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June 2007 |
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Thayer Acquires Three Marriott-branded Hotels at Miami Airport |
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Thayer Lodging Group today announced that it has acquired a complex of
three Marriott-branded hotels at Miami International Airport from Marriott International,
Inc. (NYSE: MAR) for $57.5 million. Thayer said it plans to invest an additional $65 million
to totally makeover the complex. The renovation/construction will take place in phases, with
a final completion date planned for early 2009 to coincide with completion of a major expansion
of the airport and regional transportation hub. Marriott will continue to manage the hotels
and oversee all construction and renovation projects......
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Thayer purchases three hotels from Wyndham's Lone Star Funds
Wyndham has closed on three of the four previously announced assets to two investment funds of Thayer Lodging Group for $51.4 million. Thayer Hotel Investors IV has purchased the 408-room Wyndham Miami Airport and the 311-room Wyndham Colorado Springs, Colo.; and Thayer Hotel Investors III has purchased the 250-room Wyndham Peachtree Hotel & Conference Center located in Peachtree City, Ga. Pending lender approval, the sale of the 242-room Wyndham Lisle, Ill. to Thayer Hotel Investors IV is expected to close December 2004. All four assets will remain in the Wyndham brand portfolio pursuant to a long-term management agreement.
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