in Sturbridge Massachusetts
|Fairfield, Connecticut, July 12, 2004 Ė Optimum
Hotel Brokerage announced today that the firm has closed on the sale
of the Hampton Inn in Sturbridge. Massachusetts. The 84-unit hotel sold
for $5,625,000, or roundly $67,000 per room.
Optimumís president, Joe McCann, represented the seller, Sun & Sand, LLC, a Massachusetts-based hotel developer and operator. The buyer was SDP Partners, a regional multi-unit owner/operator.
"The Hampton Inn Sturbridge is a well-constructed and well-located asset. The transaction was a win-win deal for both the buyer and the seller", stated McCann. "The owners achieved a price at 3.7 times the hotelís annual Rooms Revenue, and the new owners receive a valuable Hampton-branded hotel with excellent upside in marketing and management."
The Sturbridge Hampton Inn was built in 2000 and is located at the intersection of Interstate 90 (The Massachusetts Turnpike) and Interstate 84, about 50 miles west of Boston. Its location is less than one-half mile from Old Sturbridge Village, a popular historical tourist attraction. The three-story hotel features an indoor pool, a fitness room, and over 700 square feet of meeting space.
Fairfield, Connecticut-based Optimum Hotel Brokerage is a full service hotel brokerage and hotel capital advisory service firm. The firm primarily brokers hotel sales in the Northeast and New England regions. In addition to the sale of the Hampton Inn Sturbridge, the firmís sales within the past year include the 153-Best Western Airport in Albany, New York and the 170-unit Radisson in Rochester, New York.
Optimum Hotel Brokerage is also a member of Hotel Brokers International, the 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 75 hotel real estate broker specialists, HBI provides the hospitality industry with the 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.
Optimum Hotel Brokerageís principal is Joe McCann. Joe is a twenty-five year hotel industry veteran who has held senior management positions with Hilton and Marriott at their largest and most successful corporate and franchised properties. Joe holds a Bachelor of Science Degree in Hotel, Restaurant and Institutional Management from the Pennsylvania State University and a Master of Hospitality Management degree (with concentration in Hotel Finance) from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. He has also completed advanced Finance, Real Estate Finance, Hotel Valuation, and New Venture Development courses offered by the University of Connecticut, the University of Texas, Cornell University, and the University of Houstonís Melcher Graduate School of Business. He has been an active broker and consultant in the hospitality industry, with assignments ranging from hotel feasibility projects to multi-unit restaurant development.
For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com. For a complimentary valuation of your hotel, call 203-254-3904.
Joe McCann, President
Optimum Hotel Brokerage
733 Rowland Road
Fairfield, CT 06430
Phone: 203-254-3904, Fax:203-319-9910
For more information, listings, or a complimentary
|Also See:||Optimum Hotel Brokerage Joins Hotel Brokers International / May 2003|
|Industry Veteran Launches Hotel Brokerage Firm: Optimum Brokerage / December 2001|