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Article: Business briefs
- Article from:
- Capital (Annapolis)
- Article date:
- October 31, 2004
CopyrightCopyright 2004 Capital (Annapolis). Provided by ProQuest LLC. (Hide copyright information)
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Virginia firm buys Sheraton Barcelo
A Virginia real estate investment trust has agreed to buy the
Sheraton Barcelo Annapolis Hotel for $18 million.
Highland Hospitality Corp. of McLean signed an agreement the 197-
room in Parole from a Spanish group of investors.
"We believe this hotel will generate immediate strong returns for
our shareholders and we will further enhance the quality of this
asset with a renovation of its guestrooms, loy, meeting rooms,
restaurant and other common areas," said James L. Francis, Highland's
president and CEO.
That renovation would follow one valued at $4.5 million completed
just three years ago by Grubarges Inversion Hotelera, S.L. The Madrid-
based joint ...