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Tuesday, January 06, 2009 Hotel/Resort
Houston-based Moody National Cos. purchased 19 hotels of a 20 hotel Marriott-branded portfolio for $450 million from Concord Management Co. Moody represented itself in the deal while Mark Elliot of Hodges Ward Elliot represented Concord Management. The deal was structured as 19 separate transactions with the purchase of the final hotel planned to close within the next 60 days. The 2,556-room portfolio consists of the Renaissance Hotels, Spring Hill Suites and Courtyard brands. The properties are spread over eight states: Pennsylvania, New Jersey, Ohio, Iowa, Georgia, Florida, Texas and Connecticut. Moody National plans to invest another $20 million in upgrades. The deal is Moody National's largest acquisition to date. Citigroup Global Markets Realty Corp. provided debt financing and bridge capital on the transactions. Moody National is a real estate investment company headquartered in Houston. Concord Management is a real estate management and acquisition company. Hodges Ward Elliot is a real estate brokerage firm. Size: 2,556 rooms Properties included in the portfolio: - Pittsburgh Courtyard Downtown at 945 Penn Ave. (pending) - Pittsburgh SpringHill Suites Airport at 239 Summit Park Dr. - Pittsburgh Courtyard Waterfront at 401 W. Waterfront Dr. in West Homestead - SpringHill Suites at 16 Trinity Point Dr. in Washington - Altoona Courtyard Downtown at 2 Convention Center Dr. in Altoona - Butler Fairfield Inn & Suites at 200 Fairfield Lane in Butler - Meadowlands Renaissance Hotel at 801 Rutherford Ave. - Meadowlands Fairfield Inn at 850 Paterson Plank Rd., in East Rutherford - Lyndhurst Courtyard at 1 Polito Ave. in Lyndhurst - Columbus Courtyard Downtown at 35 West Spring St. - Columbus Courtyard Airport at 2901 Airport Dr. - Courtyard at 35103 Maplegrove Rd. in Willoughby - Marriott at 1250 Jordan Creek Pkwy., in West Des Moines - SpringHill Suites at 1236 Jordan Creek Pkwy., in West Des Moines - Fairfield Inn & Suites at 7225 Vista Dr., in West Des Moines - Atlanta Residence Inn Midtown/Historic at 1041 W. Peachtree St. in Georgia - West Palm Beach Courtyard Airport at 1800 Centrepark Dr. East in Florida - Houston SpringHill Suites at 1400 Old Spanish Trail in Texas - Waterbury Courtyard at 63 Grand St. in Connecticut Filed Under: Hotel/Resort E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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