acquisitions
Paramount Lodging Advisors Sells Bakersfield, CA Four Points by Sheraton Hotel
Paramount Lodging Advisors | January 25, 2019
Paramount Lodging Advisors (PLA) has successfully executed the transaction of the 198-room Four Points by Sheraton Bakersfield, California. The property is located at 5101 California Avenue, Bakersfield CA 93309. Senior Managing Director Scott Griemsmann and Senior Associate Subu Thiagarajan represented the seller in the sale. This transaction presented the buyer a unique opportunity to acquire a core-branded Marriott hotel at a fraction of replacement cost in a market with significant growth prospects. The hotel is situated on ~7.7 acres of prime commercial land in Central Bakersfield which also offers the buyer the potential for futur...
Paramount Lodging Advisors Team Arranges Sale of the Holiday Inn Express St. Louis – Central West End St. Louis, MO
Paramount Lodging Advisors | May 25, 2018
St. Louis, MO—Paramount Lodging Advisors (PLA) has successfully sold the Holiday Inn Express St. Louis - Central West End (CWE) located at 4630 Lindell Blvd. PLA Associate Beau Mullenix, Managing Director Adam Montufar, and Senior Managing Directors Bennett Webster and Brent Clemens representing the seller in this transaction. The sale of the 127-room Holiday Inn Express adds to PLA's continued success both in St. Louis and on the Ten-X platform. The hotel is located in the epicenter of CWE's most high-profile retail and multi-family developments. "We were extremely pleased with the interest level received during this mar...
Paramount Lodging Advisors (PLA) Thrives in the Pittsburgh Area Market
Paramount Lodging Advisors | December 22, 2016
Paramount Lodging Advisors (PLA) is pleased to announce the sale of the SpringHill Suites Pittsburgh West Mifflin and Comfort Inn & Suites Pittsburgh RIDC. PLA exclusively represented the seller on both deals with Associate Omari Head and Managing Directors Brent Clemens and Bennett Webster leading the efforts on the nearly 320 combined rooms across the two assets. The two deals mark PLA's fourth and fifth consecutive successful engagements in the Pittsburgh area in 2016. "Despite a slight dip in area performance, we were pleasantly surprised with the buyer turnout and remain bullish on broader Pittsburgh area demand," noted Head. C...
NewcrestImage Acquires the Historic Cotton Exchange Hotel in New Orleans for $17.8 million
NewcrestImage | June 13, 2013
June 13, 2013 - NewcrestImage continues its ambitious expansion plans with acquisition of the Cotton Exchange Hotel in the French Quarter of New Orleans. The 223-room property, which is designated a National Historic Landmark, was purchased out of foreclosure through a sealed bid process for $17.8 million. "We have long considered New Orleans -- which has a thriving economy and last year attracted more than nine million business and leisure visitors -- as being important to our growth strategy and this acquisition enables us to enter that market in an absolutely unique way," explains Mehul Patel, Chairman and CEO of NewcrestImage. The h...
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