FOR IMMEDIATE RELEASE
HREC INVESTMENT ADVISORS ARRANGES SALE OF THE
BEST WESTERN - SHELBYVILLE, KENTUCKY
(Denver, Colorado; Memphis, Tennessee):
The recent closing of the 79-guestroom Best Western Shelbyville, Kentucky was handled by Patrick Culligan, Principal in HREC Investment Advisors' Memphis office.
The Hotel is strategically located just off of Interstate 64 east of Louisville and less than three miles from downtown Shelbyville, Tennessee. The property is situated in a desirable area with convenient access to nearby demand generators and support services. The Hotel facilities include a meeting space, business center, fitness center and an outdoor pool.
The sale of the Best Western was a strategic disposition by H&W Management accomplished during a challenging period for hotel sales. Bank financing is not readily available in the current market so it was important to identify all-cash buyers and/or potential funding options. The property was ultimately acquired by an owner/operator interested in the area for both personal and professional reasons. "The Best Western sale was an excellent opportunity for both buyer and seller to accomplish their primary objectives" said Patrick Culligan, a Principal with HREC in Memphis. He added, "The best timing in hotel dispositions include both financial and strategic considerations."
About HREC: HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), asset management and litigation support. With fourteen offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.
For additional information, visit HREC’s website at www.hrec.com
HREC Investment Advisors
6075 Popular Avenue, Suite 903
Phone: (901) 791-2564
Fax: (901) 791-2574
Director of Marketing
HREC - Hospitality Real Estate Counselors
6400 South Fiddler's Green Circle, Suite 1730
Greenwood Village, Colorado 80111
Phone: (303) 267-0057
Fax: (303) 267-0105