NEW YORK— CB Richard Ellis has unveiled its first quarter 2007 major U.S. hotel sales tally with the $575-million Maui Prince Hotel/Makena Resort deal at the top. The 310-room Maui Prince Hotel in Makena, HI, is set to be acquired by a joint venture between Morgan Stanley Real Estate Fund V, Trinity Investments and Dowling Co. The deal will be worth about $1.9 million a key. The deal will eclipse the most expensive hotel transaction in terms of overall price in 2006, the $550-million purchase of the Four Seasons Resort Hualalai in Ka’upulehu, HI. The Maui Prince Hotel/Makena Resort deal was supposed to close on March 27, but according to publishing reports, a lawsuit is delaying the closing. In that lawsuit, Ulupalakua Ranch Inc. claims that current owner, Seibu Group, breached land-access contracts dating back to the 1980s. Other major Q1 2007 transactions included DiamondRock Hospitality Co.’s $330-million acquisition of the 793-room Westin Boston Waterfront in Boston from Boston Convention Center Hotel, LLC and Sunstone Hotel Investors’ $228.2-million purchase of the 402-room Boston Marriott Long Wharf Hotel in Boston from Boston Properties.
Previous ArticleFormer Orlando Hyatt Now Part Of Lexington Collection
Next Article Mumford Adds Atlanta Sales Analyst