August 2008

THREE HOTEL DEALS

Washington, D.C. - The The Hotel Advisory Group of Donohoe/Corfac International announces three transactions. In Springfield, Virginia a 194 room, Holiday Inn Express sold for $19.5 million. Baywood Hotels purchased eight acres in Sterling, Virginia for the future site of the Sheraton Dulles Town Center. In Chicago, Illinois the 184 room, Hilton Oak Lawn hotel was purchased by Rich Oak Lawn Hotel, LLC. Bill Moyer, Director and Charlotte Seale, Associate of The Hotel Advisory Group of Donohoe/Corfac International represented Buyers in these transactions. Holiday Inn Express, Springfield, Virginia

The 194 Room Holiday Inn Express located in Springfield, Virginia was purchased by Springfield Hotel Associates, LLC for $19.5 million. Approximately $3million dollars will be spent for the addition of a business and fitness center, lobby renovations and to refurbish ballroom. The hotel will be managed by Donohoe Hospitality Services, DHS is a subsidiary of The Donohoe Companies, Inc. and one of the largest independently owned hotel management companies in the Washington, D.C. Metro area. Sheraton Dulles Town Center, Dulles, Virginia

Baywood Hotels, a fast growing Hotel Management and Development Company, purchased 8 acres located in Sterling, Virginia. for the future site of the “Sheraton Dulles Town Center”, the Sheraton prototype will feature a 178 room full service hotel with over 7,000 sq. ft. of meeting space. Construction will begin Spring of 2008. The Hilton Oak Lawn Hotel, Chicago, Illinois

The Hilton Oak Lawn Hotel, located in the Village of Oak Lawn, Illinois was purchased by Rich Oak Lawn Hotel, LLC. A 184 room full service hotel with 20,000 square feet of conference space, an award-winning Restaurant, business center, indoor pool and health club. The hotel will undergo a significant upgrade program in the near future. Following acquisition, Richfield Hospitality headquartered in Denver Colorado, was named the property’s management company.