for immediate release
HREC Investment Advisors Arranges the Sale of the Former
Econo Lodge Inn & Suites International Drive - Orlando, Florida
(Denver, Colorado; Orlando, Florida) - HREC Investment Advisors is pleased to announce the recent sale of the 672-guestroom Econo Lodge Inn & Suites hotel located within the International Drive submarket of greater Orlando, Florida.
HREC was the exclusive representative of the seller, 8738 International Drive Holdings, LLC, which took ownership of the property by foreclosure in November 2010. The sale was negotiated by Paul Sexton, Vice President in HREC Investment Advisors' Orlando office and Scott Stephens, a Senior Principal at HREC and the firms's Chief Operating Officer. The buyer was B.S. Holding, Inc.
According to Paul Sexton, "The International Drive market has seen a considerable amount of turnover in ownership over the past two years. With the sale of the Econo Lodge there are less than a handful of hotels in the sub-market that will be sold on a distressed basis during this cycle."
" Somewhat surprisingly, given the age of many of the hotels that have recently sold in the International Drive area, few buyers have elected to carry our a major repositioning of their acquisitions. As of the completion of the Econo Lodge transaction, the hotel was closed down and the new owners will be undertaking a transformative renovation of the property over the next several months," continued Sexton.
"With the continued improvement in the overall economy and the stabilization of the capital markets over the past six months, lenders are providing ever greater liquidity to the lodging industry. We expect to see at least a doubling of our hotel mortgage brokerage business over the next year and much of that activity will be in the Florida market which has rebounded more quickly than many of the other states," added Scott Stephens.
This is the forth hotel sale of HREC in Central Florida over the past two months. In addition, HREC is also the exclusive listing agent on the Holiday Inn Orlando Airport, the Holiday Inn Express and Hampton Inn at Rocky Point in Tampa, and the Days Inn Speedway in Daytona Beach. The firm will also be announcing in the near future the listing of a major hotel asset in the Orlando area.
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 offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization. For more information, visit www.hrec.com.
For additional information on the property, please contact:
Paul Sexton - Vice President
Scott Stephens - Senior Principal & COO
Ashley Hunt - Director of Marketing
Visit HREC's website at www.hrec.com