Paramount Lodging Advisors Sells SpringHill Suites
Monday June 10th, 2013 - 10:33AM B
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SOUTHFIELD, MI—Paramount Lodging Advisors (PLA) has announced the sale of the SpringHill Suites. PLA’s Bennett Webster facilitated the transaction, which consisted of a note sale and negotiated deed-in-lieu, resulting in a simultaneous title transfer to the new owner.
The Southfield sale represents PLA’s ninth Michigan hotel engagement in the past eight months.
“We are very pleased to continue to take part in the ongoing transformation of the Metro Detroit lodging market,” Webster said in a statement. “Given our extensive work in Michigan, our team has had unparalleled success in uncovering and identifying value for sellers, buyers and lenders of performing and distressed hotel assets in the Detroit area.”
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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.