HREC Arranges Sale of Fairfield Inn & Suites Yakima, Washington
March 30, 2016 2:09pm
(Denver, Colorado; San Diego, California) – HREC Investment Advisors is pleased to announce it arranged the sale of the 81-guestroom Fairfield Inn & Suites located in Yakima, Washington. The sale price was $8,700,000.
Mike Armstrong, Principal in HREC Investment Advisors’ San Diego office, exclusively represented the seller, LLJ Ventures, a value-add real estate investment firm. The hotel was managed by Pacific Pearl Hotels. LLJ acquired the hotel in 2013, and installed a new management team and completed a major renovation which contributed to the hotel’s solid year-over-year performance.
The buyer is Glacier House Hotels, an owner and operator of select service Marriott, Starwood, and IHG branded hotels primarily in the western United States. Glacier recently closed on another three hotels and is actively pursuing new opportunities.
“Our client met their investment goals and was able to achieve an excellent return for their investors. The Fairfield Inn and Suites received significant investor interest due to the premium brand, the high quality of the physical facility and the strong regional market. After Glacier House Hotels completes minor property improvements, the hotel will be well-positioned to increase its market penetration and cash flow,” commented Mike Armstrong.
The Hotel maintains a highly visible location on Fair Avenue, immediately off of Interstate 82. The Hotel’s accessibility to Interstate 82 and immediate proximity to Bob’s Burgers & Brew make it a favorite lodging facility for visitors to the Yakima Training Center, one of Yakima’s most prominent demand generators. Other demand generators include the Yakima Convention Center, Yakima Speedway, the Yakima River and State Fair Park.
hrec investment advisors,
pacific pearl hotels,
fairfield inn & suites yakima
HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.
Visit HREC®’s website at www.hrec.com
Contact: Mike Armstrong, Principal
Contact: Ashley Hunt, Director of Marketing
Woodbine Development Corporation Completes Sale of Hyatt Place Gilbert/Phoenix to Sethi Management
HREC Expands in the Northeast
Warmbrodt Hotel Investments Merges with HREC; “Best in Class” Brokerage Penetration in Mid-West and Texas
Orlando Area Hotel Transaction Market Explodes In 2015 According New HREC Investment Advisors Study
2015 Headed to Break Hotel Investment Sale Records
Denver Hotel Investment Alert: Market Strong, Active, Aggressive and Bright Future
HREC Releases Study "Orlando Area Hotel Transactions - Year in Review (2014)"
Frontera Hotel Group & LLJ Ventures Add Carlson to Portfolio: Open Radisson Hotel Atlanta NW
Please login or register to post a comment.