|
|
 |
|
|
| |
| News |
|
MHI Buying Crowne Plaza Sian Resort for $74M
|
MHI Buying Crowne Plaza Sian Resort for $74M
Lodging REIT Also Leasing Adjacent Hotel Development Site in Hollywood, FL
A subsidiary of MHI Hospitality Corp., a Williamsburg, VA-based lodging REIT, is under contract to purchase the 311-room Crowne Plaza Sian Resort in Hollywood, FL, for $74 million from developer MCZ/Centrum VI Owner LLC.
The deal replaces an earlier agreement by MHI to purchase only the commercial space at the property, which was initially slated as a condominium hotel. Under the new agreement, the condominium aspect is being eliminated. The purchase is expected to close in the third quarter.
MHI plans to complete the deal with a joint venture partner and hold a 25% equity position in the hotel. The firm is also leasing a contiguous hotel development site from MCZ/Centrum for a four-year term, with an option to purchase at any time.
The Crowne Plaza Sian is on a barrier island on the South Florida coast between the Intracoastal Waterway and the Atlantic Ocean. It was recently renovated and features 12,000 square feet of meeting space and an outdoor pool.
MHI acquires, redevelops and manages hotels in the Mid-Atlantic, Midwest and Southeastern U.S. The REIT has a seven-property portfolio comprised of 1,723 rooms, which operate under the Hilton, InterContinental Hotels Group, and Starwood Hotels and Resorts brands. |
Posted date : (2007-07-05) |
|
| |
|
|
|
|
| |
| |
| |
|
