Hospitality

ROCKPOINT GROUP COMPLETES $375M IN HOTEL SALES

by admin July 10, 2013

BOSTON— Rockpoint Group LLC and its affiliates have completed two hotel sales during the last three weeks and generated $375 million in proceeds. The most recent transaction was the sale of the 1,053-room Boston Park Plaza Hotel & Towers to a public lodging REIT for $250 million, or $237,400 per key. Boston-based Rockpoint owned the hotel for two years and added 112 guest rooms and ground-floor retail. The firm also sold its interest in the Courtyard by Marriott Waikiki Beach to Highgate Hotels Inc., which was managing the hotel, in a $125 million transaction. Lodging Capital Partners LLC was Rockpoint’s partner when the hotel was acquired in June 2011 for $85 million. The Courtyard by Marriott Waikiki Beach is a 401-room hotel located in the Waikiki submarket of Oahu in Hawaii.

July 10, 2013

HREC COMPLETES SARASOTA HOLIDAY INN SALE

by admin July 9, 2013

SARASOTA, FLA. — HREC Investment Advisors has completed the sale of the Holiday Inn Express & Suites located in Sarasota. The 101-room hotel is situated just off Interstate 75. HREC’s Scott Stephens, Monty Levy and Paul Sexton represented the seller, a joint venture between an affiliate of DeBartolo Development and Banyan Investment Group. The buyer’s name and the sale price were not released.

July 9, 2013

Hospitality Midwest

CAPITAL ADVISORS SECURES $57.5 M LOAN FOR W MINNEAPOLIS

by admin July 9, 2013

MINNEAPOLIS — Capital Advisors has arranged a $57.5 million loan for the refinancing of the 229-room W Minneapolis – The Forshay. The borrower is a partnership between RWB Holdings Inc. and Ryan Cos. US Inc. The 32-story hotel is located at 821 Marquette Ave. in downtown Minneapolis and features 212 guest rooms and 17 suites, which include private dining areas, fireplaces, wet bars and other amenities. After acquiring the 1920s-era Art Deco tower in 2006, the ownership group converted the property from its former office use to a five-star hotel. Ridge Stafford of Capital Advisors’ Charlotte office arranged the 10-year loan, which includes a 30-year amortization schedule. CMBS lender Jefferies LoanCore LLC provided the loan.

July 9, 2013

Hospitality Western

RITZ-CARLTON SAN FRANCISCO CHANGES HANDS

by admin July 8, 2013

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.

July 8, 2013

Hospitality Western

RITZ-CARLTON SAN FRANCISCO CHANGES HANDS

by admin July 8, 2013

July 8, 2013

Hospitality Southeast

OMNI ACQUIRES TWO SOUTHEASTERN RESORTS

by admin July 3, 2013

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.

July 3, 2013

Hospitality Texas

OMNI HOTELS PURCHASES, REFLAGS AUSTIN RESORT

by admin July 3, 2013

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.

July 3, 2013

Hospitality Midwest

JOINT VENTURE ACQUIRES HILTON HOTEL IN EVANSTON

by admin July 2, 2013

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.

July 2, 2013

Hospitality Western

COURTYARD BY MARRIOTT IN MODESTO CHANGES HANDS

by admin July 1, 2013

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.

July 1, 2013

Hospitality Western

COURTYARD BY MARRIOTT IN MODESTO CHANGES HANDS

by admin July 1, 2013

July 1, 2013

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