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Leisure Real Estate Advisors LLC, Announces the Sale
of Two More Bank Owned Hotels



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:
 
Brent A. Jaynes
Managing Partner
bjaynes@leisurerealestate.com
913-894-5252

Company Contact:

Leisure Group of Companies
4501 College Blvd Suite 275
Leawood, Kansas 66211
Phone - 913-905-1460
www.leisurehotel.com
info@leisurehotel.com

 

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Also See: Leisure Real Estate Advisors LLC, Arranges the Sale of Two Additional Bank Owned Hotels / March 2012

Leisure Real Estate Advisors LLC, Announces the Sale of Three More Bank Owned Hotels / January 2012

Leisure Real Estate Advisors LLC, Announces the Sale of the Columbia, Missouri, Staybridge Suites Hotel / October 2011

Leisure Hotels and Resorts Provides Distressed Asset Management and Brokerage Services to 25 New Properties in 2011 with More to Come; A One-Stop Resource with a 20-Year Track Record of Stabilizing and Operating Troubled Assets / October 2011

Leisure Estate Advisors Announces the Sale of Two Bank Owned Hotels / July 2011

Leisure Estate Advisors Announces the Sale of the Staybridge Suites in West Des Moines, Iowa / July 2011

Local Banks Look to Leisure Real Estate Advisors to Dispose of Distressed Hotel Assets / May 2011

Leisure Real Estate Advisors Announces the Sale of the Hampton Inn, South Lincoln, Nebraska / October 2010

Leisure Real Estate Advisors, LLC Continues Growth; David Jones Appointed Investment Associate to the Kansas City Office / April 2009

Leisure Hotels Expands Receivership Services for Distressed Hotel Assets; A One-Stop Resource with a 20-Year Track Record of Stabilizing and Operating Troubled Assets / April 2009
..

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