Four Transactions to Know

NATIONAL REPORT—Hotel Business is tracking transactions.  The following companies made deals: Driftwood Acquisitions and Development (DAD), Gehr Hospitality, HREC Investment Advisors and SunTrust Commercial Real Estate (CRE). Here are the details.

Driftwood Acquisitions & Development Acquires Crowne Plaza Melbourne Oceanfront
Driftwood has purchased the 290-room Crowne Plaza Melbourne Oceanfront in Melbourne, FL. The hotel recently completed a full renovation that addressed areas impacted by Hurricane Irma. The hotel will be managed by Driftwood Hospitality Management (DHM).

Gehr Hospitality Acquires Two Hotels Located in Nashville
Gehr Hospitality has acquired the 94-room Courtyard Nashville at Opryland and 109-room Fairfield Inn & Suites Nashville at Opryland. The acquisition was financed by BMO Harris Bank, and the Plascencia Group represented the seller. Thuong Luong and Molly Caccamo of Gehr Hospitality led the transaction on behalf of the company.

HREC Arranges Sale of TownePlace Suites Chandler, AZ
HREC Investment Advisors has arranged the sale of the 109-suite TownePlace Suites located in Chandler, AZ. Peachtree Hotel Group has acquired the property. HREC exclusively represented HCW LLC during the transaction. The sale was negotiated by Bill Murney, managing director in the Phoenix office.

SunTrust Arranges $50 Million in Financing to Key Clearwater for Acquisition of Dual-Branded Hotel
SunTrust has arranged $50 million in financing to Key Clearwater in support of the acquisition of a Marriott dual-branded hotel in Clearwater Beach, FL. The Residence Inn and SpringHill Suites is a combined seven-story, 255-room property and was opened in August 2017. Key International has been managing the property since its opening.