Transactions

Hotel & Motel Management, May 17, 2004 by John. Walsh

Financing

LaSalle Hotel Properties executed a $57-million interest-only secured loan with Column Financial, a wholly owned subsidiary of Credit Suisse First Boston. The term of the loan is three years with two one-year extension options and is collateralized by the company's 615-room Marriott hotel in Indianapolis.

NCH Corp. closed on a $7-million first mortgage loan and a $1.5-million mezzanine investment through RockBridge Capital LLC for the acquisition and renovation of the 142-room Embassy Suites in Tucson, Ariz. NCH plans to invest $3 million to renovate all guestrooms and public areas and refresh the building's exterior.

Pinnacle Realty Investments advised Congress Group Ventures and the Buccini Pollin Group in securing $47 million in proceeds for refinancing the 273-room Embassy Suites Hotel at Logan International Airport, Boston.

Winston Hotels provided a $2.4-million mezzanine loan to finance the acquisition of a 200-room Sheraton Hotel in Atlantic Beach, N.C. The cost of the hotel, including renovations, was about $14 million. The term of the loan is five years interest only, with an interest rate based on 60-day London interbank-offered rate plus 900 basis points and accrued interest of 2 percent per annum of the outstanding principal balance.

Acquisitions

Baymont Inn & Suites Cincinnati Airport was purchased for $2.7 million by an undisclosed buyer. Baltes Commercial Realty Ltd. represented the buyer and seller. The hotel has 110 guest-rooms.

Jamestown, a fund operated out of Atlanta and Germany, paid $46.3 million for a majority share in the 490-room Ritz-Carlton hotel in Key Biscayne, Fla. The fund assumed $61 million in debt as part of the deal.

Jones Lang LaSalle Hotels arranged the sale of the 388-room Doubletree Hotel Nashville to Sun Rockpoint Nashville Hotel LLC for an undisclosed price.

Lowe Hospitality Group has purchased an interest in Squaw Creek Associates, owner and operator of the Resort at Squaw Creek in Olympic Valley, Calif. Destination Hotels & Resorts will manage the resort operations, and Destination Development Co. will manage future redevelopment of the resort.

Alliances

Accor's Red Roof Inns' RediCard preferred member program introduced new benefits that include the opportunity for members to earn miles in the Delta Air Lines SkyMiles program.

Openings

Asset Managers Co., Ltd. will open Hotel Nikko Ibaraki Osaka in Japan. The Nikko Hotels International hotel will be managed by JAL Hotels.

Boykin Lodging Co. opened the 92-unit Pink Shell Beach Resort in Fort Myers Beach, Fla.

Club La Costa Resorts & Hotels Ltd., will open a 182-room, Park Plaza Hotels Europe brand resort hotel in Mijas, on the Costa del Sol, Spain in 2006.

COMO Hotels and Resorts will open two 29-room luxury hotels this summer: Uma Ubud in Bali and Uma Paro in Bhutan.

Concord Hospitality (manager) and 1507952 Ontario (owner) opened a 123-room Hilton Garden Inn in Cambridge, Ontario, Canada.

Diplomat Health and Hospitality Group, LLC opened Augusta, Ga.'s, second Microtel Inn & Suites. The 62-room hotel is franchised by US Franchise Systems.

Hospitality Investments LLC opened a 62-room Baymont Inn & Suites in Plymouth, Wis.

Elk Mountain Resort, developed by Michael and Thomas Forman, will open in June on 275 acres near Telluride, Colo. The resort will have 21 lodge rooms and 18 two-story cottages.

Falls Management Co. and the Ontario Lottery and Gaming Corp. will open the Niagara Fallsview Casino Resort, a 2.5-million-square-foot complex with 368 rooms, a 200,000-square-foot casino and a 1,500-seat ballroom. The privately-financed construction project is being developed and managed by FMC, a North American consortium of five partners, under agreement with OLGC.

Jamm Hotels LLC is scheduled to open a 63-room Microtel Inn & Suites in Zephyrhills, Fla., this summer.

JGS opened a 126-room Hawthorn Suites in Fremont, Calif. The hotel formerly was the Crawford Suites.

JMI Realty opened the 511-room Omni San Diego Hotel. Joie de Vivre Hospitality will open the renovated 86-room Hotel Montgomery in downtown San Jose, Calif., in June.

JRS Partners LLC owns and operates the newly opened, 105-unit Clarion Hotel On the Ocean in Kill Devil Hills, N.C. Clarion brand hotels are franchised by Choice Hotels International.

Los Padres Inn (owner) and Monument Hospitality (operator) opened an 80-room Quality Inn in Yuma, Ariz.

Mandarin Oriental Hotel Group opened the 400-room Mandarin Oriental, Washington, D.C.

MeriStar Hospitality Corp. (owner) and Interstate Hotels & Resorts (operator) opened the 323-room Holiday Inn in the Walt Disney World Resort in Orlando. It's the first Holiday Inn in the Walt Disney World Resort.

Promotora Paseo de la Reforma (owner) and Landmark Hotels (operator) plan to open the first Embassy Suites hotel in Mexico in the first quarter of 2005. The 162-suite hotel will open in Mexico City.

R.C.S.S. Investment opened a 58-room Holiday Inn Express in Oceanside, Calif.

Regent International Hotels, part of Carlson Hotels Worldwide, plans to build a luxury hotel in Ningbo, China. Scheduled to open in October 2005, the 325-room hotel will be managed by Carlson Hotels Asia Pacific.