Newspaper article The Florida Times Union

Morning Briefs

Newspaper article The Florida Times Union

Morning Briefs

Article excerpt

ADAM'S MARK CHAIN OWNER SELLS 8 HOTELS

The parent company of the Adam's Mark hotel chain has sold eight of its properties but not the downtown Jacksonville hotel, according to published reports and the Web site of one of the companies buying the hotels. Among those sold are the hotels in Daytona Beach and Clearwater Beach.

Fred Kummer, head of St. Louis-based HBE Corp., which owns the Adam's Mark chain, told the St. Louis Post-Dispatch that he is keeping "the larger convention hotels, such as those in St. Louis, Dallas, Buffalo [N.Y.] and Jacksonville." However, he said those hotels may be reflagged.

Boston-based Pyramid Advisors LLC bought the eight hotels in conjunction with investment firm Morgan Stanley, the Post-Dispatch said. The sale price was unavailable.

An Adam's Mark spokesman would not comment on the sale. Officials with Pyramid Advisors could not be reached Tuesday.

The hotels sold are in Daytona Beach; Clearwater Beach; San Antonio; Indianapolis; Northbrook, Ill.; Colorado Springs, Colo.; Columbia, S.C.; and Grand Junction, Colo.

BOFA TO OPEN 23 S. FLORIDA BRANCHES

Citing South Florida's booming population and its multicultural environment, Bank of America announced on Monday that it will open 23 new banking centers in the region by the end of 2005.

The Charlotte, N.C.-based bank said the first of the centers opened last week in Coconut Grove and offers a new design and high-tech conveniences, as will the other 22 offices planned.

"There's explosive multicultural growth in South Florida, so we're trying to put our banking centers where we know there's going to be a lot of population growth," said Amanda Malcolm, a Bank of America spokeswoman in Jacksonville.

Malcolm said 18 of the new sites will be based in Weston, Deerfield Beach and Pompano Beach in Broward County; in Tequesta, Lake Worth, Delray Beach, West Palm Beach and Palm Beach Gardens in Palm Beach County; and in Miami, Kendall and other areas of Miami-Dade County.

The South Florida expansion, which will include existing and new structures, will cost $68 million for land, construction, staff and building operations, the company said. …

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