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News for the Hospitality Executive |
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Note Sold for 90% of Mortgage Balance |
 . “The Hampton Inn Lehighton is a quality select-service asset that had experienced temporary financial distress relating to market and management issues,” explained McCann. “I was pleased to work with the bank in achieving this 90% sale price to mortgage balance. The marketing process was discreet and targeted to specific qualified buyers in the region, and this tailored, personal marketing approach was responsible for achieving such high value for the note.” “The distressed hotel and note sale market is not generic and homogenous”, he continued. “Auctions and similar wholesale processes, by their very nature, are structurally incapable of achieving optimum value. Individual hotel assets cannot be treated like cans of beans on a shelf. Our experience in the distressed hotel market proves that these assets achieve greater value when personally marketed by regional hotel brokerage firms who specialize in each asset’s market. While impersonal mass market, “eBay” methods are garnering 30% to 40% sale price to mortgage balance percentages, Optimum Hotel Brokerage is achieving more than double that ratio by targeting and personalizing the marketing and bidding process. Lenders and servicers can use the Hampton Inn Lehighton sale as a case study in how a personalized marketing approach achieves optimum results and value.” Philadelphia, Pennsylvania-based Optimum Hotel Brokerage is a full service hotel brokerage firm. The firm’s recent sales include the 176-room Crowne Plaza Enfield in Enfield, Connecticut, the 115-unit Kenilworth Inn in Kenilworth New Jersey, the 69-unit Best Western Berkshire Inn in Danbury, Connecticut; the 67-room Motel 6 Augusta in Augusta, Maine, the 115-room Westport Inn in Westport, Connecticut; the 66-room Holiday Inn Express Plainfield in Plainfield, Connecticut: 153-room Best Western Colonial Hotel in East Windsor, Connecticut; the 1,639-room Palmer House Hilton in Chicago; the 75-unit Comfort Inn & Suites Brandywine Valley in West Chester, Pennsylvania; the 304-room Crowne Plaza Meadowlands in Secaucus, New Jersey and the 350-room Crowne Plaza Hartford in Hartford, Connecticut. Optimum Hotel Brokerage is a trusted source for buyers seeking hotels for sale and maintains hotel listings in many northeastern states. Optimum Hotel Brokerage’s principal is Joe McCann. Joe is a thirty-two year hotel industry veteran who has held senior management positions with Hilton and Marriott. 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 Bauer 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. Mr. McCann is president of the Penn State Hotel and Restaurant Society, representing the more than 5,000 alumni of Penn State's renowned School of Hospitality Management. Optimum Hotel Brokerage has endowed scholarships at the school to provide financial assistance to students demonstrating financial need at the school. Optimum Hotel Brokerage is also a member and Joe McCann is incoming president 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 its 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 for many years.. HBI has also awarded McCann with the Portfolio Sale of the Year, and Unique Deal of the Year.. Optimum Hotel Brokerage and Joe McCann was awarded HBI’s prestigious Broker of the Year Award in 2006. For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com. For a complimentary valuation of your hotel, call 215-572-7711. |
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Joe
McCann, President
hotel valuation, visit www.optimumbrokerage.com
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