Crowne Plaza® Hotel in Hartford, Connecticut
|Fairfield, Connecticut, November 9, 2004 – Optimum Hotel Brokerage
announced today that the firm has closed on the sale of the Crowne Plaza®
Hotel in Hartford, Connecticut. Joe McCann, president of Optimum
Hotel Brokerage, represented the buyer in the transaction. The 350-unit
hotel was sold by Dallas-based FelCor Lodging Trust, the nation’s second
largest hotel real estate investment trust.
“The Hartford Crowne Plaza Hotel is a high quality, full service asset. It has a valuable and visible presence in the downtown Hartford market, and its positioning will be further enhanced upon the opening of the Connecticut Convention Center,” exuded McCann. Hartford’s new 550,000 square foot convention center will be opening just blocks away from the hotel in the summer of 2005, and will be the largest convention facility between New York City and Boston.
“In representing the buyer, we were able to negotiate a selling price of roundly 30% of replacement cost,” added McCann. “We structured the sale with a price and terms that were advantageous to both buyer and seller. It was a win-win deal for both parties.” The buyer, a privately held, Canadian-based real estate and hotel ownership company, will continue to operate the hotel under the Crowne Plaza flag.
The 18-story Crowne Plaza is ideally located near Interstate 84, providing excellent visibility to guests and travelers in the Hartford area. The hotel has an outdoor pool, a fitness facility as well as more than 7,000 square feet of meeting space. The hotel also offers Crowne Plaza Club Executive Level rooms.
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 Crowne Plaza Hartford, the firm’s sales within the past year include the 84-unit Hampton Inn Sturbridge in Sturbridge, Massachusetts; 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 world’s 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, and was recognized as HBI’s Broker of the Year for the Northeast Region in 2003.
Optimum Hotel Brokerage’s 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 Houston’s 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 Sells Hampton Inn in Sturbridge Massachusetts / July 2004|
|Optimum Hotel Brokerage Joins Hotel Brokers International / May 2003|
|Industry Veteran Launches Hotel Brokerage Firm: Optimum Brokerage / December 2001|