Embassy Suites Palm Desert
The Embassy Suites Palm Desert in California is the fourth acquisition of the Shamrock-Hostmark Hotel Fund LP. Co-sponsored by Shamrock Holdings of California and Hostmark Hospitality Group, this fund aims to acquire hotels that require redevelopment, renovation, rebranding and investment management that will provide significant value. The closing on the Embassy Suites Palm Desert took place in early February.
Equinox Resort and Spa
HEI Hotels & Resorts acquired the historic 179-room Equinox Resort and Spa in Manchester Village, VT from Olympus Real Estate Partners. The acquisition for an undisclosed sum marks HEI's first resort property and the 11th acquisition by its $500-million Fund II.
Noble Hospitality Fund
Seven institutional investors, including public pension funds and university endowments, help constitute the Noble Hospitality Fund, LLC, or Noble Fund, which recently closed with $310 million in equity commitments. The fund of the privately held Noble Investment Group also includes significant investments by the principals of the Noble organization. The oversubscribed Noble Fund is the organization's third private equity fund. Combined with prudent debt leverage, it gives Noble the capacity to acquire and develop more than $1 billion in lodging assets.
The Highland Hospitality Corp. REIT paid $34.5 million, or approximately $241,000 per key, for the 143-room Silversmith Hotel in downtown Chicago. The former Crowne Plaza Chicago will be managed by Crestline Hotels & Resorts. Highland plans to spend another $2.5 million on guestroom upgrades and more meeting space.
Stamford Holiday Inn Downtown
Hospitality investment firm RockBridge Capital, LLC and hotel management firm Davidson Hotel Company have acquired the 380-room Stamford, CT Holiday Inn Downtown from FelCor Lodging Trust. Purchase price was not disclosed. Davidson holds a minority interest in the property, which it will manage.
Wyndham Albuquerque Airport
Neptune Hospitality Advisors arranged a $23.8-million floating rate interest-only loan to finance American Property Hospitality Management's purchase of the 276-room Wyndham Albuquerque Airport. Following a $6-million renovation, the New Mexico property will become a Sheraton.
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.
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