Hersha Hospitality Trust has acquired seven Hyatt Summerfield Suites hotels from LodgeWorks for approximately $169 million. The extended-stay hotels contain 1,005 suites, which are located in the Northeast, Mid-Atlantic and West Coast regions. Hersha Hospitality Trust has funded an additional $2.5 million for anticipated capital improvements at the properties. LodgeWorks will continue to manage the hotels.
Apollo Real Estate Advisors has acquired nine apartment complexes from Cypress Equity Investments and Pacific Capital Partners for $37 million. The properties contain a total of 494 apartment units and are located in Los Angeles' Koreatown, Hollywood, Silverlake and Westlake markets. The properties range in size from 29 to 98 units and were built between 1919 and 1930. Madison Partners represented the buyer and seller in the transaction.
ING Clarion Partners has acquired the Plaza Del Mar III, a Class-A office building, for $61.6 million. The four-story, 114,166 sq. ft. office property is located in the Del Mar Heights submarket of San Diego, Calif. The submarket offers easy access to freeways, upscale executive housing and retail amenities. Burnham Real Estate acted as the broker in the transaction and will continue to manage the building. The property is 100% leased.