News for the Hospitality Executive |
Two Hotel Transactions Close in
One Week
for Busy HREC Team
(Denver, CO, Appleton, WI; McCall, ID) - August 12, 2009: The Denver based HREC Investment Advisors brokerage team of Larry Kaplan, Senior Vice President and Mark Darrington, Vice President recently closed on two hotel sales in one week, illustrating that transaction activity appears to be growing for hotels under $10 million. The Best Western in Appleton, Wisconsin and the
AmericInn in McCall, Idaho are HREC�s two recent hotel sales. �The Best
Western in Appleton was sold by Midway Motor Lodge, the hotels original
developer. HREC Investment Advisors sourced an out of state buyer for the
property, and also assisted in sourcing acquisition financing for the buyer
through a Florida lender. This is the second transaction in two years that
HREC has completed for Midway Motor Lodge. We continue to see a strong
pool of potential buyers for hotels that are reasonably priced and under
$10 million,� said Mark Darrington.
Mark Darrington concluded, �In this challenging hotel transaction and operations environment, we continue to offer our clients creative and energetic solutions. Our industry experience and problem solving approach allows us to act as an advisor to multiple parties for the benefit of the transaction. With the challenge of sourcing debt and equity in this economy, we find ourselves being asked more frequently to find non-traditional solutions to our client�s situations.� About HREC
For additional information, visit HREC�s website
at www.hrec.com
|
Contact
Larry Kaplan
Senior Vice President HREC Investment Advisors 6400 S. Fiddler�s Green Circle Suite 1730 Greenwood Village, CO 80111 (303) 267-0057 ext 113 [email protected] |
Mark Darrington
Vice President HREC Investment Advisors 6400 S. Fiddler�s Green Circle Suite 1730 Greenwood Village, CO 80111 (303) 267-0057 ext 111 [email protected] |
Mike Cahill
CEO & Founder HREC-Hospitality Real Estate Counselors 6400 S. Fiddler�s Green Circle Suite 1730 Greenwood Village, CO 80111 (303) 267-0057 ext 101 [email protected] |