The recent closing of the 119-room Hotel Highland was handled by Bill Murney, SVP in HREC Investment Advisors’ Phoenix office. Stoneridge Capital Partners, real estate investment company, acquired the Hotel Highland and marks their entry into the hospitality sector. “The buyer decided to pursue the acquisition after touring the newly renovated property and the high end market demand area in which the hotel is located. Stoneridge aggressively pounced on the opportunity, and closed the transaction early, which allows them to achieve the balance of the high season revenue from the property,” said Bill Murney.
Larry Kaplan, SVP in HREC Investment Advisors’ Denver office handled the sale of the Holiday Inn Express in Onalaska. “This sale is further proof that hotels with desirable brand affiliations, priced appropriately for the current economic environment, can be both financed and sold in today's challenging investment environment. We continue to witness increased interest throughout the country among hotel investors for high quality hotel product,” said Larry Kaplan.
The sale of the 122-room Best Western in Columbia, MO was handled by Jeff Preston, VP in HREC Investment Advisors’ Chicago office. The Best Western will benefit from an onsite management team that knows the local market well, owning two other hotels in Columbia. “Home to the University of Missouri, Columbia is a stable market, but the purchase of the property represents upside potential for the new owner who has first hand knowledge of the local lodging market. The property was purchased at 2.65 times revenue,” said Jeff Preston. “The new owner plans to realize the property's upside potential through an extensive renovation and upgrade of the public areas.”
For additional information, visit HREC’s website at www.hrec.com