HREC Brokers Midwest Hotel Portfolio Sale
- Mar 18, 2019
With the assistance of HREC Investment Advisors, The Raymond Group and North Central Group recently found a buyer for a collection of three hotel properties located in the Midwest. The partners sold the 376-key portfolio to Walker Reynolds.
The group of hotels includes two properties in Wisconsin: the 122-key Hampton Inn Appleton-Fox River Mall Area in Appleton and the 119-key Hampton Inn Milwaukee/Brookfield in the suburban Milwaukee town of Brookfield. Hampton Inn West Des Moines, which offers 135 guestrooms in Des Moines, Iowa, completes the collection.
“The hotels represented an exceptional opportunity to acquire high-quality, investment grade Hilton select-service hotels from the original developers,” Mike Cahill, CEO of HREC Investment Advisors, said in a prepared statement. “The marketing process generated significant interest and, as a result, we were able to secure favorable pricing and terms for our seller.”
HREC’s Scott Kaniewski, Tom Sommer, Jeff Preston and Mike Dube joined Cahill in representing Raymond and North Central on the transaction.
The U.S. hotel sector continues to thrive, making for an active investments sales climate. And sellers have been keeping HREC busy. The firm has already orchestrated the disposition of 14 hotel properties this year.
HREC’s 2019 transactions span the U.S. and include two Colorado Properties—the 99-key TownePlace Suites Denver Southwest in Littleton and the 94-key TownePlace Suites Garden of the Gods in Colorado Springs—which the firm sold on behalf of Scio Hospitality. HREC also arranged the sale of a 176-key Best Western portfolio in New Jersey on behalf of the properties’ developer, Boyle Hotels, and a hotel development site near Arizona State University in Tempe, Ariz.
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