Hospitality

ASHEVILLE, N.C. — Starwood Hotels & Resorts has opened the 115-room Aloft Asheville Downtown, located at 51 Biltmore Ave. in Asheville. The property features 1,800 square feet of outdoor meeting space on its Air Level pool deck and The Ledge observation deck, as well as 649 square feet of indoor meeting space. It is the 60th hotel globally for Starwood.

PERRYVILLE, MD. — Mumford Co. has arranged the sale of the 104-room Ramada Inn, located off Interstate 95 in Perryville. The buyer plans to complete cosmetic upgrades and a repositioning of the property to Days Inn. Justin Pinkard, Steve Kirby and Ed James of Mumford Co. represented the seller, a privately held real estate group, in the transaction. The buyer was a New York-based lodging operator.

JACKSON, MISS. — American Real Estate Capital (AREC) has negotiated a $16 million loan secured by the fee simple interest in the 276-room Hilton Jacksonville, located in Jackson. The hotel features 27,000 square feet of meeting space. AREC arranged the three-year loan with two, one-year extension options.

HOLLYWOOD BEACH, FLA. — CBRE Group has arranged the sale of the 52-room Driftwood on the Ocean and a 12-unit apartment property, located in Hollywood Beach, for $8.7 million. Property Markets Group purchased Driftwood on the Ocean, a hotel with condominium development approvals located at 2101 S. Surf Road, for $7.6 million. CBRE Group represented Dupont Hollywood LLC, the seller, in the transaction. A foreign investor purchased the apartment community, located at 335 Georgia St., for $1.1 million. Jeff Cohen of EWM represented the buyer in the transaction and CBRE Group represented the seller, a private individual.

TALLAHASSEE, FLA. — A joint venture between DeBartolo Development and Banyan Tree Cos. has acquired the 122-room Hampton Inn & Suites, located at 3388 Lonnhladh Road in Tallahassee, for $12.35 million. Gray Morgan and Charles Reyner of Greenville, S.C.-based Windsor/Aughtry Co. represented the seller, AHG Hotels, in the transaction.