HREC Arranges Acquisition Financing for Three Marriott Hotels
Friday October 18th, 2013 - 10:41AM EFB
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DENVER—HREC Investment Advisors’ Capital Market Group arranged the $32-million acquisition financing for three Marriott hotels: the 224-guestroom Fullerton Marriott at California State University in Fullerton, CA; the 222-guestroom Atlanta Marriott Norcross in Norcross, GA; and the 225-guestroom Detroit Marriott Southfield in Southfield, MI.
HREC arranged the 10-year fixed rate loan. The buyer is ASAP International Holdings, Inc., a Los Angeles-based organization.
Jake Stahler, SVP of HREC Investment Advisor' Capital Market Group exclusively represented the buyer in the transaction.
The properties are located in submarkets of three major metro markets. Each market has a varied base of demand generators, proximate to international airports, downtown submarkets and major regional thoroughfares.
Tags: HREC Investment Advisors • ASAP International Holdings • Marriott • Fullerton CA • Norcross GA • Southfield MI • Fullerton Marriott at California State University • Atlanta Marriott Norcross • Detroit Marriott Southfield • Hospitality • Brands • Acquisitions • Brokers •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.