AFC Hotel Finance Group
AFC Hotel Finance Group arranged financing for a $35-million portfolio of four hotels in greater Dallas. The cache includes SpringHill Suite franchises in Irving and Dallas, a Courtyard by Marriott in Irving and a Homewood Suites by Hilton in Dallas. AFC secured the capital on behalf of Chase Hospitality Resources.
Best Western Monterey Beach
The five, four-story buildings constituting the Best Western Monterey Beach Resort in Monterey, CA will be refinanced with $30 million in fixed-rate capital from Capmark Finance Inc. Christopher Clark, vice president at Capmark's McLean, VA office, originated the transaction for borrower ZHG Inc.
Clarion Hotel Tampa
MHI Hospitality Corp., a Williamsburg, VA REIT, agreed to buy the 250-room former Clarion Hotel in Tampa, FL for $13.5 million, or $54,000 a room. MHI will begin improvements when the deal closes. That's expected in the third quarter.
Comfort Inn Virginia Beach
The Comfort Inn of Virginia Beach, VA will become a La Quinta following closing of a $12-million transaction structured by David Mumford and Randy Lee, respectively of The Mumford Company's Newport News, VA and Dallas offices. Purchaser La Quinta Acquisitions LLC plans extensive renovations.
Fairfield Inn Airport
The Fairfield Inn-Airport in Charlotte, NC will be renovated and converted to an Econo Lodge Inn & Suites now that Daly Seven has sold it for $3.675 million. The transaction for buyer Seragu Equity, LLC was structured by David Mumford and Ed James of The Mumford Company's Newport News, VA headquarters.
Hotel Equities has added its first full-service management contract in the 227-acre, 170-room Simpsonwood Conference and Retreat Center in northeast Atlanta. The retreat on the Chattahoochee River belongs to the North Georgia Conference of the United Methodist Church. The property will remain open during a renovation that could take up to a year.
Interstate Hotels & Resorts
Interstate Hotels & Resorts formed a strategic partnership with Steadfast Companies to own and operate hotels in Mexico. Interstate invested $5.7 million in three Tesoro Resorts in Mexico owned by Steadfast affiliates. A $10-million capital plan will be initiated to make improvements at the Tesoro properties in Cabo San Lucas, Manzanillo and Ixtapa. Interstate also formed a separate, 50-50 joint-venture partnership with Steadfast, Interstate de Mexico, to manage hotels in Mexico.
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