SAN FRANCISCO – The 338-room Ritz-Carlton San Francisco has sold to Thayer Fund VI for an undisclosed sum. The hotel is located at 600 Stockton Street. Thayer plans to invest up to $17 million into the property within its first 24 months of ownership. The fund worked on behalf of Thayer Lodging Group. This was the fund’s first investment. It is targeted as a $300-million fund. Thayer also owns the nearby J.W. Marriott San Francisco.
ASHEVILLE, N.C., AND HOT SPRINGS, VA. — Omni Hotels & Resorts has acquired two resort hotels from KSL Capital Partners. The newly christened Omni Grove Park Inn is located in Asheville. It contains 514 guestrooms and features restaurants, a golf course, a tennis and fitness center, a 40,000-square-foot spa and convention facilities. It is currently undergoing a $25 million renovation, which will be complete this summer. The second property is the renamed Omni Homestead Resort, which is located on 2,000 acres in Hot Springs. The 483-room resort features 72,000 square feet of meeting space, restaurants, golf courses, a water attraction, a downhill ski area and an equestrian center. It is currently in the midst of a $26 million renovation. The two resorts were part of a five-property, 2,362-room portfolio purchase that also included resorts in Texas and California. The acquisition price was not disclosed.
AUSTIN, TEXAS — Omni Hotels & Resorts has purchased and reflagged the Omni Barton Creek Resort & Spa in Austin from KSL Capital Partners LLC, a private equity firm. The property is heralded as the No. 1 golf resort in Texas with four championship level courses and Texas' only Callaway Performance Center. The property also features 318 guest rooms, full-service spa, meeting/wedding facilities and several dining options. The seller recently upgraded the property's guest rooms and meeting spaces.
EVANSTON, ILL. — The Dow Hotel Co. LLC (DHC) in a joint venture with Carlyle Realty Partners VI, has acquired the 269-room Hilton Orrington hotel in Evanston, a suburb of Chicago. The purchase price was undisclosed. The hotel will undergo a $6 million renovation/upgrade during the next 12 months. The renovation plans include updates to guest rooms, corridors, the lounge, meeting areas and other public spaces. The property completed a total transformation in 2004 and further upgraded from an independent property to the Hilton brand in 2010. Located at 1710 Orrington Ave., the Hilton Orrington features a 12,000-square-foot International Association of Conference Centers-certified center. The hotel also includes an additional 20,000 square feet of ballroom and other meeting space, a 173-space parking garage, business center and retail shops. DHC will operate the hotel.
MODESTO, CALIF. — A 125-room Courtyard by Marriott in Modesto has sold to American Traders for an undisclosed sum. The hotel is located on Sisk Road and sits adjacent to the Central Valley Plaza Shopping Center. The new owner plans to renovate and convert the property into a Radisson Hotel. The property will be managed by Southern Host Lodging. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.
MODESTO, CALIF. — A 125-room Courtyard by Marriott in Modesto has sold to American Traders for an undisclosed sum. The hotel is located on Sisk Road and sits adjacent to the Central Valley Plaza Shopping Center. The new owner plans to renovate and convert the property into a Radisson Hotel. The property will be managed by Southern Host Lodging. The seller, LNR Partners, was represented by Mike Armstrong of HREC Investment Advisors’ San Diego office.
GLENDALE, CALIF. – The 272-room Embassy Suites Hotel in Glendale has received a $50-million refinance. The hotel is located at 800 N. Central Ave. The five-year, non-recourse loan will be used to refinance a bridge loan and provide substantial cash out. It has a fixed interest rate in the low 4 percent range and a 30-year amortization schedule. The loan was arranged by Mitch Paskover of Continental Funding Group.
GLENDALE, CALIF. – The 272-room Embassy Suites Hotel in Glendale has received a $50-million refinance. The hotel is located at 800 N. Central Ave. The five-year, non-recourse loan will be used to refinance a bridge loan and provide substantial cash out. It has a fixed interest rate in the low 4 percent range and a 30-year amortization schedule. The loan was arranged by Mitch Paskover of Continental Funding Group.
COLORADO SPRINGS, COLO. – The 500-room Crowne Plaza Hotel in Colorado Springs has sold to 513 Hotels, LTD for an undisclosed sum. The hotel is located at 2886 S. Circle Drivejust south of downtown. It was built in 1974 and expanded in 1985. In addition to serving as a family and business-friendly hotel, the Crowne Plaza accommodates a variety of activities for the many military, government and related businesses nearby. This includes Fort Carson, Peterson Air Force Base, Schriever Air Force Base, Cheyenne Mountain Air Station and the US Air Force Academy. David Buddemeyer of Driftwood Hospitality Management acted as the hotel’s receiver. The sale was executed by Rockwood Real Estate Advisors.
SAN FRANCISCO — The 150-room Vantaggio Suites Cosmo in San Francisco has sold to RLJ Lodging Trust for $29.5 million. The hotel is located at 761 Post Street near Union Square. It was built in 1930 and is listed on the National Register of Historic Places. The property primarily accommodated short-term stays, though it is currently unoccupied. RLJ plans to close the hotel while it carries out a $13-million, multi-phase conversion that will rebrand it as a Courtyard by Marriott. The conversion should be complete by the end of 2014. RLJ purchased the hotel with cash available on its balance sheet.