July 20, 2011 - Leisure Real Estate Advisors, LLC, is pleased to announce the successful sale of two Kansas City area hotels, both owned by local banks.  Leisure Real Estate Advisors represented the Owner, CB&T ORE Holding III, LLC, in the first transaction, the former Sleep Inn in Olathe, KS.  Rolling Prairie Lodging, LLC purchased the 76 unit property, and immediately began preparations to convert it to a Days Inn.  The price was not disclosed, however, the listing price was $2,100,000.  “Completing a sale on any distressed asset always presents challenges, and this one was no exception”, comments Brent Jaynes, co-founder and managing partner of Leisure Real Estate Advisors.  He goes on to say, “both buyer and seller, diligently worked through a number of issues in order to achieve this closing”.   Olathe, KS is a growing suburb of Kansas City and should be in a position to recover from the effects of the recession.

The second transaction involved the Suburban Lodge in Lenexa, KS.  The 118 unit extended stay hotel was owned by Corporate Holdings II, LLC, an REO subsidiary of a local bank, and was also represented by Leisure Real Estate Advisors.  The buyer was Bright, LLC, a local investment group, and they will retain the Suburban Lodge flag.  “Unfortunately for the former owners, this 2 ½ year old hotel was opened in the height of the recession and faced serious competition.  It was just not able to get over the hump”,  says Jaynes.   The sales price was not disclosed, but the listing price was $3,300,000.   “The original mortgage on the Suburban was over $5.5 million. Therefore, the listing price was a direct indicator of the economic distress experienced by the hotel”, comments Jaynes.

Leisure Real Estate Advisors, LLC is based in metro Kansas City and has a specialty concentration in the marketing and sale of hotels.  Over its 11 year existence, the company has become one of the premier hotel brokerage firms in the central US. Mr. Jaynes further remarked, “We have been fortunate to be retained by a number of banks to liquidate their REO hotels.  For us, at least, we are seeing the rates of foreclosure decline. As these REO assets are flushed out of the system,  some level of normalcy should return to the marketplace.”