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NEWS FROM THE WEEK OF June 27, 2008
AMERICAS BEST VALUE INN EXPANDS SUBSTANTIALLY IN 2008
Coral Gables, Fla. — Coral Gables-based Americas Best Value Inn (ABVI) has expanded substantially in 2008 by adding 51 new properties to its portfolio between January 1 and May 31. The balance includes 3,000 rooms in 23 states, with five of these properties being new construction, while the majority have opened by way of brand conversion. ABVI plans to continue its rapid growth through unique membership options, offering no membership fees for one year on new constructions and a commitment to driving up ROI on each property.
CARLSON HOTELS WORLDWIDE ADDS 11 NEW LOCATIONS
Minneapolis — Minneapolis-based Carlson Hotels Worldwide recently expanded its portfolio in the U.S. by opening five Country Inn & Suites properties and one Radisson location. The Country Inn & Suites are located in Manchester Airport, N.H., Petersburg, Va., Ithaca, N.Y., Tallahassee, Fla., and Savannah, Ga., the latter of which represents the brand’s 450th property. In Freehold, N.J. the company opened a 121-room Radisson hotel. Additionally, Carlton added five international properties including two Radisson SAS hotels in Bucharest, Romania, and Rostov-on-Don, Russia; a Radisson Hotel & Resort in Edmonton, Alberta, Canada; and Park Inn Hotels & Resorts in Moscow, Russia, and Toronto, Ontario, Canada. The 11 locations all opened in April and May 2008.
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Dallas — Dallas-based La Quinta has promoted Temple Weiss from executive vice president of acquisition and development to executive vice president and chief financial officer, succeeding the recently retired Robert Harshberger. Weiss has more than 15 years of experience in the hospitality industry and has been with La Quinta since 2001. His new role affords the responsibilities of accounting, financial reporting, planning and analysis, treasury, tax, payroll, internal audit and purchasing. He also will continue leading the company’s real estate and acquisition segments, where he led La Quinta’s $450 million expansion program at his former position.
CAPMARK FINANCE ORIGINATES REFINANCING OF HILTON WACO
Waco, Texas — WI-ERI WACO H PROPERTY LP recently secured a $21.2 million floating-rate refinance loan for the 11-story, 195-room Hilton Waco, which is located at 113 S. University Parks Dr. in Waco. The borrower has invested significant funds into renovating the property during the past two years, installing a new exterior façade, replacing the outdoor tennis court with a fitness building, and expanding meeting space to 12,464 square feet. Christopher Clark of Capmark Finance originated the loan.
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Norwalk, Conn. — Keith Braddish and Jason Gaccione of CB Richard Ellis (CBRE) Capital Markets arranged $22 million in first mortgage financing for the purchase of the 8-story, 265-room DoubleTree Hotel located at 789 Connecticut Ave. in Norwalk. A life insurance company provided the financing on a 5-year term with 25-year amortization. The borrower plans to renovate the property for $3 million following the acquisition.
MOLINARO KOGER BROKERS SALE OF MASSACHUSETTS RESIDENCE INN
Tewksbury, Mass. — Lion ES Hotels II LLC has completed a deal to sell the 130-suite Residence Inn Boston Tewksbury/Andover in a transaction facilitated by Andy Kern of Molinaro Koger. Tewksbury Residence Inn Hotel Associates purchased the development for an undisclosed price, signing a long-term franchise agreement with Marriott International to continue flying the Marriott flag. Pinnacle Hotel Management will manage the property on behalf of the new owner.
EMBASSY SUITES DEBUTS IN ALASKA
Anchorage, Alaska — Embassy Suites Hotels has entered a new market with the development of the 169-suite Embassy Suites Anchorage, furthering its expansion plans anchored by a push to integrate itself into untapped sectors. The property is located in midtown Anchorage and is owned by Colorado-based Stonebridge Cos. Offering one- and two-bedroom suites, Embassy Suites Anchorage also features a full-service restaurant (Pi Kitchen + Bar), a business center, meeting space with onsite catering, an indoor pool and a fitness center.
COURTYARD BY MARRIOTT SELECTS SITE AT FRISCO MARKET CENTER
Frisco, Texas — Courtyard by Marriott plans to open a 150-room Go Marriott location along Main Street at Frisco Market Center in Frisco. Upon completion late this year, the property will feature 5,000 square feet of meeting space, a pool, an exercise area and a connection to the Frisco Market Center trail system. This hotel will be the debut of the Go Marriott concept, a new mid-rise prototype for the brand.
GEORGIA HOTEL JOINS BEST WESTERN
Winder, Ga. — The 42-room Best Western Winder Hotel, located at 177 W. Athens St. in Winder, recently joined the Best Western International chain. Situated a short distance from both Fort Yargo State Park and the University of Georgia, the property — which is owned by JAI Ganesha Inc. — features an outdoor swimming pool, a business center and complimentary wireless Internet, and a fitness facility.
NEWS ARCHIVE
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© 2008, France Publications, Inc. All Rights Reserved. Photos in header (from left to right) are courtesy of InterContinental Hotels Group; AmericInn International LLC; and The Courtyard by Marriott-Los Angeles/San Fernando Valley. |
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