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Leisure Real Estate Advisors, LLC Arranges the Sale of Two
Additional Bank Owned Hotels


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.

For more information on these investment opportunities or to discuss the investment market in general, please direct your questions to: 

Brent A. Jaynes

Managing Partner
Leisure Real Estate Advisors
bjaynes@leisurerealestate.com
913-894-5252

Company Contact:

Leisure Group of Companies
5000 W 95th Street Suite 100
Prairie Village, Kansas 66207
p (913) 894-5252
p (888) 883-5252
www.leisurerealestate.com
info@leisurehotel.com

 

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Also See: Leisure Real Estate Advisors, LLC Announces the Sale of Staybridge Suites, Wichita, Kansas / February 2013

Leisure Real Estate Advisors LLC, Announces the Sale of the Best Western Holiday Manor Hotel - McPherson, Kansas / June 2012

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

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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