Abby Inn LLC
Real estate investors Ralph and Helen Hlavin of Lamont, IL bought the 60-room Sleep Inn and the 24-room Abby Inn in Abbotsford, WI from Abby Inn LLC. Brokers Ronald McCord and Jennifer Church of Milmark Hotel/Motel Investments of Oconomowoc, WI handled the transaction.
Fairfield Inn & Suites, Lafayette, LA
RockBridge Capital closed on a $7.2-million first mortgage to refinance a recently developed 81-room Fairfield Inn &Suites in Lafayette, LA. Mortgage sponsor is K Partners Hospitality Group of San Antonio.
Gaylord Entertainment Co. sold its ResortQuest mainland business to a subsidiary of Leucadia National Corp. The price was $35 million, $8 million of it a four-year promissory note from Leucadia. The sale frees Gaylord to focus on hotels.
GE Capital Solutions, Franchise Finance provided $42 million in financing to Jalaram Hotels. The owner-operator of nine hotels, Jalaram will use the money to refinance a Hilton and a Holiday Inn it owns in St. Augustine, FL and a Wingate it owns in Jacksonville, FL.
Lodgian sold 16 hotels to Kronos Hotels & Resorts for $64.9 million. Kronos has agreed to buy one more hotel from Lodgian. Twenty of Lodgian's 27 non-core hotels have now been sold, leaving seven to dispose of.
Sheraton Park Hotel, Anaheim, CA
Sonnenblick-Eichner Co. arranged a $65-million first mortgage for the leasehold interest in the Sheraton Park Hotel at the Anaheim Resort in California. The 10-year, fixed-rate mortgage is interest-only and will allow Sonnenblick to refinance a $54-million renovation loan.
Stonebridge Companies acquired the Four Points by Sheraton Denver Cherry Creek, will rename the Colorado property the Cherry Creek Hotel and deaffiliate it from the Starwood family. Mike Cahill, president and founder of Hospitality Real Estate Counselors, brokered the deal.
Tremont Realty Capital
Tremont Realty Capital arranged an $18.1-million loan through a national bank to refinance a Lexington, KY portfolio that includes a Baymont Inn, a Holiday Inn and a Best Western. The properties represent just more than 500 rooms. Tony Kolomayets of Tremont's Chicago office secured the recourse loan, which carries an eight-percent interest rate and a 75-percent loan-to-value.
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