A Trio of Hotel Sales

NATIONAL REPORT—Recent hotel sales are happening in Dallas, Virginia and up north in New Jersey: Here’s the details on the deals:

Hilton Garden Inn Sold by Marcus & Millichap in Dallas
Marcus & Millichap has sold the Hilton Garden Inn Dallas/Richardson, a four-story, 125-room, select-service hotel in Richardson, TX. Chris Gomes, senior managing director and Allan Miller, SVP investments, represented the seller, a Texas-based LLC. Built in 2008, the Hilton Garden Inn Dallas/Richardson is south of President George Bush Turnpike, close to The University of Texas at Dallas, U.S. Route 75, the Central Expressway and the Galleria Dallas. The hotel is part of the Telecom Corridor, a six-mile strip along the Central Expressway where there are more than 600 technology companies and more than 25 million sq. ft. of office space.

CAS Associates Sells Comfort Suites in Virginia
CAS Associates Inc. has sold the Comfort Suites located in Glen Allen, VA, on behalf of Kalyan IV Inc. The hotel was acquired by JP VCC 1 LLC. New ownership will continue the affiliation with Comfort Suites and plans to implement the “Move to Modern” design package. This 100-unit property is located near Interstates I-95 and I-295, next to the Virginia Center Commons mall and in close proximity to Richmond Raceway, Lewis Ginter Botanical Garden, Virginia Commonwealth University, Kings Dominion, The Meadow Event Park among others.

TJM Properties Sells Atlantic Club Casino Hotel
TJM Properties has sold the Atlantic Club Casino Hotel to Colosseo Atlantic City Inc., a New York City-based investment and construction firm. One of two TJM-owned properties located on Atlantic City’s boardwalk, the 800-room hotel was closed in 2014 by Caesars Entertainment, and subsequently purchased by TJM. The property was owned and developed by Stephen Wynn. TJM owns and operates another iconic Boardwalk property, The Claridge Hotel, a historic 500- room property attached to Bally’s Casino.

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