Golden Tree InSite Partners, Aimbridge Hospitality and JF Capital Advisors are allying to acquire $500 million of value-added hotel assets over the next two years. GoldenTree's acquisition and renovation of two Doubletree hotels in the Southwest typify the opportunity the new alliance seeks.
Drury Inn Schaumburg
NAI Global Hotels sold a 124-room Drury Inn in the corporate district of Schaumburg, representing Drury Inns Inc. The sale of the hotel, Drury Inns' only property in suburban Chicago, was arranged by Daniel Beider and Sanjeev Misra, respectively managing director and regional vice president for NAI Global.
Four Points by Sheraton LAX
A $38.5-million fixed-rate loan arranged by Neptune Hospitality Advisors will enable American Property Management Corp. to buy the 568-room Four Points by Sheraton Los Angeles International Airport. APMC will continue to operate it as a Four Points.
Hilton Houston Westchase
Interstate Hotels & Resorts is acquiring the 297-room Hilton Houston Westchase hotel for $50.5 million, or $170,000 per key, from affiliates of The Blackstone Group. Interstate aims to finance the purchase with about $33 million in mortgage debt, cash and borrowing on its senior credit facility. Interstate will invest $2 million to $3 million as part of an $11-million renovation already in progress.
Sonnenblick Goldman and Colliers International Hotels are advising Larco Hospitality on what Sonnenblick Goldman hopes will be the single largest sale of urban hotel assets — unencumbered by management — in Canadian history. The portfolio consists of the Marriott Toronto Bloor-Yorkville, the Renaissance Toronto Hotel Downtown, the Renaissance Toronto Airport Hotel, the Marriott Ottawa, and the Richmond Hotel & Convention Centre.
The Providence Group
The owner of the 70-room Sandhurst Motel & Suites, on South Hutchinson Island between Miami and Jacksonville, FL, selected The Providence Group to manage the upscale resort.
Duxbury, MA-based The Providence Group began its relationship with The Sandhurst as a consultant.
A $12.2-million first mortgage from RockBridge Capital will refinance two extended-stay Arkansas properties: a 78-room TownePlace Suites in Bentonville and a 130-room Candlewood Suites in Rogers. Sponsor is AG Holdings of Wichita, KS.
Your Online Hotel Real Estate Resource
Whether you're buying or selling lodging real estate, the new Online Real Estate Today website from Lodging Hospitality is the place to go. The site has extensive listings of properties for sale across the U.S. and North America. The listings include property descriptions, locations, selling prices and a contact for more information. Go to www.LHonline.com/realestate/
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