Seven months after buying the 215-room hotel at 20 W. Kinzie St., the Cataldo-Disney venture has sold to a fund managed by Cornerstone Real Estate Advisers LLC. The purchase price is $29 million, or 12% more than in December, when Cataldo-Disney bought the hotel from Skokie developer Alter Group, according to the real estate transfer taxes paid as a part of the two transactions.
The Millennium & Copthorne group have announced a new project which will see another property in China with the development of the Millennium Chengdu. Set to open in mid-2008, the Sichuan five-star hotel plans to be home to 362 rooms, and will contribute to the group’s plans to expand its presence in Asia.
Condos and a stylish boutique hotel will be built in the center of Buckhead where partiers used to whoop it up into the wee hours of the morning. Barry Hotel Partners and Starwood Capital Group Global LLC on Friday will jointly announce plans to develop 1 Hotel & Residences, a brand that's new to Atlanta. Barry also is developing Allen Plaza, a nine-block area downtown. Carter developed the Mall of Georgia in Buford and is shepherding The Streets of Buckhead's retail development. The Streets of Buckhead eventually will have hundreds of condos and hotel rooms, plus office and retail space, according to Carter's plans.
VANCOUVER - Vancouver-based Canadian Hotel Income Properties Real Estate Investment Trust, which owns 32 hotels across Canada, has been sold to B.C. Investment Management Corp. for $1.2 billion. B.C. Investment Management, a Crown corporation that manages pension funds for about 400,000 B.C. residents, will pay $19.10 for each CHIP REIT unit - a 34-per-cent premium over Tuesday's closing price. That works out to a cash payment of about $983 million, and the deal also includes the assumption of about $218 million worth of debt.
Acting through its Special Situations Fund III, Morgan Stanley Real Estate will soon make a move in the German hospitality market with the acquisition of a 35 percent interest in Motel One Management GmbH, the holding company for Motel One properties and operations. Morgan Stanley has committed to purchasing existing shares from Motel One AG, which will hold on to a 65 percent equity stake in the budget designer hotel company. Headquartered in Munich, Motel One operates 17 hotels with an aggregate 2,300 guestrooms.
