Avenir Hospitality has acquired a collection of four boutique hotels in Oregon, while Marcus & Millichap has arranged the sale of a Quality Inn in North Carolina.
Avenir acquires Cannon Beach Hotel Collection
Avenir Hospitality has acquired the Cannon Beach Hotel Collection, a portfolio of four boutique hotels located in Cannon Beach, OR. The company has partnered with New York-based boutique hotel operator Life House to manage the portfolio, which represents the company’s first properties in the Pacific Northwest.
The Cannon Beach Hotel Collection encompasses four properties located in midtown Cannon Beach which sit between the center of downtown and Haystack Rock. Cannon Beach Hotel (shown above), a historic property dating back to 1914, serves as the check-in for the broader collection, which includes The Courtyard, McBee Cottages and the Hearthstone Inn.
“We were drawn to Cannon Beach’s natural beauty, boutique charm and strong market dynamics, which are key elements in our thesis of investing in boutique assets in distinct leisure markets,” said Daniel Lima, cofounder/managing partner, Avenir. “We are honored for the opportunity to steward these beloved properties and further their legacy in the Cannon Beach Hotel Collection.”
Kevin Fleming, cofounder/managing partner, Avenir, added, “We’re very excited about the future of these properties and this segment of the hospitality industry, as consumers increasingly gravitate towards unique and authentic experiences. We look forward to exploring opportunities to grow our portfolio nearby and in similar markets.”
Marcus & Millichap arranges sale of Quality Inn in North Carolina
Marcus & Millichap has arranged the sale of the 60-room Quality Inn Clemmons I-40 in Clemmons, NC, which sold for $3.475 million, according to Benjamin Yelm, regional manager of the firm’s Charleston and Charlotte Uptown offices.
Chase Dewese, Jack Davis, Joce Messinger, Josh Williams and Milin Mehta, investment specialists in Marcus & Millichap’s Charleston and Charlotte Uptown offices, had the exclusive listing to market the property on behalf of the seller, a private investor. The listing team also secured and represented the buyer, another private investor.
Built in 1998, the property is situated on 1.48 acres of land directly off Interstate-40, and features a business center, a fitness center, banquet space and an outdoor patio and garden. Each guestroom is equipped with free WiFi, a flat-screen TV with premium channels, an in-room coffee maker, a microwave and a mini fridge. The property is located near several major cities, such as downtown Winston-Salem and Charlotte, and attractions such as Hanes Mall and Bowman Gray Stadium.