HREC Investment Advisors Arranges Sale of Baymont Inn & Suites-Metropolis, IL
Friday February 7th, 2014 - 9:43AM EF
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
DENVER/CHICAGO—HREC Investment Advisors has arranged the sale of the 102-guestroom Baymont Inn & Suites in Metropolis, IL. The sale took place in Q4 2013.
Ted Anka, VP in HREC Investment Advisors' Chicago office exclusively represented the seller during the transaction.
The Baymont Inn & Suites is located on Front Street, which runs parallel with the Ohio River, allowing for views of the water. Major demand generators include Fort Massac State Park, Harrah's Metropolis Riverboat Casino and downtown Metropolis.
"The Baymont Metropolis represents significant upside for this IL-based group; priced well below replacement, the buyers have the opportunity to reinvest capital and bring the hotel back up to current Baymont standards as well as implement a hands-on operating approach focused locally on sales growth, which will result in improvements in ADR, occupancy and, ultimately, cash flow," said Anka.
Tags: HREC Investment Advisors • Baymont Inn Suites • Metropolis • Hospitality • Acquisitions • Brokers •
The theme of this year’s ALIS conference was “Don’t Worry, Be Happy.” But, lets face it, there are always going to be some people who aren’t happy unless they are worried about something—whether it’s the Fed potentially raising interest rates or that the price of oil is now too low, threatening to cripple the economies of some foreign nations.