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"We believe this transaction, the first major portfolio to trade in 1998, is part of a growing trend towards larger hotel transactions," said Al Calhoun, HWE senior vice president and co-banker/broker of the transaction. "We expect to see record numbers of portfolios coming to the market throughout the year, some of which may exceed $1 billion in value. We currently are actively marketing 14 portfolios containing more than 57 hotels valued at more than $668 million.
Four of the properties are Florida beachfront locations; another is a Disney Village hotel in Orlando; two hotels target business travelers in Tampa and New York; two are located in West Los Angeles; and the remaining five hotels are scattered along the East Coast.
"FSA's hotel real estate strategy in this decade has been quite different
from most other financial companies," said Mark Elliott, HWE partner and
co-banker/broker of the transaction. "The company took over these properties
as troubled loans during the early 1990's. Rather than selling them at
deeply discounted rates, however, FSA patiently operated and invested in
the properties to achieve excellent return on their initial strategy."
| Courtyard by Marriott, Century City, California,
134 rooms
Courtyard by Marriott, Marina del Rey, California, 276 rooms The Lodge at Seaport, Mystic, Connecticut, 77 rooms Doubletree Resort Surfside, Clearwater Beach, Florida, 426 rooms Ramada Inn Gulfview, Clearwater Beach, Florida, 289 rooms Holiday Inn Ft. Lauderdale Beach Galleria, Florida, 240 rooms Howard Johnson Resort, Key Largo, Florida, 100 rooms Courtyard by Marriott, Lake Buena Vista, Florida, 323 rooms Holiday Inn, Madeira Beach, Florida, 149 rooms Doubletree Hotel Tampa Airport Westshore, Florida, 496 rooms Select Inn, Bloomington, Minnesota, 148 rooms Holiday Inn, St. Louis, Missouri, 120 rooms Radisson Inn Airport, Rochester, New York, 171 rooms Holiday Inn, Richmond, Virginia, 280 rooms |
American General Hospitality Corporation is a publicly traded real estate
investment trust (REIT) with a portfolio
of 66 hotels, owned and pending acquisition, in 22 states containing
15,159 guestrooms. Operating in major
markets, the company is focused on creating shareholder value through
acquisitions, and product, operational
and brand repositioning.
Headquartered in Atlanta, Hodges Ward Elliott is ranked as one of the
nation's top three largest investment banking/brokerage firm specializing
in hotels. In 1997, the company completed 67 hotel transactions valued
at more than $1.2 billion, including $100 million in financings. Typical
properties range from luxury through mid-market and limited service hotels.
The company has completed approximately $700 million in transactions in
the first quarter 1998, and expects to be involved in approximately $2.5
billion for the full year.
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