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.
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.
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.
Mukesh Kadhiwala, owner of Allentown, PA-based JLK-Kadhiwala Group, purchased the Allentown McIntosh Inn from McIntosh Inn Corp.
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.
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.
Canadian Hotel Income Properties REIT purchased the Hotel Tadoussac in Tadoussac, Quebec. CHIP Hospitality will operate the 149-room landmark hotel.
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.
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