NATIONAL REPORT—Hotel sales and financing are taking place in the South. Marcus & Millichap, HREC, HVS and Mag Mile have all completed deals:
Marcus & Millichap Arranges Sale of Hampton Inn & Suites Tampa
Marcus & Millichap has arranged the sale of the Hampton Inn & Suites Tampa, an 84-room hospitality property by Busch Gardens Tampa Bay. The property sold for $13 million. Ahmed Kabani, VP investments/senior director of Marcus & Millichap’s National Hospitality Group in Miami, represented the buyer, a repeat client with properties in Florida and Texas. Kabani Hotel Group of the Marcus & Millichap Miami office facilitated the sale. Built in 2017, the 2.33-acre Hampton Inn Tampa reaps the benefits of being proximal to three theme parks that have experienced population growth in 2018.
HREC Arranges Sale of the Radisson Atlanta-Marietta
HREC Investment Advisors has arranged the sale of the 218-guestroom, full-service Radisson Atlanta-Marietta located in Marietta, GA. The buyer was Apsilon Hotels based in Atlanta. The seller is an out-of-state private equity firm. HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led Monty Levy, managing director, and Tom Huegel, SVP, both located in the HREC Investment Advisors Atlanta office, as well as Mike Armstrong, principal in the San Diego office.
HVS Closes Sale of Two Properties in Lubbock, TX
HVS Brokerage & Advisory has closed the sale of the 100-key Home2 Suites by Hilton Lubbock and the 101-key Fairfield Inn & Suites by Marriott Lubbock Southwest, both in Lubbock, TX. The properties were purchased by Lodging Fund REIT III Inc. by Legendary Acquisitions, a publicly registered non-traded REIT, from Treemont Partners, based in Houston. Both assets were encumbered with CMBS debt, which was assumed by Lodging Fund REIT III Inc., acquiring the assets based on an attractive cap-rate basis and the anticipation of continued economic growth in the region.
Mag Mile Completes Loan for Crowne Plaza in North Carolina
Mag Mile Capital principal/CEO Rushi Shah and VP Prabhat Jayara have completed a $26.2-million non-recourse, 10-year CMBS loan on behalf of Hulsing Hotels, for the Crowne Plaza located at 1 Resort Dr. in Asheville, NC. The Crowne Plaza has 272 rooms and meeting space. The property was recently partially renovated by the borrower to create value, which enabled the loan to be closed despite the borrower’s low basis owing to previously purchasing the asset at a discount. The $26.2-million loan was closed with significant cash out, a 30-year amortization and a 4.1% interest rate.