AFC Realty Capital
A new chain blending extended-stay and apartment elements will be facilitated in more than 50 locations in the Midwest and Southeast by AFC Realty Capital, which secured $25 million in equity revolver financing for the rollout. A Midwest-based development firm will use the money to expand its Value Place portfolio.
CNL Hotels & Resorts
The CNL Hotels & Resorts REIT has agreed to sell 32 non-strategic, mostly select-service hotels to an affiliate of Whitehall Street Global Real Estate Limited Partnership 2005 for approximately $405 million, or $88,477 per key.
FelCor Lodging Trust
FelCor Lodging Trust Inc. sold another nine hotels representing 2,201 rooms as part of a repositioning strategy involving the REIT's total sale of 45 hotels. FelCor has received approximately $530 million for 34 hotels already sold. It expects $700 million to $730 million in gross proceeds for all 45.
Hersha Hospitality Trust
Hersha Hospitality Trust agreed to pay LodgeWorks approximately $169 million for seven Hyatt Summerfield Suites. Hersha will spend another $2.5 million for capital improvements.
Lodgian retained Hunter Realty to help sell 27 hotels to reconfigure its portfolio. The properties are expected to sell for $115 million to $122 million. Jones Lang LaSalle Hotels and HREC Investment Advisors are helping Lodgian in its divestment program.
Palmer House Hilton Hotel
On behalf of Thor Equities, Jones Lang LaSalle arranged a $362.7-million refinancing of debt and renovation of the Palmer House Hilton in Chicago for the owner, Thor Urban Property Fund. Jones Lang La Salle secured senior debt and funding for renovation of the trophy hotel from Anglo Irish Bank.
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.
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.
Four Points by Sheraton LAX
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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