 |
|
|
|
|
.
|
|
| New York - October 17,
2002 - FFC Hospitality, a Pittsburgh-based owner of hotels and other real
estate, has sold the 357-room Hilton Garden Inn
Chicago Downtown and the 216-room Courtyard by Marriott Downtown Providence (Rhode Island) to Bethesda-based RLJ Development in a transaction valued at approximately $80 million. Insignia/ESG Hotel Partners exclusively represented FFC Hospitality in this sale. Ron Danko, senior managing director, and Adam McGaughy, director, both of Insignia/ESG Hotel Partners' Chicago office, oversaw the marketing and disposition of the assets.
The transaction was the culmination of a confidential long-term strategic plan advised by Insignia/ESG Hotel Partners. Property performance, economic dynamics, market timing and national buyer activity were closely monitored in order to maximize sales price. White Lodging Services Corp. will manage the Hilton Garden Inn for RLJ Development, while Interstate Hotels and Resorts, the current manager of the Courtyard, will continue to manage that hotel. Insignia/ESG Hotel Partners is a leading full-service real estate group focused exclusively on the hospitality industry. |
Contact:
| Kurt Lindsey
Corporate Communications Insignia/ESG Hotel Partners 200 Park Avenue, New York, NY 10166 Direct Phone: 212/984-8216 Fax: 212/984-8207 Email: [email protected] |
| Also See: | State of Rhode Island Picks Sage Hospitality to Turn Masonic Temple into 250-room Marriott Renaissance Hotel / October 2002 |
