Hotel & Motel Management: Transactions

Openings

Hilton Hotels Corp. announced the opening of Homewood Suites by Hilton hotels in Melville, N.Y., and Philadelphia. The 147-suite Homewood Suites by Hilton Melville is owned by Melville Hospitality LLC and managed by Interstate Hotels & Resorts. The 122-suite hotel in Philadelphia is owned and managed by Stout Road Associates and managed by Wurzak Management Co.

Marriott International announced the opening of the 575-room JW Marriott Starr Pass Resort & Spa in Tucson, Ariz. The property is owned by Starr Pass Resort Development LLC and managed by Marriott International.

Wingate Inns International opened the 103-room Wingate Inn Atlanta Galleria Center. The hotel is operated by Cornerstone Hospitality Group.

Financing

L.J. Melody & Co., the real-estate investment banking arm of CB Richard Ellis, arranged $15.6 million of permanent financing for The Courtyard Seattle/Sea-Tac hotel in Tukwila, Wash. Financing was secured with G.E. Capital on behalf of CSM Seatac LLC, an affiliate of CSM Corp.

NorthMarq Capital arranged permanent first mortgage financing of $6 million for the Best Western New Hampshire Suites Hotel, which is located in Washington. Long-term financing was arranged through NorthMarq's correspondent relationship with Nationwide.

Prudential Mortgage Co. originated six individual hotel loans totaling $145 million. The deals are: a $17.5-million acquisition loan for the Holiday Inn, Washington; a $16.8-million refinancing loan for the Courtyard Denver Downtown; a $26.1-million refinancing loan for the Courtyard San Diego Downtown; a $54.3-million refinancing loan for the Ritz-Carlton Pasadena [Calif.]; a $12-million refinancing loan for the Salish Lodge in Seattle; and an $18.5-million acquisition loan for the Hyatt Valencia [Calif.]. Tom Goodsite of Prudential's Atlanta office originated each of the loans.

Los Angeles-based Sonnenblick-Eichner Co. arranged $17.6 million of first mortgage financing for the Hilton Tampa Airport Westshore Hotel in Tampa, Fla. on behalf of Highland Hospitality Corp. Sonnenblick arranged a 10-year fixed-rate loan at an interest of less than 5.75 percent. In a separate transaction, Sonnenblick arranged $14 million of financing for renovation of The Chamberlain in West Hollywood, Calif. An affiliate of Kor Hotel Group is redeveloping the 112-suite hotel. Financing was provided by an international money center bank.

Acquisitions

American Real Estate Partners LP entered into an agreement to acquire equity interests in The Sands Hotel and Casino in Atlantic City, N.J., as part of a $652-million deal to acquire membership and equity interests in three oil and gas companies.

O'Hare Chicago Hotel LLC, a partnership of affiliates of Tishman Realty Corp. and JP Morgan Fleming Asset Management, closed on the purchase of the 362-suite Renaissance Chicago O'Hare Hotel. The hotel was completed in 2003 but never opened by its original owner. It is scheduled to open in February. Tishman Hotel Corp. will manage the property.

The Procaccianti Group will acquire the 364-room Westin Providence [R.I.] from the Rhode Island Convention Center Authority for an undisclosed sum. The new owner plans to invest between $40 million and $60 million to add 200 guestrooms to the property.

Related Group of Florida acquired the 600-room Sheraton Biscayne Bay Hotel in Miami from MassMutual for an undisclosed amount. Cornerstone Real Estate Advisers, MassMutual's real-estate affiliate, managed the sale on behalf of MassMutual. Holiday Fenoglio Fowler LP represented the owner in the sale.

S.H.S. Resort LLC, an affiliate of Olympia Development Group, bought the 189-room Safety Harbor Resort and Spa in Tampa from MeriStar Hospitality Corp. for more than $125,000 per key. The Plascencia Group represented MeriStar in the sale. SNS Brothers LLC acquired the 92-room Hampton Inn in Matthews, N.C., from ORIX Capital Markets LLC for an undisclosed amount. Thompson Calhoun Fair advised the seller.

Atlanta-based Songy Hospitality Partners LLC acquired the Wyndham Vinings Hotel in Atlanta for an undisclosed amount. The hotel will operate as a Wyndham franchise for the next three years.

State College Friends LP acquired the Toftrees Resort and Conference Center in State College, Pa., from an undisclosed seller for an undisclosed amount. Shaner Hotel Group will manage the 102-room golf resort.

Sula LLC acquired a 77-room Super 8 Motel in Bangor, Maine, from Eremita & Valley LLP. The sale price was $32,450 per guestroom. New England Hotel Realty advised the seller.

Hudson, Fla.-based TDM Resorts purchased the 83-unit Sleep Inn property located in Temple Terrace, Fla., for $2.9 million from an undisclosed seller. Marcus & Millichap Real Estate Investment Brokerage Co. represented the seller in the transaction.

Compiled by Paul Rusnak, prusnak@advanstar.com