June 7, 2012 - Leisure Real Estate Advisors, LLC has closed the sale of two Kansas City area bank owned hotel assets,  bringing the total bank owned sales to twelve  in the last eleven months. “Over the past two years, we have become recognized for our ability to deal with these assets, states Brent A. Jaynes, co-founder and managing partner.  We are seeing fewer distressed hotels, so hopefully these assets are being purged from the system, sooner than later”.
 
The hotels, an 85 unit Comfort Inn and the 89 unit Candlewood Suites, were both located on I-29 near Kansas City International Airport.  The hotels were built in 2008 and were victims of cost overruns and the recession.  The hotels were built adjacent to each other and were sold as a package to a consortium of 5 different limited liability companies.  Both hotels were owned by an FIDC successor to First National Bank of Olathe.  The purchase prices were undisclosed but the listing price on the Candlewood Suites was $5,900,000 and the Comfort Inn was $5,000,000.  The closings were simultaneous.

“This deal had a number of obstacles, in that the hotels were still ramping up and not at full performance”, comments Jaynes.  “Furthermore, the former owner had taken a deed in lieu of foreclosure, so there were a number of liens and various encumbrances that came to the surface during the deal path.

Although there were a number of delays, both buyer and seller worked diligently to accomplish the closing.”

Leisure Real Estate Advisors, LLC is based in metro Kansas City, with offices in Lincoln, NE and Jefferson City, MO, and has a specialty concentration in the marketing and sale of hotels.  Over its 13 year existence, the company has become one of the premier hotel brokerage firms in the central US and has been recognized by Hotel Business and Hotel Motel Management magazines for its performance.

For more information on these sales or to discuss the investment market in general, please direct your questions any of the brokers or to: