HREC INVESTMENT ADVISORS ARRANGES
SALE OF CABOT LODGE – TALLAHASSEE, FLORIDA
(Tampa, FL; Atlanta, GA): On behalf of Prism Hotels & Resorts and its affiliate Hospitality Receiver, LLC, as receiver, Scott Stephens, Principal in HREC Investment Advisor’s Tampa office and Monty Levy, Senior Vice President in HREC Investment Advisors’ Atlanta office, arranged the sale of the 160 room Cabot Lodge located in Tallahassee, Florida.
The property was acquired by Satchitanand, LLC, a Florida limited liability company, which is a locally based owner/operator of a number of limited service hotel assets.
Located at 2735 North Monroe Street, the Cabot Lodge is situated on a sprawling, picturesque 7-arce campus. It offers four 40 room buildings including a commercial building with a lobby and breakfast room. Located directly off of interstate 10, the Cabot Lodge offers close proximity to Florida State University and Florida A&M University. The Cabot Lodge is also within minutes of the downtown Tallahassee area which includes the Florida State Capital.
“The buyer of this asset will be able to recognize significant upside in the hotel’s performance following the acquisition of a national brand for the property and the completion of renovations in connection with such branding,” noted Monty Levy of HREC Investment Advisors.
”Selling any asset in today’s market is not easy, much less a distressed, independent hotel. This transaction exemplifies the strength of HREC’s team approach and our ability to get deals done in a challenging environment”, added Scott Stephens, who is a Principal of HREC Investment Advisors
About HREC: HREC is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equality/JV structuring, consulting (marketing studies and appraisals), asset management and litigation support. Within thirteen