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.
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.
According to a Trust for Early Education report released earlier this week, 15 states increased funding for their preschool programs this year, benefiting 60,000 more three- and four-year-olds nationally. The study lauded Arkansas and Virginia, which expanded funding during 2004 for their preschool programs by $37.2 million and $28.5 million, respectively.
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.
Rick Drury, whose family founded the Drury Hotels chain more than 30 years ago, is working with with a partner on a $73 million plan to revive some of downtown San Antonio, Texas. The Alamo National Bank will be turned into a 320-room Drury Plaza Hotel building as part of the development plan.