Transactions

Hotel & Motel Management, March 15, 2004 by John Walsh

Ashford Hospitality Trust closed a three-year, $60-million secured revolving-credit facility at a rate of 325 basis points over the London interbank-offered rate. The facility is led by Credit Lyonnais New York and Merrill Lynch Capital. The credit allows for an increase of the commitment to $75 million.

Corus Bank finalized a $35.5-million loan to an affiliate of Millennium Partners secured by the unsold units in the 29-unit residences at the Ritz-Carlton in the Georgetown neighborhood of Washington. Corus Bank also finalized a $70-million loan to MG Hotel LLC to finance the construction of a mixed-use building that contains a 357-suite Residence Inn by Marriott in New York City.

JMI Realty through Holliday Fenoglio Fowler secured $36 million of financing for the 284-room San Diego Marriott Del Mar. The loan has a 5-year fixed rate of 5.87 percent.

Affiliations

Melville Hospitality received a $19.5-million loan from Corus Bank to finance the construction of a 147-room Homewood Suites hotel in Plainview, N.Y.

Milestone Realty Services, secured $8.5 million of permanent loan and equipment financing for the 20-room Chanler Hotel in Newport, R.I.

The 62-room Andrew hotel in Great Neck, N.Y., has become part of Choice Hotels International's Clarion Collection.

CSM Lodging and The Bernstein Cos. recently became franchisees of Marriott ExecuStay, the corporate housing division of Marriott International. CSM operates ExecuStay's corporate housing business in St. Paul, Minn., and Minneapolis, and the Bernstein Cos. will operate ExecuStay in Baltimore and Annapolis, Md.

The 413-room Hotel Pontchartrain and the 64-room Hamilton Hotel, both located in Detroit, became members of SRS Worldhotels, increasing SRS' U.S. portfolio to 39 properties.

Compiled by John Walsh, jwalsh@advanstar.com