NATIONAL REPORT—Hotel sales are happening across hospitality. Here’s a closer look at the recent deals from JLL, Marcus & Millichap, HREC and CAS Associates:
JLL Sells Holiday Inn & Suites Across from Universal Orlando
JLL Hotels & Hospitality has closed the sale of the 390-room Holiday Inn & Suites Across from Universal Orlando on behalf of the seller, AVR Realty Company. Senior Managing Director Gregory Rumpel and VP Zayli Rodriguez led the JLL team on the transaction. The hotel was sold to InSite Group unencumbered of an existing management agreement. The Holiday Inn & Suites is directly across from Universal Orlando Resort. The hotel is proximate to the Orange County Convention Center, the Orlando International Airport and Walt Disney World Resort.
Marcus & Millichap’s Swon Hotel Group Brokers Sale of $18.8M Holiday Inn
Marcus & Millichap has sold 244-room Holiday Inn Hasbrouck Heights Meadowlands in Hasbrouck Heights, NJ. The deal was brokered by Jerry Swon and Daniel Zagoria of the Marcus & Millichap Manhattan office. The firm represented both the seller—a private ownership group—and the buyer, an institutional investor. The property is located close to New York City, Newark Liberty Airport and the Meadowlands/American Dreams sports and entertainment complex.
HREC Arranges Sale of SpringHill Suites Erie International Airport
HREC Investment Advisors has arranged the sale of the 117-guestroom SpringHill Suites Erie International Airport located in Erie, PA. HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led by Ketan Patel, managing director, Franciscos Economides, associate broker, both located in the Washington, DC office and Mark von Dwingelo, affiliate broker in the Pennsylvania office. The SpringHill Suites has access to Cleveland to the West, Buffalo to the Northeast and Pittsburgh to the South. Aside its tourism demand, Erie has several large industries such as manufacturing, healthcare and technology, which fuel the economy and bring business demand to the lodging industry.
HREC Arranges Sale of the King Charles Inn
HREC Investment Advisors has arranged the sale of the 91-guestroom King Charles Inn located in the Historic District of Charleston, SC. The property was sold to a private equity investor. HREC Investment Advisors exclusively represented the seller, a Charleston, SC-based hotel development and management firm, in this transaction. The marketing and negotiations were led Patrick Culligan, principal in HREC Investment Advisors’ Memphis office, Monty Levy, managing director in the Atlanta office, Maryna Zozulina, associate/affiliated broker in Memphis and Monroe Scott Stephens Sr., affiliate broker in South Carolina. The hotel is close to historic sites, beaches and the Charleston International Airport.
CAS Associates Sells Quality Inn in Walterboro, SC
CAS Associates Inc. has sold the Quality Inn located in Walterboro, SC, on behalf of Walterboro Investments LLC. The hotel was acquired by Om Hotels Walterboro LLC. The new ownership group will continue the affiliation with Quality Inn and has plans to make upgrades to the asset. This 75-unit property is located in South Carolina Lowcountry, between Charleston and Savannah, and is within close proximity to several area demand generators.