Comfort Inn Airport/Cruise Port South
Miami-based Aztec Group brokered the $12-million sale of the Comfort Inn Airport/Cruise Port South in Hollywood, FL. Sterling Management LLC bought the 191-room property from Sterling Property Associates.
Embassy Suites, Alexandria, VA
GE Real Estate provided a $28-million senior fixed-rate mortgage to a joint venture between The Oliver Carr Co. and Hilton Hotels to refinance the 268-unit Embassy Suites in Alexandria, VA.
Hostmark Hospitality Group
Schaumburg, IL-based Hostmark Hospitality Group recently landed management contracts for five properties. Three contracts are with Rossco Holdings, while the other two are with True North Management Group.
In separate transactions, Host Marriott sold the Fort Lauderdale Marina Marriott and Swissotel The Drake in New York City for a combined $586 million. The company says it will use part of the proceeds to fund its pending purchase of 38 properties from Starwood Hotels.
Marriott at Research Triangle Park
Ashford Hospitality Trust will pay $28 million in cash for the 225-rooom Marriott at Research Triangle Park in Durham, NC. Host Marriott is the seller.
MeriStar Hospitality Corp.
An affiliate of The Blackstone Group will buy nine hotels and a golf and tennis club from MeriStar for $367 million in cash. The portfolio of properties, all in Florida, includes a Best Western, a Sheraton, two Hiltons and the remainder independents. The Plasencia Group advised MeriStar in the transaction.
Nickelodeon Family Suites, Orlando
Terry Whaples and her partners sold the 777-suite Nickelodeon Family Suites by Holiday Inn in Orlando to Denver-based Miller Global. Whaples, who was co-founder and managing partner of the hotel, says she plans to establish a new company focused on faith-based creative learning programs.
Daytona Beach, FL-based Ocean Waters purchased three oceanfront independent hotels: The Thunderbird and the Boardwalk Inn & Suites in Daytona Beach and the Makai Beach Lodge in nearby Ormond Beach. The firm owns 30 properties in the area.
The Procaccianti Group
Rhode Island-based Procaccianti Group completed more than $600 million in hotel acquisitions in 2005, a record for the company. The spending spree included eight properties with more than 2,500 rooms in seven states. Brands included Westin, Hilton, Marriott and InterContinental. The company also promoted Rob Leven from executive vice president of acquisitions to chief investment officer.
Quality Inn and Suites, Prescott, AZ
Hall Financial Group provided $6.5 million in first-lien financing to Evening Star Prescott LLC to purchase the Quality Inn and Suites Conference Center in Prescott, AZ. Seller was not identified. Richard Goeglein, principal of Evening Star, is former president and CEO of Aladdin Gaming and president and COO of Holiday Corp.
Privately held RJR Development, which is controlled by entrepreneur Robert L. Johnson, bought 100 hotels from White Lodging Services for $1.7 billion. Sales of the first group of 87 properties will close in the second quarter. Closings on the remaining 13 hotels, which are either under construction or recently completed, will happen over the next 18 to 24 months. White Lodging Services will retain long-term management of the portfolio.
Starwood Hotels & Resorts
In early February, Starwood completed the sale of three properties for $146 million to Pyramid Hotels Opportunity Venture II. The portfolio includes the 206-room Westin Embassy Row in Washington, DC; the 264-room Sheraton Suites San Diego; and the Sheraton Framingham (MA).
Super 8, Saukville, WI
Saukville Investments sold the 70-room Super 8 in Saukville, WI to North Shore Investment I. Brokers Ron McCord and Jennifer Church of Milmark Hotel/Motel Investments handled the sale.
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