The Harbour Lights Resort is located in the Downtown Gas Lamp Quarter. The property captures a significant share of the area's leisure demand while still appealing to convention attendees, Insignia officials say.

The Downtown hotel market has shown significant improvement in performance over the past several years as the city continues to diversify its economy. With the emergence of the new convention center and new baseball field, the outlook is positive for this area.

"This was an especially challenging transaction," says Pflueger. "The Harbour Lights opened last year as a timeshare property, but due to the timing of Sunterra's fiscal restructuring, the property was able to be sold as a hotel without any timeshare encumbrances."