LaSalle Hotel Properties, a hotel real estate investment firm, has sold its 299-room Omaha Marriott for $28.5 million. The company says proceeds from the sale will reduce its existing debt to about $278 million.
Chesapeake Lodging Trust will purchase the James Royal Palm hotel in Miami Beach, Fla., for $278 million. "We are very excited to announce our entrance into the highly desirable Miami South Beach market with the pending acquisition of The James Royal Palm," CEO James Francis said.
An undisclosed investor gained ownership of the 299-room Baton Rouge Marriott hotel in Baton Rouge, La., at an online auction with a bid of $21.4 million. Bidders for the property included developer Mike Wampold, who offered $13 million.
Hotel real estate investment trust Equity Inns has finalized its acquisition of four Marriott hotels from developer McKibbon Hotel Group for $28.5 million. The deal includes the assumption of $13 million in debt. The hotels include two Marriott Courtyards in Knoxville, Tenn., and Mobile, Ala.; a Springhill Suites in Asheville, N.C.; and a Residence Inn in Macon, Ga.
The marketing of high-end condos in the W Dallas Victory Hotel and the Residences at the Ritz-Carlton goes well beyond slick brochures, with elaborate mock-up showcases that replicate the look and feel of condos -- just without the view.