NATIONAL REPORT—HREC, North Central Group and HVS have recently closed on hotel transactions. Here’s more on the deals in Colorado, Wisconsin and Florida:
HREC Arranges Sale of Residence Inn Durango
HREC Investment Advisors has arranged the sale of the 66-guestroom Residence Inn located in Durango, CO. HREC Investment Advisors along with Lodging Partners represented a private seller on this transaction. The marketing and negotiations were led by Jeffrey Duni, SVP in HREC Investment Advisors’ Denver office and Ford Barton of Lodging Partners. The buyer was a regional owner/operator of premium-branded select-service hotels.
Durango attracts numerous visitors throughout the year due to its diverse corporate employment base and numerous historic sites, outdoor activities and special events. The Residence Inn Durango is located in the Four Corners Region of southwestern Colorado. The Four Corners Region describes the area where Colorado’s southwest border meets Arizona, Utah and New Mexico.
North Central Group Purchases Crowne Plaza Madison
North Central Group (NCG) has purchased and is transitioning the Crowne Plaza Madison in Madison, WI, to a newly renovated and revitalized DoubleTree by Hilton. The property is expected to be unveiled this fall.
The existing hotel closed on Feb. 28 to prepare for a six-month renovation of the building’s interior and exterior. These improvements will focus on creating a clean, modern and upscale aesthetic through a full renovation of the lobby, guestrooms, restaurant/bar and meeting/banquet spaces.
NCG is working to accommodate as many prior reservations as possible made at the Crowne Plaza by opening the doors of a number of its nine other Madison area properties to the guests, groups and events previously booked at the hotel. It is also working to create opportunities for the existing staff/team members at the Crowne Plaza at one of its hotels during the DoubleTree conversion process.
HVS Closes Sale of Quality Inn & Suites by the Parks
HVS Brokerage & Advisory has arranged the sale of the 113-key Quality Inn & Suites by the Parks in Kissimmee, FL. The property, built in 1989, was purchased for $10.55 million by Sarasa Hotels Ltd., based in Chūō-ku, Osaka, Japan, from Rosemont Hotels Inc., based in Orlando, FL.
HVS Brokerage & Advisory team members Eric Guerrero, Kathy Conroy, Ben Levin, James Rebullida and Fadi Rawashdeh participated in this transaction. Conroy severed as the Florida broker of record for HVS, and the buyer was represented by Candace Stottle with Grey Brokerage & Project Management.
The property is located along U.S. Highway 192, close to the area’s top demand generators, including Walt Disney World Resort, Margaritaville and the ESPN Wild World of Sports. The property is also proximate to several golf courses, two water parks and additional entertainment venues.