Largest hotel CMBS offering refinances 11 Starwood properties In what reportedly was the largest CMBS offering ever for hotels, a $542 million loan package has been secured for White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide by Holliday Fenoglio Fowler L.P., Dallas.
The multi-property pool of loans refinances debt on 11 Starwood hotels, allowing the company to retire an asset bridge loan that was due Feb. 23. Lehman Brothers and Goldman Sachs & Co., both based in New York, jointly provided the 10-year loan package, which was fixed at an interest rate of 6.95%.
Maine's Samoset Resort sale is state's biggest hospitality deal The Samoset Resort in Rockport, Maine, was sold by Samoset Resort Investors, a private investment group, to Samorock LLC, an entity affiliated with Ocean Hospitalities Inc., Del Ray Beach, Fla. Although the price was not disclosed, the deal reportedly is the largest hospitality real estate transaction ever completed in the state.
Located on nearly 220 acres overlooking Penobscot Bay and the Atlantic Ocean, Samoset Resort includes a first-class, full-service 150-unit hotel; the two-bedroom, stand-alone Flume Cottage; food and beverage facilities; more than 22,000 sq. ft. of conference facilities; indoor and outdoor recreation facilities; and an 18-hole golf course. Also on the site are Samoset Timeshare Estates, with 72 units in three buildings, and Samoset Village, with 37 condominium units.
Insignia/ESG Hotel Partners' Boston office represented the seller.
Extended-stay Envoy Club opens in New York's Murray Hill area New York-based developer RFR Davis opened the first of three planned extended-stay "clubs." The Envoy Club, with 58 alcove studios and one- and two-bedroom suites, opened in January on five floors at Eastbridge Landing, a new residential building developed by RFR Davis on First Avenue at 33rd Street in New York's Murray Hill neighborhood.
You heard it here first: Century Plaza goes to Pivotal NREI reported in the February 15 issue that Pivotal Group, Phoenix, would likely buy Los Angeles' Century Plaza Hotel & Tower. Pivotal, acting as managing partner for an investment group - which also includes DMB of Phoenix and an AEW-managed investment fund - did announce on Feb. 26 that it had acquired the property in a $260 million capitalization.
CNL Hospitality Group buying 13 Marriotts in $310M plan Progressing with its more than $310 million acquisition of 13 Marriott properties, CNL Hospitality Group, Orlando, recently acquired three hotels in Texas and one in Las Vegas. CNL already acquired two Atlanta-area Marriott Residence Inns in August and, once construction is completed, plans to close on two properties in Arizona, one in Texas, one in Seattle and three in Orlando.