News for the Hospitality Executive |
Optimum Hotel Brokerage Sells First Mortgage Notes on Two New Jersey Hotels Limited Service Hotel Notes Sold for Regional Bank
|
Philadelphia PA,
June 20, 2012 – Optimum
Hotel Brokerage announced today that the firm has closed on the
first
mortgage note sale of two New Jersey limited service hotels: the Ramada
Limited
in Galloway and the Econolodge in Farmingdale.
Joseph R. McCann, Optimum’s president, was the exclusive
hotel broker
and Licensed New Jersey Real Estate Broker representing the seller in
both note
sale transactions, a regional bank. The
buyers of the notes were each regional hotel investors.
“The Ramada Limited
hotel is a 129-unit former Hampton Inn located in the rebounding
Atlantic City
market” said McCann, “and the Econolodge Farmingdale is a 30-unit
limited
service hotel in the Asbury Park/Neptune market.” “Optimum
Hotel Brokerage has long been active
in the New Jersey distressed hotel and note-sale market, and we’re able
to
target the marketing process to bring our clients efficient,
non-contingent
transactions.” Optimum Hotel Brokerage
has brokered numerous distressed hotel assets in the past twelve
months,
including the Days Inn Groton in Groton, Connecticut, the Hampton Inn
Lehighton
in Lehighton, Pennsylvania, the Inn at Panther Valley in Allamuchy, New
Jersey,
the York View Hotel in York, Pennsylvania, the Skyview Plaza Hotel in
Philadelphia, Pennsylvania and the Litchfield Inn in Litchfield
Connecticut.
Optimum Hotel Brokerage is also a member and Joe McCann is past 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 50 hotel real estate broker specialist s, 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. Optimum Hotel Brokerage is also a provider of expert witness testimony in hotel bankruptcy, distressed hotel litigation, franchising, and hotel operations. Mr. McCann is chairman of the Penn State Hotel and Restaurant Society, representing the more than 7,000 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. 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. |
Joe
McCann, President
hotel valuation, visit www.optimumbrokerage.com |