Hotel Online Special Report

Pinnacle Realty Investments Executes on Over $400 million
in Gross Transactions for 2005 Year to Date
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.
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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.
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Contact

Pinnacle Realty Investments
Matthew Kenney
76 Canal Street
2nd Floor
Boston, MA 02114
Phone:  (617) 523-0001

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Also See  Pinnacle Realty Investments Continues to Execute on Behalf of its Clients Nationwide / November 2004
Pinnacle Advisory Group Announces Opening of Florida Practice Office / April 2004
Pinnacle Realty Investments the Exclusive Advisor in Securing $47 million in Proceeds for the Refinancing of the 273 room Embassy Suites Hotel at Logan International Airport / April 2004
Pinnacle Realty Investments Arranges Financing for New Kimpton Hotel to be Developed in Downtown Boston / June 2002
Pinnacle Advisory Group Establishes Hospitality Asset Restructuring Services Group / Jan 2002 


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