(Denver, Colorado; Atlanta, Georgia): HREC Investment Advisors is pleased to announce that it represented the seller in its recent sale of the 90-guestroom Courtyard by Marriott in Gulf Shores, Alabama to an affiliate of Peachtree Hotel Group. The sale was handled by Scott Stephens, who is a Principal with HREC Investment Advisors and based in Tampa and Monty Levy, Senior Vice President in HREC Investment Advisors' Atlanta office. "We are delighted that we were able to arrange the sale of this property on behalf of one of our key financial services clients to a strong, qualified buyer like Peachtree," noted Stephens. Added Levy, "This sale yet again proves that the HREC platform of 14 offices nationwide allows our firm to service our clients' needs and source the highest caliber of buyers in ways that many of our competitors cannot."
Located 3.7 miles from the Alabama coastline on the Gulf of Mexico, the 90-guestroom, interior corridor Hotel opened in 1997 and has been well maintained. The Property is situated within the desirable resort town of Gulf Shores, a premier vacation destination. Noted Jatin Desai, Principal of Peachtree Hotel Group, "The Courtyard represents a strategic acquisition for our firm, in that it allows us to further our relationships with Marriott and to expand our presence in the Alabama and the Southeast. Moreover, following the completion of the lobby reinvention at the property and other PIP-related items we believe we will be able to push rate and achieve higher occupancy levels."
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) 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.
About Peachtree: Peachtree Hotel Group invests, operates and develops premium-branded select service and extended-stay hotels under the Marriott, Starwood, Hilton, and InterContinental Hotels Groups flags. Since its inception, Peachtree has acquired or developed more than $140 million of hotel properties and first mortgage notes. Peachtree is currently invested in 1,774 hotel guest rooms in 20 properties throughout the United States. For more information, please visit www.peachtreehotelgroup.com.
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