FORT WORTH, TX—REIT Crescent Real Estate Equities Co. and its partners have agreed to sell some U.S. properties, including the Fairmont Sonoma Mission Inn and Spa, for $620 million to Walton TCC Hotel Investors, just days after Walton terminated its offer, according to reports. Crescents share of the gross purchase price will be $580 million. The sale includes the Sonoma Golf Club and Ventana Inn and Spa in California, the Park Hyatt Beaver Creek Resort and Spa and Denver Marriott hotel in Colorado. Walton on April 2 canceled an agreement to buy the properties for $625 million, reportedly without giving a reason. The parties “reinstated and amended the original purchase agreement on April 6, said reports, and the acquisition is expected to close in the second quarter. On March 1, Crescent reportedly said it would sell its resorts and hotels to concentrate on being an office landlord whose portfolio would be more easily embraced by investors.
Previous ArticleAmericas Best Value Inn Marks 700th Property In Sandusky, OH
Next Article CNL Sale To Morgan Stanley, Ashford Approved