The Cap Juluca resort on the island of Anguilla, British West Indies was acquired by Cap Juluca Properties, an investor syndicate led by former Vail Resorts and RockResorts Chairman Adam M. Aron. Cap Juluca Properties aims to renovate the resort and sell a number of residential villas there.
Great Wolf Lodge-Concord, NC
Great Wolf Resorts closed on a $63.9-million construction loan from Marshall Financial Group. The four-year loan, potentially expandable to a $79.9-million maximum, will fund part of the costs of the Great Wolf Lodge under construction in Concord, NC. That resort is scheduled to open next spring.
Holiday Inn-Statesboro, GA
Sale of the Holiday Inn Express of Statesboro, GA was facilitated by Steve Kirby and Burton Brooks of the Mumford Company's Atlanta office. The 92-room, interior-corridor structure will be rebranded in July after cosmetic renovations.
AFC Realty Capital has allied with Hersha Hospitality Management in a joint venture making Hersha an operating partner for The Independent-Philadelphia, a restored Georgian-Revival, 24-room upscale hotel in the Arts District in the Center City.
Interstate Hotels & Resorts
Interstate Hotels & Resorts and joint-venture partner JHM Interstate Hotels have signed a contract to manage their first property in India. This debut contract is for a 124-room hotel under construction in Vizag, a city in the state of Andhra Pradeesh on the eastern shore. Interstate and JHM expect to announce an affiliation with a U.S. brand shortly.
Omni Royal Orleans
The Omni Royal Orleans near Jackson Square has returned to New Orleans-based ownership for the first time in nearly 30 years. Darryl Berger of DBJ Investments and Joe Jaeger of Mechanical Construction Company recently bought the 346-room hotel from UBS Realty Investors, LLC of Hartford, CT for an updisclosed price. Together with fellow New Orleans businessmen Darryl Berger Sr. and Roger Ogden, Berger and Jaeger plan a major renovation of the property. Omni will continue to manage the property.
Sheraton Hotel Iowa City
In a deal facilitated by Molinaro Koger, Ashford Hospitality Trust sold the Sheraton Hotel Iowa City to a joint venture of Davidson Hotel Company and RockBridge Capital, LLC. Davidson will manage the center-city hotel. John Jameson, managing director of Molinaro Koger's Chicago office, marketed the asset and structured the transaction.
Strategic Capital Solutions
SCS-Strategic Capital Solutions formed the Dedicated Hospitality Financing Program in an effort to fund up to $300 million of debt and equity investment in properties and construction projects throughout the U.S, the Caribbean, Latin America, the Middle East and Europe. The program was formed to combat turmoil in the credit markets, SCS says.
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