HREC Investment Advisors arranged the sale of the 94-room Sonesta Simply Suites Detroit – Novi and the 122-room Sonesta Select Detroit – Novi, located in Novi, MI and the 148-room Sonesta Select Detroit – Auburn Hills, located in Auburn Hills, MI. A Michigan-based hotel owner/operator has acquired all three assets.
HREC exclusively represented an affiliate of Service Properties Trust (SVC), as the seller in this transaction. The marketing and negotiations were led by Scott Stephens (senior principal/COO –Tampa), Monty Levy (managing director – Atlanta), Jeff Preston (SVP – Detroit) and Justin Goodenow (VP – Detroit).
The Sonesta Simply Suites – Detroit Novi and Sonesta Select – Detroit Novi are located directly off Novi Road and Interstate 96, near Suburban Showplace Center, Twelve Oaks Mall, Ascension Providence Hospital, Interstate 696, downtown Detroit and several other demand generators. The hotels are located near various businesses, including Harman International, Ryder Systems, ITS Holding Corp, Cooper Standard Automotive and Rapita Systems. For leisure travelers, the hotels are less than a mile from Twelve Oaks Mall, nearby Maybury State Park, two golf courses and Oakland Hills Memorial Gardens.
The Sonesta Select – Detroit Auburn Hills is located directly off Interstate 75, providing access to several demand generators. Auburn Hills is located less than 30 miles north of Downtown Detroit and the U.S./Canada border. The Auburn Hills immediate area is home to Chrysler’s headquarters, three hospitals, Oakland University, an amphitheater, a community college and a 185-storefront outlet mall. Interstate 75 connects Auburn Hills to the Ambassador Bridge, which is North America’s #1 international border crossing, with nearly 68,000 travelers and 8,000 trucks carrying $323 million worth of goods daily.
“This successful transaction on behalf of one of HREC’s most important clients further evidences the industry-leading platform of our firm, where our large geographic footprint adds value,” said Levy.
Added Preston, “We were delighted to achieve strong pricing for our client on these trades while at the same time successfully transacting with one of Michigan’s leading hotel companies.”
