NATIONAL REPORT—Hotel sales are gaining momentum as investors and hoteliers assess their portfolios at the start of the year. Here’s a trio of recent transactions to know about.
Microtel Inn & Suites Sold in KY
Huff, Niehaus & Associates Inc., a member of Hotel Brokers International, recently closed on the sale of the Microtel Inn & Suites Florence/Cincinnati Airport, in Florence, KY.
The three-story, 83-room Wyndham-branded hotel, located off I-75/71, sold for $3.9 million.
Flight of the Condor Property
Lodging REIT Condor Hospitality Trust Inc. closed on the sale of the 71-room Comfort Inn & Suites at 3328 East Center St. in Warsaw, IN, for $5 million. Net proceeds from the sale will be applied to outstanding debt on the REIT’s $150-million secured credit facility, according to the company.
“With the closing of the Comfort Inn & Suites Warsaw, we have now sold eight legacy hotels since the beginning of 2017 for gross proceeds of $29.1 million,” said Bill Blackham, Condor’s CEO. “With Warsaw now closed, Condor has only five remaining legacy assets, two of which are under contract for sale and another that is designated as held for sale and is currently listed and being marketed for sale. Our goal is to have these three additional legacy hotels sold within the first quarter of 2018, though there can be no guarantee that any of these planned dispositions will actually close.”
HVMG Sells Atlanta ES
Hospitality Ventures Management Group (HVMG) sold the 261-suite Embassy Suites by Hilton Atlanta-Galleria to an unaffiliated third party, but has retained management of the property.
“Having owned and operated the Embassy Suites by Hilton Atlanta-Galleria for the past three years, along with several other Embassy Suites’ hotels, we are intimately familiar with both the marketplace and the brand and how to maximize its value,” said Robert S. Cole, HVMG’s president/CEO. “With our home base and four additional hotels in the city, Atlanta is a strategic location for our company. We have the market intelligence and operational economies of scale to maximize hotel profits and deliver investor return.”
As project manager, HVMG oversaw the recently completed $11.6-million renovation of the hotel that included a total reconfiguration of the atrium and lobby with a new artwork installation, a new dining outlet called E’terie, improved and expanded meeting and gathering space, complete guestroom and bathroom renovations, upgraded amenities and exterior improvements.
