Hotel Online Special Report

Pinnacle Realty Investments Executes on Over $400 million
in Gross Transactions for 2005 Year to Date
BOSTON, Massachusetts, July 21, 2005 - Matthew Kenney, Managing Director of Pinnacle Realty Investments (“PRI”) executes on over $400 million in gross transactions for 2005 year to date.  A few notable transactions are as follows:
  • PRI acted as the Exclusive Advisor to Webster Street LLC in the sale of the 188-room Courtyard by Marriott in Brookline, Massachusetts for $54.5 million.
  • PRI acted as the Exclusive Advisor to the Rhode Island Convention Center Authority in the sale of the Four Diamond 364-room Westin Hotel in Providence, Rhode Island for $95.5 million. The buyer plans to invest several million dollars in renovations and will continue to operate the hotel with a Westin affiliation.  Additionally, the buyer will invest approximately $80 million to construct a 28-story mixed-use tower with an additional 200 guestrooms on land adjacent to the existing property.  These plans include street-level retail and restaurants, structured parking, and 107 luxury residential condominiums on the top floors.
  • PRI acted as the Exclusive Advisor to Norwich Partners in the sale of the 112-room AAA Four Diamond Onyx Hotel in Boston, Massachusetts for $28.6 million. The Onyx Hotel will continue to be managed by Kimpton Hotels.

Courtyard by Marriott in 
Brookline, Massachusetts

Westin Hotel in 
Providence, Rhode Island

Onyx Hotel in 
Boston, Massachusetts

Other Recent Transactions:

PRI acted as the Exclusive Advisor for several other recent transactions including:

  • The Tage Inn Companies:  PRI acted as the Exclusive Advisor in the sale and ground lease insertion for the multi-property sale of the 180-room Tage Inn Andover, the 148-room Tage Inn Somerville, and the 89-room Tage Inn Milford located in Massachusetts to Texas based LaQuinta Inns, Inc.
  • The 252-room Doubletree Hotel in Lowell, Massachusetts to a local investor.
  • The 413-room Hotel Pontchartrain in Detroit, Michigan to a Florida investment group.
  • PRI has also handled two significant confidential transactions acting on the buyer’s behalf.  Those transactions totaled well over $100 million.
About Pinnacle Realty Investments: 
Pinnacle Realty Investments is a boutique real estate brokerage firm headquartered in Boston, Massachusetts.  PRI focuses exclusively on lodging transactions, mortgage capital, and the sourcing of equity on a national basis for lodging related projects and companies.  For more details on specific transactions please call the Boston office at (617) 523-0001.

Pinnacle Realty Investments
Matthew Kenney
76 Canal Street
2nd Floor
Boston, MA 02114
Phone:  (617) 523-0001

Also See  Pinnacle Realty Investments Continues to Execute on Behalf of its Clients Nationwide / November 2004
Pinnacle Advisory Group Announces Opening of Florida Practice Office / April 2004
Pinnacle Realty Investments the Exclusive Advisor in Securing $47 million in Proceeds for the Refinancing of the 273 room Embassy Suites Hotel at Logan International Airport / April 2004
Pinnacle Realty Investments Arranges Financing for New Kimpton Hotel to be Developed in Downtown Boston / June 2002
Pinnacle Advisory Group Establishes Hospitality Asset Restructuring Services Group / Jan 2002 

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