Big Deals, May 2005
By Staff -- HOTELS Magazine, 5/1/2005
| Transaction | Est. Price US$ | # of hotels /rooms | Sale Date |
| 73 Hotels | 1,875,800,000 | 73 / 12,841 | 2nd qtr 05 |
| UK Buyer: LRG Acquisition Limited, a consortium comprising Lehman Brothers Real Estate Partners, GIC Real Estate and Realstar Asset Management (LRG) Seller: InterContinental Hotels Group PLC Comments: Portfolio consists of 4 Crowne Plaza hotels, 68 Holiday Inn hotels and 1 Express by Holiday Inn hotel. The hotels include a core portfolio of 63 hotels and a secondary portfolio of 10 hotels. |
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| Transaction | Est. Price US$ | # of hotels /rooms | Sale Date |
| 11 hotels | 208,213,800 | 11 / NA | 3 / 05 |
| United Kingdom Buyer: Stardon UK Limited - a joint venture between Starwood Capital and Chardon Hotels Limited. Seller: Hilton Group |
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| Transaction | Est. Price US$ | # of hotels /rooms | Sale Date |
| Caesars Gauteng | 145,000,000 | 1 / 276 | 3 / 05 |
| Johannesburg, South Africa Buyer: Peermont Global Limited & Marang (East Rand) Gaming Investments Seller: Caesars Entertainment Inc. Comments: Under the terms of the transaction, Peermont Global Limited and Marang (East Rand) Gaming Investments, jointly acquired the 25 percent interest held by Caesars' South African affiliate in the company that owns Caesars Gauteng. Peermont also acquired Caesars' 50 percent interest in the company that manages the South African casino resort. |
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| Transaction | Est. Price US$ | # of hotels /rooms | Sale Date |
| Hotel 71 | 95,000,000 | 1 / 454 | 3 / 05 |
| Chicago, Illinois Buyer: The Falor Companies Seller: Boykin Chicago L.L.C., a joint venture between the Company and AEW Partners III, L.P., a real estate opportunity fund managed by AEW Capital Management L.P. (AEW) Comments: Plans to convert the property to a luxury condominium hotel. |
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| Transaction | Est. Price US$ | # of hotels /rooms | Sale Date |
| Princeville Resort | N/D | 1 / 252 | 3 / 05 |
| Kaua'i Buyer: Princeville Associates, LLC Seller: Suntory Ltd., Mitsui and Company Ltd., and Nippon Shinpan Company Ltd. |
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N/D = not disclosed
N/A = not available
Source: Global Hospitality Resources. Used with permission.
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