Paramount Lodging Advisors (PLA) Leads the Successful Sale of the Houston Area Candlewood Suites
Paramount Lodging Advisors | September 9, 2020
Hampton Inn Mobile CLOSED on RealINSIGHT Marketplace
RealINSIGHT Marketplace | March 3, 2020
Real Estate
Lizzie Borden’s Historic ‘Maplecroft’ Mansion on Sale in Fall River After Pandemic Ended Bed & Breakfast Plans
September 18, 2020
A new home on the market includes 6 fireplaces, 7 bedrooms, stained glass — and possibly a few paranormal activities. The historic “Maplecroft” mansion, where Lizzie Borden lived after she was acquitted of killing her father and stepmother, is on the market in Fall River for $890,000. Abby and Andrew Borden were found hacked to death in 1892. Lizzie was the top suspect in her father and stepmother’s deaths but was acquitted by a jury. The case remains unsolved. The house isn’t where the murders happened, that’s the Lizzie Borden Bed & Breakfast Museum owned by Donald Woods and Lee-ann Wilber. Borden and her sister Emm...
Critical Components of an Effective “Order to Appoint a Receiver” – From the Lender’s Perspective
Victoria 'Vicki' S Richman | September 17, 2020
By Vicki Richman It is inevitable – many hotels will go into receivership and/or foreclosure in the coming months. Some owners cannot afford to fight any longer, some lenders cannot kick the can down the road any longer, or any number of other reasons will start them down this path. Receiverships can be extremely beneficial to the lender or they can be problematic. The three tools central to establishing a receivership which is beneficial to the lender are: 1) the right Receiver 2) the right Receiver’s attorney, and 3) a strategically drafted “Order to Appoint a Receiver.” This article addresses the third tool in a lender’s to...
Paramount Lodging Advisors (PLA) Leads the Successful Sale of the Houston Area Candlewood Suites
Paramount Lodging Advisors | September 9, 2020
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the Candlewood Suites in Kingwood, TX. PLA was exclusively engaged to represent the seller in the transaction of the 73-room property. The marketing efforts were led by Managing Director Kami Burnette and Associate Mason McDavid. The 77-room property is in the heart of Kingwood and is ideally located near the Kingwood Medical District. Future plans include converting the property to an Extended Stay America branded hotel. “This is an unprecedented environment with numerous headwinds including COVID-related travel restrictions and frozen capital markets. We are excit...
Reaction to the Recent Florida Fifth District Court of Appeal Disney Yacht & Beach Club Resort Decision
Daniel Lesser | August 19, 2020
By Daniel Lesser The monograph “The Valuation of Hotels and Motels” by Stephen Rushmore, published by the American Institute of Real Estate Appraisers in 1978, posited the first accepted methodology for separating out income attributable to business (“intangible asset”) and income attributable to personal property from the entire income stream of a lodging facility. The procedure, which to this day continues to reflect the thinking and actions of hotel sector market participants, has been termed the “Rushmore Approach” within the property tax arena. On June 19th, 2020, The Florida Fifth District Court of Appeal issued a fl...
How Much Is a Hotel Worth?
Pinnacle Advisory Group | July 15, 2020
By Allison Fogarty In the case of property tax assessments in Florida, probably somewhat less than the county property appraiser assumes. A recent court decision invalidated the method used by many county property tax appraisers in Florida to develop “just” values for hotels. The Background Walt Disney Parks and Resorts successfully argued that the Orange County Property Appraiser improperly considered income from the business activities conducted on the premises in establishing the just value of the Disney Yacht & Beach Club Resort which includes restaurants, retail shops, a spa and convention center in addition to its 1,197...
Hunden Partners Seeks Hotel Developer for High-Traffic Site at I-74 and IL-54
Hunden Strategic Partners | June 25, 2020
CHICAGO - June 25, 2020 - Hunden Strategic Partners (HSP), a leading advisor in destination real estate development, is issuing a Request for Qualifications (RFQ) on behalf of the City of Farmer City (City) from developers and/or development teams regarding the ultimate development of all or part of a 20-acre parcel (Project) at Interstate 74 and IL-54 in Farmer City, Illinois. The site has a daily traffic count of 22,000 along I-74 and 4,000 along IL-54. Located halfway between Champaign-Urbana and Bloomington-Normal, the development site sits approximately 1.5 miles from downtown Farmer City within a Business Improvement District, establ...
Post-COVID Brokers Opinion of Value
Avison Young | May 14, 2020
ATLANTA – May 14, 2020 – Avison Young Hospitality Group presents a new Post-COVID Brokers Opinion of Value Format. The hospitality industry has been shaken to its core over last several months by the Covid-19 pandemic and the global economic shutdown the virus has left in its wake. Markets across the country and the world have seen business grind to a halt, with hoteliers in every corner of the globe feeling immense economic pressure from the drastic loss in business. We at Avison Young understand the hotel owner’s need for a property specific presentation they can use for their partners, investors and lenders that demonstrates vi...
From Density to Distancing
H. Keith Thompson | May 12, 2020
By H. Keith Thompson, Principal Avison Young Hospitality Group Ten short weeks ago, business was about packing in as much density with as many people as possible. From hotels, conventions, sports venues, air travel, resorts, retail, and office buildings - down to going to a Costco. Now, ten weeks later, it is all about staying separate and distancing yourself from other people. How can this be possible? Because COVID-19 (‘CV”) has caused a shift in the paradigm of personal life and commercial life that no one saw coming. Ten weeks in, we now judge every face-to-face interaction differently than we used to. Behind closed doors, al...
Hampton Inn Mobile CLOSED on RealINSIGHT Marketplace
RealINSIGHT Marketplace | March 3, 2020
RealINSIGHT Marketplace and Berkadia Hotels & Hospitality are pleased to announce the closing of the Hampton Inn in Mobile, Alabama at 104% of Reserve. Located along Interstate 10, the 80-room limited-service hotel was built in 1994. Due for a renovation, Berkadia and RealINSIGHT Marketplace marketed the property with a focus on maximizing profits and closing within a tight timeframe. The Broker and the Seller selected RealINSIGHT Marketplace to assist in developing a sales strategy which provided investors the confidence to enter into a non-contingent purchase agreement with a 10% hard deposit on day one. By ensuring investors had ...
Avison Young Announces January and February Closings
Avison Young | February 26, 2020
ATLANTA – February 26, 2020 – Avison Young Hospitality Group announced that the firm has closed 20 hotel transactions during January and February. The property closings ranged from Hilton select service hotels to various other brands located throughout the northeast, upper Midwest, south central and southeast. Most all the hotels are under 200 rooms each and represent the ever changing hospitality investment market. The sellers represented in these transactions range from US investment companies, management companies and overseas investors. The buyers were mostly private investment companies and private family office money with the str...
Avison Young Announces 2020 Closings
Avison Young | February 10, 2020
ATLANTA – February 10, 2020 – Avison Young Hospitality Group announced that the firm closed fourteen hotel transactions during January and the first week of February. The property closings ranged from Hilton select service hotels to various other brands and were located from the northeast US through the south and central US markets. The firm expects to close nine other transactions over the next 20 days located from Chicago to Raleigh....
Hyatt Hotels Signs With Reitir to Develop First Hyatt Branded Hotel in Iceland
Hyatt Centric | December 9, 2019
Expected to debut in 2022, the Hyatt Centric Reykjavík will offer 169 guestrooms located on Laugavegur, the main street of Reykjavík Hyatt Hotels Corporation (NYSE: H) announced today that a Hyatt affiliate has entered into a franchise agreement with H176 Reykjavík ehf, a fully owned subsidiary of Icelandic real estate company Reitir fasteignafelag hf, to open the first Hyatt branded hotel in Iceland. Expected to debut in 2022, the 169-room Hyatt Centric Reykjavík will bolster Hyatt’s lifestyle portfolio and the Hyatt Centric brand’s presence in Europe. Hyatt Centric Reykjavík will offer modern accommodations, three food and b...
Value-Add Quality Inn & Suites in Tennessee Will Be Available in Online Auction Via RealINSIGHT Marketplace This December
RealINSIGHT Marketplace | November 12, 2019
This December, Quality Inn & Suites, a full-service hotel located in Centerville, Tennessee, will be auctioned through the online commercial real estate platform, RealINSIGHT Marketplace. The Quality Inn & Suites is a fee-simple interest opportunity offered unencumbered by management and holds a prime location in the County Seat of Hickman County, the Western Gateway to Metro Nashville. About the Property: 39 Rooms Full Service Two Floors Built in 1977 Unencumbered of Management The Quality Inn & Suites also offers a restaurant with complimentary breakfast, a business center, seasonal outdoor ...
70-Room, Limited-Service Hotel in New Mexico to Hit Online Auction Block via RealINSIGHT Marketplace, This December
RealINSIGHT Marketplace | November 7, 2019
Aztec, NM Presidential Inn is being offered significantly below replacement cost with 1.72 Acres included in the sale. This December, Presidential Inn, a 70-room, limited-service hotel located in Aztec, New Mexico, will be auctioned through the online commercial real estate auction platform, RealINSIGHT Marketplace. The offering, presented by Berkadia and RealINSIGHT Marketplace, is unencumbered of management and the current lender will consider financing a new buyer. The new buyer will also have the opportunity to affiliate the Hotel with a new major brand, including Microtel, Comfort Inn, Sleep Inn, Red Lion, Red Roof Inn, o...
Fort Worth, TX Holiday Inn Hotel for Sale on RealINSIGHT Marketplace This December
RealINSIGHT Marketplace | November 5, 2019
This December, Holiday Inn Fossil Creek, a 126-room, full-service hotel is available for purchase through the online commercial real estate sales platform, RealINSIGHT Marketplace. The offering, presented by Paramount Lodging Advisors, provides potential investors with the opportunity to acquire the fee simple interest in a receiver controlled and operated 126-room Holiday Inn hotel with the opportunity to convert to a new Doubletree by Hilton franchise agreement upon sale. About the Hotel: 126 Rooms Five Floors Full Service 2,801 SFof Function Space Built in 2008 Unencumbered of Management and Brand A...
Radisson Providence Airport Hotel Will Be Auctioned on RealINSIGHT Marketplace This November
RealINSIGHT Marketplace | October 24, 2019
This November, Radisson Providence Airport Hotel, a newly renovated, full service, airport hotel optimally located in Warwick, Rhode Island, will be auctioned through the online commercial real estate platform, RealINSIGHT Marketplace. The offering, presented by Berkadia and RealINSIGHT Marketplace, represents a compelling opportunity to acquire a value-add opportunity with built-in operational efficiency upside. The Radisson Providence Airport Hotel recently completed a comprehensive $2.5 million renovation and now offers the newest rooms product in its competitive set, requiring minimal change of ownership PIP expenses for a new owner...
A Unique Opportunity in Coastal Maine
October 8, 2019
A UNIQUE OPPORTUNITY IN COASTAL MAINE Portions of the former Point Lookout Resort in Northport, Maine are now available for lease THE SITE AVAILABLE FOR LEASE INCLUDES: • (10) 3 bedroom cabins • (28) 2 bedroom cabins • (2) 1 bedroom cabins • Bowling Alley • Hedges Hall • Copper Pine café • The Education Center A WORLD CLASS FACILITY WITH VIEWS OF THE OCEAN. This once in a lifetime opportunity is now available with possibilities as an event center, retreat and resort. For more information pl...
Avison Young Announces Recent 2019 Closings
Avison Young | August 21, 2019
ATLANTA – August 21, 2019 – Avison Young Hospitality Group announced that the firm recently closed seven hotel transactions ranging from a full service Marriott hotel to select service properties located from California to Vermont. Additionally, the firm expects to close six transactions over the next five weeks and 25 transactions throughout the 3rd and 4th quarter of 2019....
Tennessee Quality Inn & Suites Will Be Auctioned on RealINSIGHT Marketplace This September
RealINSIGHT | August 19, 2019
CENTERVILLE, TN—August 19, 2019—RealINSIGHT Marketplace and CBRE Hotels are pleased to offer the fee-simple interest in the 39-room Quality Inn & Suites, situated in Centerville, Tennessee. This full-service hotel is situated along Highway 100, between Highway 50 and Highway 48, and is approximately 15 miles from Interstate 40. This Quality Inn & Suites benefits from great accessibility and is within close proximity to some of Centerville’s main demand generators, including the Duck River (1.8 miles), Centerville RiverPark, Life Care Center of Centerville, Saint Thomas Hickman Hospital, Pink Cadillac Drive In Movie Theater, G...
Pennsylvania Hampton Inn to Be Auctioned on RealINSIGHT Marketplace
RealINSIGHT Marketplace | August 15, 2019
PITTSBURGH, PA—August 15, 2019—RealINSIGHT Marketplace and Berkadia are pleased to offer the fee-simple interest in the 88-room Hampton Inn Wexford Sewickley for your acquisition consideration. The most recent proto-type Hampton Inn is ideally located just off Interstate 79, one of the Ohio Valley’s primary north-south corridors running from Lake Erie to the north and to Charleston, West Virginia to the south. The Hotel is also 15 miles north of downtown Pittsburgh’s many businesses and regionally popular leisure attractions. This represents an exceptional opportunity for investors to acquire a new-build Hampton, which is also t...
486-Room Full-Service Sheraton Park Anaheim Goes to Auction on RealINSIGHT Marketplace
RealINSIGHT Marketplace | August 13, 2019
ANAHEIM, CA—August 13, 2019—RealINSIGHT Marketplace and Berkadia are pleased to offer for sale the leasehold interest in the 486-room, Sheraton Park Hotel at The Anaheim Resort for your acquisition consideration. Located steps from the Anaheim Convention Center, Disneyland® Resort, Disneyland California Adventure® Park, Downtown Disney, and the Anaheim Garden Walk. This represents an exceptional opportunity for investors to acquire an institutional quality, full-service, Marriott branded hotel in a premium location with significant operational upside through renovation/brand conversion, leasing vacant space, reconfiguring the hotel layo...
Rare Opportunity to Acquire an Inner Harbor Hotel
RealINSIGHT Marketplace | July 11, 2019
BALTIMORE—July 11th, 2019—RealINSIGHT Marketplace and Berkadia are pleased to offer the opportunity to acquire the Brookshire Suites Inner Harbor Hotel. This 97-room, full-service and recently renovated hotel offers 77 spacious one-bedroom suites and 20 studio suites. The sale will take place on RealINSIGHT Marketplace, the online commercial real estate sales platform, on July 29th – July 31st. This Property is in the desirable heart of Baltimore’s Inner Harbor neighborhood surrounded by billions of dollars of new development juxtaposed with the city’s historic district. This location also offers incredible walking access to seve...
Opportunity to Acquire Value-Add Hampton Inn Mobile
RealINSIGHT Marketplace | July 10, 2019
MOBILE, AL—July 10th, 2019—>RealINSIGHT Marketplace and Berkadia are pleased to offer the opportunity to acquire the Hampton Inn Mobile. This 80-room three-story midrise hotel is ideally located within ten miles of downtown Mobile. The auction will take place on RealINSIGHT Marketplace, an online commercial real estate sales platform, on July 30th – August 1st. This Property is ideally located off Interstate 10, the southernmost cross-country interstate highway which connects major cities such as, Los Angeles, Phoenix, San Antonio, New Orleans, and Jacksonville. The Hampton Inn’s stellar historical performance demonstrates its s...
Avison Young Announces Recent Closings
Avison Young | June 27, 2019
ATLANTA – June 27, 2019 – Avison Young Hospitality Group announced that over the last several weeks the firm has closed a Marriott hotel in Pennsylvania, a select service hotel in DC and a resort hotel with golf in the northeast. The firm has 28 hotels under sale agreement with closings scheduled over the coming months and has closed 392 hotels since 2013....
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