NATIONAL REPORT— Who’s buying and selling? Here’s a look at the latest hotel deals made across the U.S.
Noble Snaps Up Residence Inn in NJ
Noble Investment Group has acquired the Residence Inn by Marriott Secaucus Meadowlands. The all-suite, extended-stay hotel, which opened in March 2015, is located in Secaucus, NJ, is three miles from New York City via the Lincoln Tunnel.
The Residence Inn by Marriott Secaucus Meadowlands has 154 studio, one- and two-bedroom suites, each with fully equipped kitchens. The hotel offers a 24-hour business center and fitness center, complimentary hot breakfast, grocery shopping service, laundry facilities and complimentary internet access throughout the hotel.
HREC Arranges Sale of Two Properties
HREC Investment Advisors has arranged the sale of the 105-guestroom Wingate by Wyndham location in Allentown, PA. The buyer was Humboldt Hotel LLC an affiliate of HMB Hotels and the seller was Spring Street Limited Partnership.
HREC Investment Advisors exclusively represented the seller during the transaction. Ketan Patel, managing director in the Washington DC office and Mark von Dwingelo, SVP in the Danbury, CT office, negotiated the sale.
In addition, HREC arranged the sale of the 138 room Hampton Inn & Suites Jekyll Island GA. HREC, led by Monty S. Levy, managing director in the Atlanta office, exclusively represented the seller, an affiliate of Leon N. Weiner & Associates Inc. (LNWA). The property was acquired by an affiliate of Peachtree Hotel Group (PHG).
Lodging Partners Arranges Sale of Aqua Beach Inn
Lodging Partners has arranged the sale of the Aqua Beach Inn, a 60-room hotel located at 1301 N. Withers Dr., Myrtle Beach, SC. It was originally constructed in 1986 and converted to the Aqua Beach Inn in 2011.
“There was strong interest in this property and very competitive bidding as investors recognized that the Myrtle Beach market has continued to perform well. This is the sixth hotel Lodging Partners has marketed in the Myrtle Beach area and we are very pleased with our continued success of hotel dispositions in this region,” said Ford Barton, president of Lodging Partners, who represented the seller.
This is the fifth hotel that Lodging Partners has sold recently on the Ten-X online platform.
Innsuites Hospitality Trust Sells BW Property
Yuma Hospitality Properties LLLP, a subsidiary of Innsuites Hospitality Trust, entered into a purchase and sale agreement to sell its InnSuites Yuma Hotel and Suites Best Western Hotel property together with certain furniture, fixtures, equipment, operating supplies and other ancillary items pertaining to the daily operations.
Palm Springs Inn LLC has agreed to purchase the property for $16.25 million. subject to IHT Board of Trustees’ approval, Yuma Hospitality Properties LLLP partner approval, and the buyer’s property/financial review.