Lodgian Inc., an independent hotel owner and operator, has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds (“Lone Star”), in a transaction valued at approximately $270 million, including assumed debt. Lone Star will buy all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction. The price represents a premium of about 67.2 % over Lodgian's average closing share price from Dec. 15 to Jan. 15, 2009.
Jamestown, a real estate investment and development firm based in Atlanta, has just purchased the 308-unit Vista View Apartments, continuing its program of actively pursuing distressed residential and hotel opportunities that advance the firm's strategic focus. Consisting of four buildings near Sunny Isles Beach, the acquisition was closed on Dec. 14, 2009, with Aventura, Fla.-based Sky Development. Jamestown will operate the apartments.
Aurora Capital Associates, headed by Bobby Cayre, together with its partner Alex Adjmi, have acquired a 49-year master lease on four floors, comprising 40,000 sq. ft. of a building at 483 Broadway, between Broome and Grand Streets in New York. The deal is valued at approximately $150 million. The building's remaining floors — three, four and five — are occupied by media and fashion companies and are not affected by this transaction.