February 20th, 2013 – Prairie Village, KS (Metro Kansas City) Leisure Real Estate Advisors, LLC has closed the sale of two more bank owned hotel assets.. “We have been fortunate to be placed in a position to dispose of a fair amount of foreclosed assets”, stated Brent A. Jaynes, co-founder and managing partner. “Over the past two years, we have become known for our ability to deal with foreclosures and lenders continue to look to us for assistance. We are one of the few firms that offers asset management and brokerage under a one stop team approach.”

The first transaction involved the 116 key Wingate by Wyndham at Riverport located in Earth City, MO near St. Louis. “The Wingate attracted attention because of its location, its revenue to price ratio, and the proximity to the airport and casinos, all of which contributed to this closing”, observed Mr. Jason Dent, Investment Specialist out of the Jefferson City office. As with many markets, St Louis was not immune to the recession and the bank was forced to re-claim the hotel in early 2012. The buyer, a consortium of investors based in Oklahoma City, saw the opportunity to acquire a very solid asset out of a discounted and distressed situation. “They will operate the hotel as a Wingate for the time being, while they evaluate the flag and possible conversion opportunities”, says Dent. The price was not disclosed but the appraised value was over $6MM.

The second REO transaction took place in Osage Beach, MO, the former Relax Inn. The 60 unit hotel had been closed by the bank. David Jones, Senior Associate in the Kansas City office facilitated the transaction. The real estate affiliate of a local regional bank was the owner. “As one would expect, the fact that the hotel was closed created a problem in getting a deal done. Additionally, the deal path was further complicated by the discovery of mold”, commented Jones. The Buyer, a group led by a family trust out of Kansas City will perform the remediation and renovation before reopening the hotel. They will operate the hotel initially as an independent, then evaluate the options for a franchise.

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 14 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.

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