HREC Investment Advisors Arranges the Sale of Two Hotels
Friday September 20th, 2013 - 4:02PM EF
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DENVER, ATLANTA, CHICAGO—HREC Investment Advisors has arranged the sale of the 92-guestroom Chase Suites Hotel in Dublin, OH, and the 112-guestroom Chase Suites Des Moines Hotel in Clive, IA.
Batra Hospitality Group, LLC, a group based out of Columbus, OH, acquired the Chase Suites Hotel in Dublin, OH. Batra owns many hotels throughout the Midwest.
DBM Investment, LLC, based out of West Des Moines, IA, has acquired the Chase Suites Des Moines. The firm manages mostly independent hotels in the region.
Scott Stephens, COO & senior principal, Mark Rousseau, SVP, and Tom Sommer, VP, exclusively represented The Hardage Group, a San Diego-based hotel and real estate company, during the transaction.
The Chase Suites Des Moines Hotel is located in one of Iowa within fives miles of the state's largest and most visited shopping complex, the 1.3-million-sq.-ft. Jordan Town Center. The new owner intends to renovate the property and operate as an independent all-suites, extended-stay hotel. Chase Suites Hotel in Dublin, OH, will also undergo renovations and will continue to operate under the Chase Suites Hotel name.
Tags: HREC • sale • investment • Hospitality • 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.