REIT purchased the Hotel Tadoussac in Tadoussac, Quebec. CHIP Hospitality will operate the 149-room landmark hotel.

Hotel Telluride

Printup Hotel Associates sold its 58-room Hotel Telluride in Telluride, CO to Hotel Telluride Properties LLC for an undisclosed amount. Thompson Calhoun Fair represented the seller in the transaction.

Reprints and Licensing
© 2014 Penton Media Inc.


Acceptable Use Policy
blog comments powered by Disqus

Most Recent

More Recent Articles

Career Center

Quick Job Search
Enter Keyword(s):
Enter a City:

Select a State:

Select a Category:



http://lhonline.com/images/bulk_tv_logo.jpg
Franchise Fact File Top Brands
Brand Company Basics Top Management Companies
Owners & Operators Industry Consultants
Industry Associations Industry Events
Design Firms Purchasing Companies
Top Ownership Groups  


http://lhonline.com/images/bulk_tv_logo.jpg

Click here to view all of the Lodging Hospitality Photo Galleries



Accor Best Western
Carlson Rezidor Choice
Hilton Hyatt
IHG La Quinta
Marriott Starwood
Vantage Wyndham







Free Product Information
News and Trends for the Hotel, Motel, and Hospitality Markets.

Lodging Hospitality eReport
Lodging Hospitality electronic newsletters are FREE to requested subscribers.

Lodging Hospitality Resource Center
The Lodging Hospitality Resource Center is the ultimate resource to find products and services to build, equip, and renovate hotels, motels and resorts.

Subscribe / Renew
Visit our subscription center to subscribe or renew your subscription to Lodging Hospitality.

Webinars
Visit our webinars page to view all our upcoming and on demand webinars.

Whitepapers
Visit our White Papers page to view all our current White Papers.