Transactions - Barcelo Crestline Corp - Host Marriott Corp

Financing

Burr Ridge Hotel Partners LLC received $13-million of financing from Corus Bank for the construction of a 187-room Marriott hotel in Burr Ridge, Ill.

Hall Financial Group provided $8 million of mezzanine financing to Joie de Vivre Hospitality and Emerald Fund for the construction of the 200-room Hotel Vitale in San Francisco. The hotel is expected to open during March 2005.

Openings

Barcelo Crestline and Armada Hoffler (owners) and Crestline Hotels & Resorts (operator) opened a 176-room Hilton Garden Inn in Virginia Beach, Va.

Walter Barrela opened an 81-room Country Inn & Suites by Carlson in Albuquerque, N.M.

Carneros Partners opened the 96-cottage Carneros Inn in Napa, Calif. The property is billed as the first full-service resort to be built in Napa in 20 years and the first in the Carneros wine region.

Drury Development Corp. (owner) and Drury Inns (operator) opened a 175-room Drury Inn & Suites in St. Louis County, Mo.

Economos Properties opened a 263-room Courtyard by Marriott in Miami Beach, Fla.

Extended Stay America opened a 126-room Extended StayAmerica Efficiency Studios in Springfield, Va. The company also opened a 101-room Efficiency Studios in West Mifflin, Pa., and a 129-room Efficiency Studios in Plymouth Meeting, Pa.

Marty Estruch opened an 81-room Country Inn & Suites by Carlson in Cortland, N.Y.

Four Seasons Hotels and Resorts opened its first mountain resort--the 124-room Four Seasons Resort Jackson Hole--at the base of the Jackson Hole Mountain Resort in Teton Village in Wyoming.

G&G Hospitality (owner) InterMountain Management (operator) opened an 81-room Fairfield Inn & Suites in Yakima, Wash.

Harris Hotel Venture Ltd. (owner) and Hospitality Management Corp. (operator) opened a 70-room Holiday Inn Express in Waxahachie, Texas.

Heart of America Restaurants & Inns opened the 99-room Wildwood Lodge in Lake Elmo, Minn.

Hostmark Hospitality Group opened the 215-room Amalfi Hotel in Chicago.

Kace Development LLC plans to open the 35-room Harborfront Inn at Greenport (N.Y.) on Long Island this spring.

Kinseth Hospitality Co. and SAR Associates LLC opened a 90-room Holiday Inn Express Hotel & Suites at the Eppley Airfield in Carter Lake, Iowa.

LP Investment Group opened a 58-room Comfort Inn in Lone Pine, Calif.

Mandarin Oriental Hotel Group, The Related Cos. LP and Apollo Real Estate Advisors opened the 250-room Mandarin Oriental, New York.

Arvind Patel opened a 104-room Country Inn & Suites property in Duluth, Ga. Dinesh Patel opened a 61-room Country Inn & Suites by Carlson in Round Rock, Texas.

M.A. Patel opened a 93-room Country Inn & Suites by Carlson in Atlanta.

Nick Patel opened a 71-room Country Inn & Suites by Carlson in Valdosta, Ga.

Ramen Patel opened a 72-room Country Inn & Suites by Carlson in Stone Mountain, Ga.

Rockett Realty plans to open the 101-room Salem (Mass.) Waterfront Hotel & Suites in May.

Sawgrass Hotel Partners LLC opened a 127-room Hilton Garden Inn in Ponte Vedra Beach, Fla. M2 Realty Corp. manages the hotel.

Management

Summerfield Associates LLC (owner) and Hospitality Plus Management Co. (operator) opened a 63-room Microtel Inn & Suites hotel in Ocala, Fla.

Fairmont Hotels & Resorts entered into an agreement with Macro Capital Ltd. to manage the 392-room Turnberry Isle Resort & Club in Aventura, Fla. The hotel was reflagged the Fairmont Turnberry Isle Resort & Club.

Florida Capital selected Interstate Hotels & Resorts to manage a 100-room Hilton Garden Inn in Lexington, Ky.

Highland Hospitality Corp. appointed Crestline Hotels & Resorts to manage the 252-room Plaza San Antonio Marriott.

Keystone Lodging Enterprises appointed Horizon Hotels Ltd. to manage a 111-room Hilton Garden Inn in Allentown, Pa.; a 99-room Sleep Inn in Carlisle, Pa.; a 93-room Wingate Inn in Mechanicsburg, Pa.; and a 96-room Sleep Inn & Suites in Hagerstown, Md.

Loews Hotels signed a management contract with Connecticut General Life Insurance Co. to operate the 277-room Don CeSar Beach Resort & Spa in St. Petersburg, Fla.

Prime Hospitality Corp. entered into an agreement with Hospitality Properties Trust to manage 24 AmeriSuites hotels and to manage and rebrand 12 additional hotels to the Prime Hotels & Resorts brand in a combined contract. The 24 AmeriSuites hotels include those that Prime had defaulted on in lease payments to HPT July 1, 2003. The 12 hotels being converted to the Prime brand previously were leased by Wyndham International.

Acquisitions

Trans Inns Management acquired the management contract for a 143-room Holiday Inn in Schaumburg, Ill.

CNL Hospitality Properties acquired a 607-room Wyndham hotel in Montreal from a third-party owner for an undisclosed amount. CNL reflagged the property as the Hyatt Regency Montreal.

David Eichenblatt & Co. purchased a 250-room Four Points by Sheraton in Orlando from G.F. Management for an undisclosed amount. Thompson Calhoun Fair and The Plasencia Group advised the seller.

Davis Brothers sold the 122-room Quality Inn North in Valdosta, Ga., to Kanu Patel for an undisclosed amount. The property was listed for sale at $2.7 million. Thompson Calhoun Fair advised the seller.

Hersha Hospitality Trust acquired ownership interest in the 150-room, recently opened Hilton Garden Inn in Glastonbury, Conn. PRA developed the property, and Hersha Hospitality Management operates it.

Highland Hospitality Corp. purchased 100-percent interest in three hotels from joint ventures that included Barcelo Crestline Corp. as an equal or majority investor for about $71 million. The hotels are the 250-room Renaissance Hotel & Conference Center in Portsmouth, Va.; the 300-room Sugar Land (Texas) Marriott Hotel & Conference Center; and the 176-room Virginia Beach Town Center Hilton Garden Inn in Virginia Beach, Va. The three hotels comprise 726 rooms. Highland also bought the 252-room Plaza San Antonio Marriott for $32.5 million from Host Marriott Corp.

Host Marriott Corp. sold a 256-room Marriott Hotel in Jacksonville, Fla., to Columbia Sussex Corp. for about $17 million. The Plasencia Group and Thompson Calhoun Fair advised the seller.

Park Place Entertainment agreed to sell the 3,174-room Las Vegas Hilton to Colony Capital for $280 million.

Presidio Hotel Group bought the 312-room Coconut Beach Resort at Waipouli in Kauai, Hawaii, from Pleasant Travel Services for an undisclosed price. The hotel will be rebranded as a Courtyard by Marriott.

Compiled by John Walsh, [email protected]

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COPYRIGHT 2004 Gale Group