The transaction is scheduled to close at the end of October. Thepurchase was not immediately available and, given the varying agesof the properties, comparables range from $50,000 per key to$200,000 per key. If the blended price came in at $125,000 per key,the deal value would be approximately $600 million.

HBE is a St. Louis-based design-build firm that specializes infacilities for the medical and financial services industries. Acompany source confirmed the pending transaction for GlobeSt.com,saying the company is in the process of streamlining its operationsby focusing on its core design-build business. The sale wouldcomplete the company's divestiture of its hotel assets, hesays.

Oxford Lodging is an advisory and investment firm with assetmanagement responsibilities for a 14,000-room portfolio of luxuryhotels, resorts and conference centers throughout the US and Japan.Oxford's principals and employees are direct investors in 65% ofthe portfolio. Past investment partners have included DubaiInvestment Group and Perry Capital. Oxford did not return phonecalls seeking comment.