Pinnacle Hotel Management invests $1 million to renovate the hotel.

The 82-room property will operate as a Marriott franchise, owned and managed by Itcan (Sault) Holdings.

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The five hotels comprised 756 guestrooms and were sold to separate buyers for a total consideration of more than $24 million.

More than $15 million has been invested in renovations to the property, including the guestrooms, corridors, lobby, health club, meeting rooms, restrooms, conference center, grand ballroom, onsite dining areas, exterior landscape and new porte coche.

Charlestowne Hotels has signed eight contract agreements in the first half of 2010. These additions represent an increase of over 75-percent year-to-date in rooms under contract with the company for management or marketing services.

Global distribution system bookings worldwide realized a year-over-year increase of 6.3 percent, and the pace of booking volumes eased from May levels for the alternative distribution systems.

The new additions are conversions in Scottsboro, Ala. and Pensacola, Fla. The brand now has 23 hotels in its portfolio.

A 30-year hospitality veteran, Anderson most recently held the position of EVP of acquisitions and development for Interstate Hotels & Resorts.

The fund will hold assets for seven new hotels in India, estimated to have total value of approximately $325 million on completion.