November 2008
Ocean Properties’ latest buy at its core
BOLTON LANDING, NY— Given Ocean Properties, Ltd.’s New England roots and its penchant for restoring historic hotels and resorts in the region that had seen better days, the company’s acquisition in September of the 70-acre Sagamore Resort on Lake George in the Adirondack Mountains here made perfect sense.
One on One with Jay Shah
vp of development for Shamin HotelsQ. Shamin Hotels just opened three hotel properties—a Hampton Inn, a Holiday Inn Express and a Courtyard—across Virginia and now has another 15 hotels in its construction pipeline. How are you building in such a difficult market?
A. We’ve actually been pretty conservative with the way we underwrite our developments. We’re mainly a hotel management company, so we look for operational efficiencies even on the development side. We use the same plans again and again. We try to put multiple properties on the same site.
Following redo NYC’s Plaza gets refinanced
NEW YORK— The recently reopened Plaza Hotel here has been refinanced by its owners, El-Ad Group and Kingdom Holding, to the tune of $260 million.
Quad City deal nets Radisson Moline
MOLINE, IL— The 162-room Radisson Moline has been sold here by Ryan Moline, LLC. Moline Hotel, LLC acquired the asset from the seller, which was represented by Jones Lang LaSalle Hotels’ select-service division in the deal.
Madison Capital keeps W South Beach project moving
MIAMI— Madison Capital Management, LLC, an investment management firm specializing in niche distressed, real estate, natural resources and special situation financial assets, has stepped in the ongoing W South Beach Hotel & Residences project here by acquiring a $45-million B note loan from Hypo Real Estate Capital Corp. Developing the property are Tri Star Capital, the Related Group and Starwood Hotels & Resorts.
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