Neptune Hospitality Advisors arranged senior financing for the 276-room former Wyndham at the Albuquerque International Airport. Neptune procured a $23.24-million, five-year floating rate, interest-only loan through a commercial real estate finance company. Upon completion of a $7.5-million renovation, the property will be converted to a Sheraton hotel.
A joint venture between Choice Hotels International and affiliate investment funds of Och-Ziff Real Estate Acquisition LP will provide majority equity to developers interested in building Cambria Suites, MainStay Suites and Suburban Extended Stay hotels in the U.S., Canada and Mexico.
Davidson Hotel Company
Two Florida hotels — the 341-room Sheraton Orlando-Downtown Hotel and the 332-room Miami Mart Airport Hotel — are now part of Davidson Hotel Company's portfolio. The properties are owned by CF Hospitality, Inc. and SF Hotels, Inc., both privately held Florida companies. With the addition of the two properties, Davidson now manages five upscale hotels in Florida.
Econo Lodge Pooler
Mumford Company closed the sale of the Econo Lodge of Pooler, GA. Steve Kirby and Burton Brooks of the company's Atlanta office represented the seller in structuring the transaction. The seller, a single-asset owner from the Midwest, sold the 117-room property to return proceeds to investors.
Holiday Inn Santa Clara
Capmark Finance, Inc. originated $17.3 million in interim, floating-rate debt for acquisition of Holiday Inn Santa Clara (CA). Bruce Lowrey and Chris Allman of the Capmark, McLean, VA office originated the transaction. The borrower is Skyline Holiday House 7, LP.
GE Real Estate provided a $45-million, three-year, fixed-rate on-book loan to the Kimpton Hotel & Restaurant Group to refinance its flagship Hotel Monaco San Francisco.
Sheraton Gateway Hotel
Jones Lang LaSalle Hotels announced the sale of the fee simple interest in the Sheraton Gateway Hotel at Los Angeles International Airport on behalf of Kor Hotel Group and its partners. The hotel was purchased by Chicago-based Harp Group and equity partners Fidelity Investments Real Estate Group and Blue Vista Capital Partners.
Jones Lang La Salle's Real Estate Investment Banking team, led by David Christensen and Jeffrey Davis, also secured $65 million in acquisition financing for the Harp Group and its equity partners.
Westin Fort Lauderdale Beach Resort
An $84-million renovation loan for the 433-room Westin Fort Lauderdale Beach Resort has been arranged by the Miami and Washington, D.C. offices of Holliday Fenoglio Fowler. HFF senior managing directors Bob Donhauser and Pal Stasaitis, as well as senior managing director William Asbill and director Cary Abod represented an affiliate of Starwood Capital Group Global, which owns the property, in securing three-year financing for the beachfront property.
Reprints and Licensing
© 2014 Penton Media Inc.
Acceptable Use Policy blog comments powered by Disqus
Enter a City:
Select a State:
Select a Category: