NATIONAL REPORT—Hotel Business is tracking transactions. CIM Group and HREC Investment Advisors have made deals. Here are the details:
CIM Group Acquires 254-Room Hotel in Alexandria, Virginia
CIM Group has acquired the Crowne Plaza Hotel Alexandria, a 254-room, 12-story hotel located at 901 N. Fairfax Street in Old Town Alexandria. CIM acquired the hotel with Carr Companies.
HREC Arranges Sale of the New Jersey Best Western Portfolio
HREC has arranged the sale of the 60-guestroom Best Western Plus Morristown, 40-guestroom Best Western Westfield, and the 76-guestroom Best Western Plus Murray Hill located in New Jersey. HREC exclusively represented the seller during the transaction. The marketing, negotiations and final sale were led by Mike Cahill, CEO and founder in the Denver office, and Ketan Patel, managing director in the Washington, DC office. The seller was Boyle Hotels and was the original developer of the properties.
HREC Arranges Sale of Fairfield Inn & Suites Chantilly, Virginia
HREC has arranged the sale of the 84-guestroom Fairfield Inn & Suites Dulles Airport Chantilly located in Chantilly, VA. HREC Investment Advisors represented the seller during the transaction. The sale was negotiated by Kevin Hanley, SVP in the Washington, DC office, Ketan Patel, managing director in the Washington, DC office, and Dana Weinberg, an affiliate broker in Virginia.