Transactions

Hotel & Motel Management, April 18, 2005 by Paul Rusnak

Management

Blue Lagoon LLC selected Hostmark Hospitality Group to manage and convert the 151-unit The Blue Lagoon Hotel & Suites in Miami to a Springhill Suites by Marriott. In a separate transaction, Hostmark was chosen to oversee the $2.3-million renovation of the 228-room Holiday Inn Oakbrook (Ill.) Terrace. Tejany Hospitality Investors acquired the property, formerly a Four Points by Sheraton.

Dolce International was awarded a management contract by Dallas-based Behringer Harvard Funds for the 239-room Lakeway Inn Conference Resort in Austin, Texas.

Hersha Hospitality Management LP signed management agreements to operate two newly opened Hilton hotels in New York--the 136-room Hampton Inn-Manhattan Madison Square Garden Area and the 194-room Hilton Garden Inn Queens/JFK Airport.

Chicago-based Lodging Unlimited was chosen to manage two new hotels in upstate New York--the 60-room Howard Johnson Inn & Suites in Cooperstown and the 55-room Hampton Inn in Geneva. Both properties are under construction and are scheduled to open in June.

Lone Star Funds and Hudson Advisers selected Remington Hotel Corp. to provide property-management services for the 169-room Red Lion Hotel in Lawton, Okla.

Marriott International's corporate housing division, Marriott ExecuStay, announced a franchise agreement with Mainsail Management of Tampa, Fla., in which Mainstay will operate the Raleigh, N.C., market.

Pyramid Advisors LLC signed an agreement to manage the 250-room Doubletree Hotel Tarrytown (N.Y.), formerly a Hilton Hotel. The property will undergo a $10-million renovation beginning this summer.

Sentry Hospitality Ltd. has been selected to manage the Cal-Neva Resort, Spa and Casino in Lake Tahoe, Nev. The new owners, NAMCAL LLC, purchased the hotel in February. A multi-million dollar renovation is planned.

Financing

The Los Angeles office of Holliday Fenoglio Fowler LP arranged $19 million in acquisition financing for the 279-room Holiday Inn hotel in Emeryville, Calif., on behalf of AG Dock of the Bay LLC to secure the loan through Mesa West Capital. The borrower is a joint venture between Rim Hospitality and Angelo, Gordon & Co.

HVS Capital Corp. arranged the refinancing of a four-hotel portfolio owned by John Q. Hammons--the Embassy Suites Hotel in Nashville; the Renaissance Hotel in Richardson, Texas; and the Residence Inn and Courtyard by Marriott hotels in Springfield, Mo. A total of $83 million was financed by Barclays Capital Real Estate and the HVS/Madison Capital Partners venture.

Columbus, Ohio-based RockBridge Capital closed a $30.5-million stretch first mortgage to refinance seven Marriott-branded hotels. The properties include: the Residence Inn in Earth City, Mo.; the TownePlace Suites and Fairfield Inn in St. Charles, Mo.; the Towne Place Suites in Fenton, Mo.; and the TownePlace Suites Keystone, TownePlace Suites Park 100, and Fairfield Inn Northwest in Indianapolis. The sponsor is Mullenix Cos.

Acquisitions

Tampa, Fla.-based American Hospitality purchased the 120-room Best Western Hotel in Lakeland, Fla., from Guran Inc., for $4.2 million. Marcus & Millichap Real Estate Investment Brokerage Co. represented the seller in the transaction.

Arlington Hospitality sold the 60-room Amerihost Inn located in Stockbridge, Ga., to Bhanu Hospitality for an undisclosed amount. Atlanta-based Thompson Calhoun Fair LLC advised the seller in the transaction.

Compiled by Paul Rusnak, prusnak@advanstar.com