Property Types Hospitality
Upscale 259-Room Tampa Sheraton Comes Under New Ownership
May 5, 2008
By: Barbra Murray, Contributing Editor

A joint venture consisting of Square Mile Capital Management L.L.C. and Davidson Hotel Co. has acquired the 259-room Sheraton Suites Tampa Airport/Westshore. Host Realty Partnership L.P. sold the Tampa, Fla.-property just two years after having acquired it as part of a $4 billion, 35-hotel portfolio acquisition from Starwood Hotels and Resorts in April 2005.

Carrying the address of 4400 W. Cypress St., Sheraton Tampa sits within close proximity to Tampa International Airport, as well as such area destinations as Busch Gardens and Raymond James Stadium. In addition to its luxury suites, features 8,100 square feet of office space, a restaurant, a fitness center and a business center. The new owners will subject the hotel to comprehensive $14 million upgrade, scheduled to commence next year. Davidson will oversee the renovation process, and will ultimately mange the hotel.

 

 
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$8.9B Penn Gaming Merger Crumbles
July 03, 2008
By Barbra Murray, Contributing Editor After spending the last few months attaining all the requisite approvals from various gaming commissions and boards, Penn National Gaming has put the kibosh on its proposed $8.9 billion merger with PNG Acquisition Company Inc.,...

Colonial Properties Trust Sells 5 Apartment Communities for $82M
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By Gail Kalinoski, Contributing Editor Colonial Properties Trust, a multi-family-focused REIT, is continuing its plan to dispose of older assets by selling five apartment communities in two transactions for a total of $81.8 million. The buyer or buyers were not...

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By Thomas Peretti, Contributing Correspondent -- H&R Real Estate Investment Trust has announced the completion of the sale of eleven retail properties. The firm netted approximately $72 million from the transaction. The company expects approximately a $9 million return on...

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