AFC Hotel Finance
AFC Hotel Finance Group secured $32.7 million in financing for properties in Panama City Beach, FL; Albuquerque, NM; Carson City, NV; Brentwood, TN; and Horse Cave, KY. The breakdown follows: $11 million in permanent financing for the Hilton Garden Inn-Panama City; a $7-million loan for Hampton Inn and Suites-Albuquerque; a $6-million loan for Holiday Inn Express Hotel and Suites-Carson City; a $5.7-million loan for Wingate by Wyndham-Brentwood/Cool Springs; and $3 million in permanent financing for the Hampton Inn-Horse Cave.
Aberdeen Woods Conference Center
On behalf of Pitney Bowes, Jones Lang LaSalle Hotels arranged the $30-million sale of the Aberdeen Woods Conference Center in suburban Atlanta to Crow Holdings. Dolce International will manage the Peachtree City property.
Clarion Hotel Hagerstown
Mumford Company arranged sale of the Clarion Hotel of Hagerstown, MD to Millennium Hospitality Holdings. David Mumford of Mumford's Newport News, VA headquarters and Tom Sommer of Mumford's Chicago office structured the $2.8-million sale for Hagerstown Hotel Associates.
GE Real Estate is providing a $37-million, flexible-rate loan to facilitate Shamrock-Hostmark Hotel Fund's acquisition and renovation of the Doubletree Hotel and adjacent freestanding restaurant in Tampa. The 489-key hotel is less than two miles from Tampa International Airport. This is the sixth transaction between Shamrock-Hostmark and GE Real Estate.
Comfort Suites Redmond
Rockbridge Capital closed on a $7.8-million first mortgage to buy the 92-room Comfort Suites in Redmond, OR. Sponsor of the investment is Vesta Hospitality, which will put about $800,000 into improvements to the hotel.
Gaylord Entertainment plans to acquire the Westin La Cantera Resort in San Antonio for $252.5 million. The deal, to be financed through Gaylord's line of credit, is expected to close in the first quarter.
Hilton Garden Inn Arlington
Meridian Capital Group arranged $13.805 million in financing for ground-up construction of a 130-room Hilton Garden Inn in suburban Dallas. The three-year, interest-only term carries a 2.25-percent rate + LIBOR.
Super 8 Little Rock
The Mumford Company arranged sale of the 49-room Super 8 of Little Rock on behalf of Little Rock, LLC and SAI Lodging. The $1.65-million transaction was facilitated by Lance Potter of Mumford's Chicago office and Mike Francis of its Dallas office. SAI Lodging plans to upgrade the property and convert it to a Comfort Inn.
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