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Carlton Hospitality Group arranging over $1.7b hotel financings.

Carlton Hospitality Group (CHG), a division of real estate investment bank The Carlton Group, has been retained on an exclusive basis to secure financing in ten hotel transactions, announced Carlton chairman Howard L. Michaels and Hospitality Group president John Bralower. The value of the deals is in excess of $1.7 billion.

"The outlook for the hotel sector remains strong, in terms of demand for existing assets and development of new brands, with capital continuing to flow into the market," Bralower said.

"Our relationships with major capital sources, hospitality operators and hotel owners allow us to advise clients on the best strategy and execute transactions quickly and efficiently." Carlton's Hospitality Group specializes in the arrangement of equity and debt financing for lodging and for mixed-use real estate projects with a hospitality component. CHG also advises on the acquisition and disposition of existing properties; on issues relating to branding and the selection of operating partners for new development projects; and on the repositioning of existing assets. Carlton Hospitality closed $500 million in transactions during the first six months of 2006 and over $1 billion in deals in 2005.

The transactions are as follows:

* $315 million development financing--Trump SoHo, New York--The financing will be used for the ground-up development of a 42-story, 413-key, five-star hotel located in the highly desirable and fashionable SoHo section of Manhattan.

* $49 million acquisition financing--Hilton Santo Domingo, Dominican Republic--The financing will be used for the acquisition of a newly-built 21-story, 228-key, business hotel located adjacent to Malecon Center, a mixed-use complex for retail shopping, cinema and commercial office space.

* $140 million acquisition financing--Tierra Del Sol, Aruba--The financing will be used for the acquisition of the Tierra Del Sol Resort and Country Club, the premier golf and country club on the island of Aruba.

* $46 million acquisition financing--two select service hotels, Orlando, Florida--The financing will be used for the acquisition and repositioning of 740 keys that are ideally situated on International Drive in Orlando, Florida.

* $125 million acquisition financing--a portfolio of five all-suite hotels, U.S.--The financing will be used for the acquisition and renovations of 1,059 keys well located throughout the U.S.

* $62 million recapitalization--a portfolio of select service hotels, U.S.--The financing will be used for the recapitalization of a portfolio of select service hotels, 881 keys located throughout the Northeast.

* $59 million acquisition financing--a portfolio of four all-suite hotels, Texas--The financing will be used for the acquisition and conversion of 519 keys to a Hyatt Place brand, which is Global Hyatt's new mid-scale service brand. The assets are located throughout Texas.

* $510 million acquisition and development financing of Playa Pelicano, Costa Rica--Situated on the coast of the Pacific Ocean in the province of Guanacaste, Playa Pelicano is a master-planned luxury resort community that will offer two five-star hotels, world-class spas, a golf course, and 270 residential lots and over 600 villas.

* $210 million refinancing of the Hilton Anaheim, California--Built in 1984, the 14-story Hilton Anaheim is located adjacent to the Anaheim Convention Center and across from the Disneyland Resort. It has 1,572 keys; 55 meeting rooms totaling 103,484 square feet; six on-site food and beverage facilities; 30,000 square feet of retail space; a 25,000 square foot health club; a full-service business center; and a parking garage facility.

* $205 million acquisition and development financing of Long Bay Resorts, Anguilla--The financing will be used for development of a five-star luxury resort located on 21.5 acres of pristine beachfront in Anguilla.
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Publication:Real Estate Weekly
Date:Dec 6, 2006
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