ATLANTA — Starwood Hotels & Resorts Worldwide has sold the 275-room Atlanta Perimeter Hotel & Suites, located at 111 Perimeter Center W. in Atlanta, to RockBridge Partners for an undisclosed price. The buyer has committed to extensive property enhancements, slated for completion in October 2014, after which the hotel will be rebranded as a Starwood Le Méridien hotel. The property will be franchised and managed by Minnetonka, Minn.-based Wischermann Partners.
ST. PAUL, MINN. — Felcor Lodging Trust has agreed to sell six hotels for $103 million to an undisclosed buyer. The portfolio consists of 1,527 rooms, including the Embassy Suites in St. Paul and Boca Raton, Fla. The acquisition also includes the Holiday Inn San Antonio-Airport, the Sheraton Suites Ft. Lauderdale-Cypress Creek and Doubletree Guest Suite hotels in Raleigh/Durham and Tampa. The deal is expected to close in the second quarter.
IRVING — Irving-based FelCor Lodging Trust Inc. has agreed to sell six non-strategic hotels for $103 million to an undisclosed buyer, which has paid a $3.9 million deposit toward the purchase. After repayment of $73 million of secured debt and closing costs, FelCor expects to use the remaining $30 million to pay a portion of its accrued preferred dividends. The six hotels include the Holiday Inn San Antonio-Airport, as well as five other hotels in Florida, North Carolina and Minnesota. The transaction is slated to close in the second quarter of this year.
MIAMI — Sunflower Hospitality has broken ground on a $16 million, 122-room Cambria Suites, located on NW 7th St. in Miami. Sunflower Hospitality is developing the property and Delant Construction Co. is serving as the general contractor. Financing for the property was provided by Ocean Bank. Amenities will include 1,800 square feet of meeting room space, an outdoor pool and terrace, as well as a casual dining and gathering area, a state-of-the-art fitness center and a convenience store. Completion is slated for summer 2013.
MINNEAPOLIS — RockBridge Partners has purchased the University Hotel Minneapolis, a 304-room, full-service hotel. The new owner is planning a $14.8 million renovation and rebranding of the property. The project will begin this spring and include lobby enhancements, a new restaurant and lounge and an expanded fitness center. Guest rooms and corridors will also be refurbished. The hotel is the only full-service hotel on the University of Minnesota campus. Noble House Hotels and Resorts will manage the property.
DAVENPORT, FLA. — Marcus & Millichap has arranged the $2.12 million sale of the 104-room Quality Inn — Davenport, located at 43824 Hwy. 27 in Davenport. Ahmed Kabani of Marcus & Millichap's Miami office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.
CORPUS CHRISTI — BLL Holdings has sold the 121-room Days Inn of Corpus Christi, located at 901 Navigation Blvd. in Corpus Christi, to Corpus Christi Hospitality in a cash transaction. The buyer plans on making capital improvements to the two-story hotel. Bryan Blanchard and Randy Lee of The Mumford Company's Dallas office represented the seller in the transaction.
ADDISON — The $3.5 million makeover of the 547-room Dallas/Addison Marriott Quorum has been completed. The renovation includes the creation of the Marriott Great Room, expanded meeting space at The Quorum Ballroom and the Blueprint meeting room, a new bar and restaurant (Addison Grill and Texas Food and Cocktails), a new We Proudly Brew Starbucks outlet, an upgraded front desk, a business center and retail space.
NATIONAL CITY, CALIF. — The Holiday Inn Express San Diego South has opened in National City, a suburb of San Diego. The hotel is owned by IHG and contains a 24-hour business center, fitness center and 750 square feet of meeting space.
BUDA — Aries Capital has secured a $4.8 million ground-up construction/permanent loan for the 83-room Microtel, located in Buda. Leonard Smith of Aries Capital's Houston office arranged the loan on behalf of the borrower, Longhorn Lodging Partners. The property will be managed by Caerus Hospitality Partners.
