ON THE BLOCK

DoubleTree deal

DoubleTree dealDoubleTree deal: ASAP International Holdings bought the DoubleTree by Hilton in Wilmington, Del., for $19.7 million. The 236-room hotel has 11,000-square-feet of meeting space. Virginia-based Crestline Hotels will manage the hotel, 17 miles from the Philadelphia International Airport.

Caribbean condo: Paulson & Co. acquired a majority interest in the Condado Vanderbilt, the 484-room La Concha Renaissance Hotel and Tower and the Condado Vanderbilt condominium towers in San Juan, Puerto Rico, for $260 million, including costs to complete construction of the Vanderbilt.

Luxury transaction: The 463-room Ritz-Carlton, Kapalua on Maui, Hawaii, was acquired by Woodbridge Capital Partners and Colony Capital and its affiliates, including Colony Financial, for an undisclosed price.

Novotel sold: Millennium & Copthorne Hotels entered into a conditional agreement to acquire the 34-story Novotel New York Times Square for $273.6 million.

Beach property: Inland American Lodging Group purchased the 645-room Aston Waikiki Beach Hotel in Honolulu, Hawaii, for approximately $183 million.

Portfolio transfer: Sage Hospitality purchased 11 hotels in partnership with Whitman Peterson, for an acquisition price of approximately $70,000 per key. The properties are located in several metropolitan areas: Austin, Denver, Indianapolis and Dallas.

Minnesota deal: FelCor Lodging Trust sold the 218-room Embassy Suites hotel in Bloomington, Minn., for $24 million. FelCor will use the asset sales proceeds to repay outstanding debt.

China buy: Wang Jianlin, chairman of China’s Dalian Wanda Group, purchased the Edificio Espana building in Madrid from Grupo Santander for $358.6 million.

Japan property: Ascendas Hospitality Trust purchased the Osaka Namba Washington Hotel Plaza in Osaka, Japan, for $87.4 million. The hotel will continue to be leased to Washington Hotel Corp. until December 31, 2015, under a fixed-term building lease agreement for a fixed rent of $6.4 million per year.

California sell: LaSalle Hotel Properties acquired the Hotel Vitale in San Francisco for $130 million. The hotel was purchased subject to a ground lease with the City & County of San Francisco, Municipal Transportation Agency, which expires on March 8, 2070.

Suggested Articles

Formerly Driftwood Acquisitions & Development, Driftwood Capital has secured new capital allowing $3 billion in deployments over five years.

Accor has signed with Sabre to create a new product combining property management and central reservation systems, which it hoped would drive growth.

Easyhotel said that it would focus on France and Spain as part of its “ambitious strategy” for growth.