Eagle Hospitality Properties Trust 8.25% Series A Cum PFD (EHPTP)

[vpagano]

Then my old hometown Hilton too:

$22.2 MM / 341 = $65K per room

http://www.pennlive.com/midstate/index.ssf/2012/06/harrisburg_hilton_sold_to_gree.html

An affiliate of Harristown Enterprises Inc. has sold the Hilton Harrisburg hotel to a Denver-based hotel investment group. Harrisburg Hotel Corp. sold the 341-room Hilton to Greenwood Hospitality Group LLC.

Although executives from both companies wouldn't share a sale price, a realty transfer tax statement from the Dauphin County Recorder of Deeds office indicates that Greenwood paid $22.2 million for the property, which is close to its listed fair market value of $23.8 million.

Hilton Harrisburg 20th AnniversaryView full sizeChris Knight, The Patriot-NewsACharity Grilling Party benefiting Easter Seals during the Hilton Harrisburg's 20th anniversary celebration in 2010.
Greenwood Principal Thomas W. Conran said the hotel will remain a Hilton and the company will retain the existing 400 employees during a 2:30 p.m. press conference held to announce the sale in City Hall.

Mayor Linda Thompson said the sale retired $17 million worth of city debt, what Harrisburg had guaranteed for the hotel.

Greenwood, which specializes in repositioning hotels, plans to invest roughly $5 million in hotel upgrades. Improvements will include new carpeting, guestroom upgrades and other refinements that will be noticeable to guests, said Conran.

The sale includes Bricco Restuarant at Third and Chestnut streets. Bill Kohl, Hilton Harrisburg president and CEO, becomes a principal with Greenwood.

Greenwood also will take over management of the Hilton Garden Inn Hershey, which was operated by Harrisburg Hotel Corp.

Brad Jones, vice president of Community Development for Harristown, said financial problems did not force Harrisburg Hotel Corp. to sell the hotel.

Harristown never intended to own and operate the Hilton for so long, Jones said. “It’s a good opportunity to reinvest in other projects,” he said.

The affiliate of Harristown owned and operated the hotel that helped spark a redevelopment wave in Harrisburg since 1990, when it opened.