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 •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.