BOSTON, Massachusetts, July 21, 2005 - Matthew Kenney, Managing Director
of Pinnacle Realty Investments (�PRI�) executes on over $400 million in
gross transactions for 2005 year to date. A few notable transactions
are as follows:
-
PRI acted as the Exclusive Advisor to Webster Street LLC in the sale of
the 188-room Courtyard by Marriott in Brookline, Massachusetts for $54.5
million.
-
PRI acted as the Exclusive Advisor to the Rhode Island Convention Center
Authority in the sale of the Four Diamond 364-room Westin Hotel in Providence,
Rhode Island for $95.5 million. The buyer plans to invest several million
dollars in renovations and will continue to operate the hotel with a Westin
affiliation. Additionally, the buyer will invest approximately $80
million to construct a 28-story mixed-use tower with an additional 200
guestrooms on land adjacent to the existing property. These plans
include street-level retail and restaurants, structured parking, and 107
luxury residential condominiums on the top floors.
-
PRI acted as the Exclusive Advisor to Norwich Partners in the sale of the
112-room AAA Four Diamond Onyx Hotel in Boston, Massachusetts for $28.6
million. The Onyx Hotel will continue to be managed by Kimpton Hotels.
.
Courtyard by Marriott in
Brookline, Massachusetts
|
Westin Hotel in
Providence, Rhode Island
|
Onyx Hotel in
Boston, Massachusetts
|
Other Recent Transactions:
PRI acted as the Exclusive Advisor for several other recent transactions
including:
-
The Tage Inn Companies: PRI acted as the Exclusive Advisor in the
sale and ground lease insertion for the multi-property sale of the 180-room
Tage Inn Andover, the 148-room Tage Inn Somerville, and the 89-room Tage
Inn Milford located in Massachusetts to Texas based LaQuinta Inns, Inc.
-
The 252-room Doubletree Hotel in Lowell, Massachusetts to a local investor.
-
The 413-room Hotel Pontchartrain in Detroit, Michigan to a Florida investment
group.
-
PRI has also handled two significant confidential transactions acting on
the buyer�s behalf. Those transactions totaled well over $100 million.
About Pinnacle Realty Investments:
Pinnacle
Realty Investments is a boutique real estate brokerage firm headquartered
in Boston, Massachusetts. PRI focuses exclusively on lodging transactions,
mortgage capital, and the sourcing of equity on a national basis for lodging
related projects and companies. For more details on specific transactions
please call the Boston office at (617) 523-0001. |