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Hotel & Resort News

Greenwich seeks financing for new Sacramento hotel development Upon receiving approval for a new four-star, 500-room convention hotel in downtown Sacramento, developer Public Market Building LLC has retained New York-based Greenwich Group International LLC to arrange the equity and mortgage financing for the project, which is called the Esquire Plaza Hotel.

Greenwich Group will also assist in negotiating a management/ operating agreement with a national operator of full-service hotels. Public Market Building will consider the potential sale of the building upon completion.

Nomura provides financing for Times Square mixed-use project Secured by a mixed-used Planet Hollywood hotel and restaurant in New York's Times Square, Times Square Partners LLC has obtained combined first mortgage bridge/construction/stabilization/permanent financing from New York-based Nomura Capital. Nomura has committed to provide proceeds totaling up to $135 million.

Starwood acquires four former Ritz-Carltons for $334 million In four separate transactions, Phoenix-based Starwood Hotels & Resorts Trust and Starwood Hotels & Resorts Worldwide Inc. have entered into definitive agreements to acquire four full-service luxury properties from private investors for a total purchase price of approximately $334 million. Included in the portfolio are the 257-room ITT Sheraton Luxury Collection Hotel in Aspen, Colo.; the 232-room ITT Sheraton Luxury Collection Hotel in Houston; the 213-room ITT Sheraton Luxury Collection Hotel in Washington, D.C.; and the 214-room ITT Sheraton Luxury Collection Hotel in New York.

The sellers will receive more than half of the consideration in Starwood Hotels & Resorts paired shares and the balance in cash, which will be funded from Starwood's existing credit lines. The New York hotel is expected to be immediately reflaggedunder the Westin name, while the Washington, Houston and Aspen properties are expected to remain under the ITT Sheraton Luxury Collection brand.

Hotel Partners closes sale of Medallion Hotels portfolio Acting as exclusive agent for New York-based Medallion Hotels, Chicago-based Hotel Partners has sold a six-hotel portfolio to CapStar Hotel Co. for $150 million. The Medallion portfolio includes four properties in Texas, one in Oklahoma and one in Kentucky.

Sonnenblick-Goldman arranges sale of Hyatt Regency Washington In a transaction valued at $108.6 million, Strategic Hotel Capital Inc. acquired the Hyatt Regency Washington, D.C., on Capitol Hill from Systems D.C. Associates, a limited partnership with Hampshire Management Co. of Hackensack, N.J., acting as managing general manager. Sonnenblick-Goldman Co. advised Systems D.C. Associates on the sale.

Hyatt Regency Washington, D.C., is an 834-room property which is the closest of the city's convention hotels to the U.S. Capitol. The property is subject to a long-term management agreement with Hyatt Hotels Corp.

Bristol to make $100 million purchase of 20 Midwestern hotels In a transaction valued at $100 million, Bristol Hotels & Resorts, Dallas, has signed a definitive agreement to acquire 20 Midwestern hotels, with a total of 3,456 rooms. Bristol will acquire by merger the privately owned Omaha Hotel Inc. The Omaha Hotel portfolio consists of nine full-service Holiday Inns, five Holiday Inn Express hotels, five Hampton Inns and one Homewood Suites, all located in Omaha, Neb.; Moline, Ill.; Davenport, Iowa; central Kansas; and Midland/ Odessa, Texas.

The deal represents a 14% increase in Bristol's owned rooms and extends its presence to five new markets. The $100 million is comprised of $19.1 million in cash, $40 million in newly issued common stock and $40.9 million in assumed debt.

Mandarin Oriental Hotel Group unveils plans for East Coast resort Representing its first East Coast and 12th worldwide project, Hong Kong-based Mandarin Oriental Hotel Group has announced plans for an $85 million, 290-room resort on Brickell Key in Miami.Mandarin Oriental and Miami-based Swire properties plan to finance the venture with some $50 million in external loans. Swire is contributing 75% of the equity and Mandarin is providing 25%.

The waterfront resort will include full-service spa facilities, a health club, an outdoor swimming pool, a 200-seat restaurant and a 24-hour business center, as well as conference and banquet facilities for up to 650 people.

Construction of the project is expected to begin late this year and finish in early 2001.

If you have any information pertaining to the hotel industry, please forward it to Associate Editor Tracy Heath at [email protected].

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