Intergroup Arranges $325 Million 16 Hotel Sale to European Company
April 27, 2000 - Tandy O. Lofland, president of Intergroup Realty, Inc. announced the acquisition of 16 properties with 3,268 rooms in major city and suburban markets in 10 states by Barcelo˘ Hotels USA, an affiliate of Barcelo˘ Empresas, Spain's third largest travel and hotel company. The seller is a private Dallas investment firm, the Hampstead Group. The 16 former Wyndham Garden properties will be co-branded by Barcelo˘ and converted to Sheraton, Four Points by Sheraton, and Clarion franchises.
This transaction is the largest U.S. hotel portfolio transaction in the past 12 months, according to Hospitality Valuation Services, the leading hospitality consulting firm. Starwood Hotels & Resorts Worldwide will manage 14 properties and Barcelo˘ will manage two, along with two U.S. Radisson hotels already owned and managed by Barcelo˘. Barcelo's affiliates also own some 60 other properties in Europe, the Caribbean, Central and South America, and Asia. Barcelo˘ Hotels USA is equally owned by Barcelo˘ Empresas, the largest contractor in Spain, and the second largest Spanish bank.
Lofland was assisted in this transaction by Andre' Bienvenu. Intergroup, formed in 1980, provides development and transaction services for all types of commercial and hospitality projects in the U.S., Europe, the Caribbean, and Latin America with an emphasis on hotels and resorts which are not being widely marketed. Company experience includes one of the largest mixed-use developments next to Walt Disney World in Orlando, and transactions or projects involving such brands as Hilton, Sheraton, Holiday Inn, Crowne Plaza, Radisson, and Hyatt.