OKLAHOMA CITY - April 12 - Bruce Holmes & Associates announced today the recent sale of six hotels in separate transactions. The properties sold include:
The 175 room Sheraton Four Points Hotel in Wichita Falls, Texas has been purchased by Premier Hospitality Management of Durant, Oklahoma. The six story midrise was purchased for $4,150,000 or $23,714 per room. Premier plans to spend approximately $2,200,000 to convert the property to a Radisson Hotel. The transaction was completed in conjunction with Premier obtaining an additional $12.7 million in unrelated non-recourse re-financing and was brokered by Peter Holmes and Bruce Holmes of BHA's Oklahoma City office. These transactions bring Premier's 12 month acquisitions and re-financing to well over $27,000,000. Premier's current portfolio includes 7 hotels with a total of just over 650 rooms.
The 65 room AmericInn located in Sioux Falls, South Dakota was sold by S.E. Lodging Associates, LP to an undisclosed purchaser for $2,385,000. The five year old property will remain an AmericInn. The property was brokered by Bill Nugent of BHA's Kansas City office.
The 58 room Hamilton Inn and Resort located in Hot Springs, Arkansas was sold by Contract Lodging Corporation to Gopal Modi for $1,080,000. The new owner plans an extensive remodel and rehab of the resort property totaling approximately $200,000. The sale was handled in BHA's Tulsa office.
Additional First Quarter hotel sales closed by BHA included the 38 room Best Western in Carroll, Iowa, the 25 room Best Budget Inn, Tulsa, Oklahoma and the 21 room Country Club Motel, Holdenville, Oklahoma.
Bruce Holmes &
Associates is one of the largest brokerage firms in the Central U.S. specializing
in hospitality sales, consulting and acquisitions and is a member of HMBA:
America's Hotel Broker. Bruce Holmes & Associates is headquartered
in Oklahoma City with branches in Tulsa and Kansas City. BHA was
formed in 1987 and has been responsible for over 200 individual hospitality
transactions in that time.