NATIONAL REPORT—From the East Coast to the West, hotels are changing hands. Here’s a look at the latest transactions:
MCR Purchases SpringHill Suites in Virginia
MCR has acquired the 136-room SpringHill Suites by Marriott Richmond North Glen Allen located in Glen Allen, VA, for $10.85 million.
“We are pleased to make this investment in the Richmond area, a region MCR has successfully invested in previously,” said Tyler Morse, CEO and managing partner of MCR. “Given the variety of demand generators and the continued investment from major corporations, we believe the property is positioned to generate positive returns for our investors.”
The hotel’s location lies near regional distribution centers for Amazon, FedEx and Supervalu, as well as regional offices for Capital One, Oracle, Lowe’s, Markel Corporation and Bank of America. The hotel also welcomes guests visiting the Bon Secours regional medical center and nearby attractions, including Kings Dominion amusement park and the Richmond Raceway, which hosts several annual NASCAR events.
The property has an indoor pool, fitness center, free WiFi, 300 sq. ft. of meeting space, a 24-hour business center and a 24-hour The Market. Guestrooms offer work areas, 37-in. flat-screen TVs, and coffeemakers.
Bluegreen Vacations Acquires The Éilan Hotel and Spa
Bluegreen Vacations Corporation has acquired The Éilan Hotel and Spa in San Antonio for approximately $34.3 million.
“This acquisition reflects our ability to identify attractive opportunities in key markets aligned with our western expansion initiatives, and is an important addition to our resort portfolio,” said Shawn B. Pearson, CEO of Bluegreen Vacations. “The Éilan Hotel and Spa property is consistent with our ‘drive-to’ resort strategy with over 10% of current Bluegreen Vacation Club owners living in Texas and its surrounding states.”
Bluegreen also plans to add a 13,000-sq.-ft. sales office at the resort by year-end, which Bluegreen believes will expand its footprint for new business prospects and owner growth. The acquisition further leverages Bluegreen’s existing marketing platforms, which include the seven Bass Pro Shops located in Texas, as well as its recently extended relationship with Choice Hotels.
ZB N.A. is providing up to $27.5 million of financing, $24.3 million at closing for the acquisition of the resort and up to an additional $3.2 million to fund certain future improvement costs.
The Éilan Hotel & Spa is a 165-guestroom, boutique hotel featuring a 10-treatment-room spa, resort-style pools, a state-of-the-art fitness center, tennis courts and virtual golf. Design elements include Roman arches, modern art and Italian-inspired grounds.
The resort is located within a 120-acre mixed-use development, and is also near the San Antonio Museum of Art, the Texas wine country, Six Flags theme park, the 36-hole La Cantera Golf Club, The Rim (Bass Pro site), Shops at La Cantera and Top Golf.
HREC Arranges Sale of Country Inn & Suites Appleton, WI
HREC Investment Advisors has arranged the sale of the 105-guestroom Country Inn & Suites located in Appleton, WI. The hotel was purchased by IGO Legacy Hotel Group LLC, located in Duluth, MN.
HREC Investment Advisors was the exclusive real estate brokerage representing the seller, a Midwest-based investment company. The sale was negotiated by Scott Kaniewski, SVP in HREC Investment Advisors’ Chicago office.
Crystal Investment Property Brokers the Sale of Super 8 Port Angeles, WA
Crystal Investment Property LLC (CIP) arranged the sale of the Super 8 in Port Angeles, WA. CIP, a licensed Washington brokerage, represented the seller and the buyer in the sale. Joseph P. Kennedy, president of CIP, worked closely with both parties, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential.
Located at the gateway to the Olympic Peninsula and the Puget Sound, the hotel is sited on a large lot with expansive truck and RV parking, and offers 63 rooms in an interior corridor building. The property is fully staffed and turn-key for the new owner.