News for the Hospitality Executive
Note Sold for 90% of Mortgage Balance
“The Hampton Inn Lehighton is a quality select-service asset that had experienced temporary financial distress relating to market and management issues,” explained McCann. “I was pleased to work with the bank in achieving this 90% sale price to mortgage balance. The marketing process was discreet and targeted to specific qualified buyers in the region, and this tailored, personal marketing approach was responsible for achieving such high value for the note.”
“The distressed hotel and note sale market is not generic and homogenous”, he continued. “Auctions and similar wholesale processes, by their very nature, are structurally incapable of achieving optimum value. Individual hotel assets cannot be treated like cans of beans on a shelf. Our experience in the distressed hotel market proves that these assets achieve greater value when personally marketed by regional hotel brokerage firms who specialize in each asset’s market. While impersonal mass market, “eBay” methods are garnering 30% to 40% sale price to mortgage balance percentages, Optimum Hotel Brokerage is achieving more than double that ratio by targeting and personalizing the marketing and bidding process. Lenders and servicers can use the Hampton Inn Lehighton sale as a case study in how a personalized marketing approach achieves optimum results and value.”
Philadelphia, Pennsylvania-based Optimum Hotel Brokerage is a full service hotel brokerage firm. The firm’s recent sales include the 176-room Crowne Plaza Enfield in Enfield, Connecticut, the 115-unit Kenilworth Inn in Kenilworth New Jersey, the 69-unit Best Western Berkshire Inn in Danbury, Connecticut; the 67-room Motel 6 Augusta in Augusta, Maine, the 115-room Westport Inn in Westport, Connecticut; the 66-room Holiday Inn Express Plainfield in Plainfield, Connecticut: 153-room Best Western Colonial Hotel in East Windsor, Connecticut; the 1,639-room Palmer House Hilton in Chicago; the 75-unit Comfort Inn & Suites Brandywine Valley in West Chester, Pennsylvania; the 304-room Crowne Plaza Meadowlands in Secaucus, New Jersey and the 350-room Crowne Plaza Hartford in Hartford, Connecticut. Optimum Hotel Brokerage is a trusted source for buyers seeking hotels for sale and maintains hotel listings in many northeastern states.
Optimum Hotel Brokerage’s principal is Joe McCann. Joe is a thirty-two year hotel industry veteran who has held senior management positions with Hilton and Marriott. Joe holds a Bachelor of Science Degree in Hotel, Restaurant and Institutional Management from the Pennsylvania State University and a Master of Hospitality Management degree (with concentration in Hotel Finance) from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. He has also completed advanced Finance, Real Estate Finance, Hotel Valuation, and New Venture Development courses offered by the University of Connecticut, the University of Texas, Cornell University, and the University of Houston’s Bauer Graduate School of Business. He has been an active broker and consultant in the hospitality industry, with assignments ranging from hotel feasibility projects to multi-unit restaurant development.
Mr. McCann is president of the Penn State Hotel and Restaurant Society, representing the more than 5,000 alumni of Penn State's renowned School of Hospitality Management. Optimum Hotel Brokerage has endowed scholarships at the school to provide financial assistance to students demonstrating financial need at the school.
Optimum Hotel Brokerage is also a member and Joe McCann is incoming president of Hotel Brokers International, the world’s largest and oldest hospitality real estate organization, which has a rich heritage of experience and expertise in hotel real estate valuation, transactions and other essential services. Comprised of some 75 hotel real estate broker specialists, HBI provides the hospitality industry with its most powerful hotel real estate marketing force, creating greater visibility through a unified and inclusive advertising and marketing approach. Mr. McCann has earned the designation of Certified Hotel Broker, with distinction, from the organization, and was recognized as HBI’s Broker of the Year for the Northeast Region for many years.. HBI has also awarded McCann with the Portfolio Sale of the Year, and Unique Deal of the Year.. Optimum Hotel Brokerage and Joe McCann was awarded HBI’s prestigious Broker of the Year Award in 2006.
For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com. For a complimentary valuation of your hotel, call 215-572-7711.
hotel valuation, visit www.optimumbrokerage.com
Hotel Brokerage Advises on Sale of Crowne Plaza in Enfield,
Connecticut; Distressed Connecticut Full Service Hotel Sold /
|Optimum Hotel Brokerage Sells Kenilworth Inn in Kenilworth, New Jersey; Garden State Independent Boutique Sold to Multi-Unit Operator and Developer / April 2008|
|Optimum Hotel Brokerage Sells Best Western Berkshire Inn In Danbury, Connecticut / March 2008|
|Optimum Hotel Brokerage Earns Broker of the Year Award for New England/Mid-Atlantic Region at 2008 Hotel Brokers International Convention / January 2008|
|Optimum Hotel Brokerage Advises on Sale of Motel 6 in Augusta, Maine / January 2008|
|Optimum Hotel Brokerage Sells Westport Inn in Westport, Connecticut; Boutique Connecticut Country Inn Sold to New York Developer / October 2007|
|Optimum Hotel Brokerage Sells Holiday Inn Express in Plainfield, Connecticut; Connecticut Casino Region Hotel Sold to New York-Based Operator / September 2007|
|Optimum Hotel Brokerage Earns Many Top Sales Awards Presented at 2007 Hotel Brokers International Convention / February 2007|
|Optimum Hotel Brokerage Announces Recipients of Optimum Hotel Brokerage Hospitality Management Scholarships; Four Students at Penn State’s School of Hospitality Management Awarded Scholarships / January 2007|
|Optimum Hotel Brokerage Sells Best Western Colonial Hotel and Conference Center; Hartford, Connecticut Hotel Sold to Regional Operator / October 2006|
|Optimum Hotel Brokerage Sells Comfort Inn & Suites Brandywine Valley; Suburban Philadelphia Hotel Sold to Regional Operator / September 2006|
|Optimum Hotel Brokerage Sells Days Hotel Airport in Rochester, New York / February 2006|
|Optimum Hotel Brokerage Sells Best Western Hotel in Lawton, Oklahoma; Teams with HBI Member-Broker Alan Brock and Associates to Sell Full Service Hotel / Februray 2006|
|Optimum Hotel Brokerage Named Hotel Broker of the Year at 2006 Hotel Brokers International Convention / Februray 2006|
|Optimum Hotel Brokerage Brokers Sale of Southbury Hilton in Southbury, Connecticut / January 2006|
|Optimum Hotel Brokerage Opens New Headquarters Office in Philadelphia / November 2005|
|Joe McCann of Optimum Hotel Brokerage Brokers Sale of Chicago’s Legendary Palmer House Hilton, Represents Thor Properties in $230 Million Transaction / August 2005|
|Optimum Hotel Brokerage Sells Holiday Inn Express in Waterbury, Connecticut / May 2005|
|Optimum Hotel Brokerage Sells Days Inn in Niantic, Connecticut / March 2005|
|Optimum Hotel Brokerage Sells Crowne Plaza® Secaucus Meadowlands Hotel / January 2005|
|Optimum Hotel Brokerage Sells 350 Room Crowne Plaza® Hotel in Hartford, Connecticut / November 2004|
|Optimum Hotel Brokerage Sells Hampton Inn in Sturbridge Massachusetts / July 2004|
|Optimum Hotel Brokerage Joins Hotel Brokers International / May 2003|
|Industry Veteran Launches Hotel Brokerage Firm: Optimum Brokerage / December 2001|