Laurel Real Estate Co., an Ohio-based boutique real estate brokerage and member of Hotel Brokers International, has arranged the sale of the Days Inn by Wyndham Columbus East Airport in Reynoldsburg, OH. The company represented the seller and was the sole brokerage involved in the transaction.
“This sale was especially complicated for a number of reasons: the size of the property, the buyer’s financing needs and the fact that the buyer was a first-time hotelier who resides outside of the U.S.,” said Lauren D’Souza-Faze, VP, hotel sales and listing agent on the transaction. “The success of this transaction ultimately resulted from the perseverance and collaboration between buyer, seller and all parties involved.”
The property features 152 units, an outdoor pool, meeting space and full bar & restaurant. One of the property’s many selling points was its proximity to downtown Columbus, as well as Intel’s $28-billion semiconductor manufacturing facility, which is currently under construction.
“The Central Ohio region is experiencing a renaissance that makes it appealing to investors not just across the country, but around the world,” said Errol D’Souza, principal broker, Laurel Real Estate Co. “Large-scale development projects, including Intel’s semiconductor facility, are fueling population growth and driving demand for local hotels, including the Columbus East Airport Days Inn.”
Despite the property’s strong financial performance and desirable location, a successful transition was not guaranteed, according to Ramin Mostaan, owner, Scientific Capital, the mortgage brokerage that facilitated the transaction.
“Due to the complexity of the financing of this hotel, the underwriting team continually requested significant documentation and additional information,” he said. “A key success factor in this project was the promptness of Errol and Lauren in obtaining the required information from the seller and the related sources.”
