CAVE CITY, KY. — Supertel Hospitality has sold a 96-room Masters Inn to Fine Hospitality for an undisclosed amount. The two-story property is located on Interstate 65 in Cave City. Fine Hospitality plans on renovating the hotel and franchising it with Days Inn. Mumford Co.'s David Holcombe and Burton Brooks brokered the sale.
NAPA VALLEY, CALIF. — PKF Capital has arranged the sale of Silverado Resort and Spa in Napa Valley to a group led by golfing legend Johnny Miller. Opened a half century ago, the Silverado Resort offers more than 400 rentable condominium units, 36 holes of golf, 16 tennis courts, 41,000 square feet of meeting and event space, and a 16,000-square-foot spa. Former Sega Corp. chairman Isao Okawa bought the 300-acre Silverado in 1989. A Colliers International PKF Capital team led by Bob Eaton negotiated the sale of behalf of the family of the late Okawa.
GALVESTON, TEXAS — Cathay Bank has sold the former Jean LaFitte Hotel to Itex Partners for an undisclosed amount. The Galveston property will be reconfigured as a mixed-use, mixed-income apartment complex. Moody Rambin Investment Services' Derek Hargrove and Christopher Dray represented the seller.
SAN FRANCISCO — For $90 million, Pebblebrook Hotel Trust has acquired the 416-room Sir Francis Drake Hotel, located at the center of Union Square in downtown San Francisco, from a partnership led by The Chartres Lodging Group LLC. Originally constructed in 1928, the 23-story hotel includes the award-winning Scala's Bistro, the Wine Room at Scala's, the famed Harry Denton's Starlight Room on the 21st floor, Bar Drake in the hotel's lobby and a Starbucks Coffee, as well as 18,000 square feet of meeting space, a 24-hour fitness center and a 24-hour business center. The hotel will continue to be managed by Kimpton Hotels & Restaurants.
KNOXVILLE, TENN. — LGS Knox of Nashville has purchased the 129-room Quality Inn Knoxville from a private seller for an undisclosed price in an all-cash transaction. The property, located on Cedar Lane, will retain its Quality Inn brand but will undergo renovations. Amenities include an outdoor pool and a fitness center. Anthony Falor of Hodges Ward Elliott represented the seller.
NEW YORK CITY — A partnership between Highgate Holdings, Ashkenazy Acquisitions Corp. and Crown Acquisitions has purchased the historic Knickerbocker Hotel in New York City. The 300,000-square-foot building is located at 1466 Broadway in the heart of Times Square. The new ownership plans to convert the hotel to an upscale, boutique property with high-end retail space on the street level. The purchase also included an adjacent 10,000-square-foot lot, which will be developed into a new luxury retail complex. The seller was Danske Banke, which was represented by Jones Lang LaSalle in the deal.
LITHIA SPRINGS, GA. — Banyan Tree Cos. has purchased a 91-room Country Inn & Suites from a lender for an undisclosed amount. The property is located off Interstate 20 near Six Flags Over Georgia in Lithia Springs. Hotel amenities include fitness and business centers, a 12-person meeting room, a game room and an indoor pool. Scott Stephens and Monty Levy of HREC Investment Advisors brokered the sale.
HAMPTON, VA. — Allen Management has sold a 72-room Econo Lodge in Hampton to a local investor group for an undisclosed amount. The buyer will operate the hotel as an independent brand. David Mumford and Brian McCutcheon of Mumford Co.'s Newport News, Va., office brokered the sale.
IRVING, TEXAS — Bert Stevens of CB Richard Ellis has brokered the sale of a Days Inn & Suites in Irving between an undisclosed seller and Ambe Hotels. The 134-room Days Inn & Suites DFW North, which was built in 1983, is located near the Dallas/Fort Worth International Airport. Ambe Hotels plans to keep the Days Inn & Suites brand and will invest more than $750,000 in upgrades to the property.
SYRACUSE, N.Y. — A joint venture between Ritchfield Hospitality and Shelbourne Falcon Investors has signed an agreement to acquire the Renaissance Syracuse Hotel in Syracuse. The 20-story hotel contains 279 rooms and suites. The joint venture plans to complete a $5 million renovation to the property that will include converting it to the Crowne Plaza brand. Ritchfield will operate the hotel once the deal closes, which is expected in July.