HREC Investment Advisors and Grubb & Ellis Arrange the Sale of the
Holiday Inn Express in Montrose, Colorado
DENVER (Jan. 3, 2012) - HREC Investment Advisors, the nation's leading lodging and gaming real estate advisory firm, and Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced the sale of the Holiday Inn Express in Montrose, Colorado. The 122-guestroom property was purchased by an affiliate of Blue Cougar Investments, LLC a private investment group based in New York City, from a Denver-based lender for an undisclosed price. Waramaug Investors, LLC, led by Paul Nussbaum, is an investor in the Blue Cougar affiliate.
Sam Winterbottom, senior vice president and director of Grubb & Ellis' Hotel, Golf & Leisure practice group represented the seller and Mike Cahill, chief executive office and founder of HREC represented the buyer in the transaction.
Paul Nussbaum stated, "We are delighted to have been able to acquire the Holiday Inn Express as we know the property and market very well. Being a part time resident of nearby Telluride I am very familiar with the great reputation the Holiday Inn Express has for excellent customer service and hospitality for its guests."
The Holiday Inn Express is conveniently located in the Western Slope of Colorado off U.S. Route 550 via U.S. Route 50, one of the major thoroughfares in Montrose, and within five miles of the Montrose Regional Airport. The town of Montrose is home to a variety of leisure attractions including the San Juan Mountains, Black Canyon National Park, and a number of museums and retail outlets that display the history and natural wonder of the region.
Interstate Hotels & Resorts will be the new management company for the property. The hotel will remain branded as a Holiday Inn Express.
About Grubb & Ellis Company
Grubb & Ellis Company is one of the largest and most respected commercial real estate services and investment companies in the world. Our 5,200 professionals in more than 100 company-owned and affiliate offices draw from a unique platform of real estate services, practice groups and investment products to deliver comprehensive, integrated solutions to real estate owners, tenants and investors. The firm's transaction, management, consulting and investment services are supported by highly regarded proprietary market research and extensive local expertise. Through its investment management business, the company is a leading sponsor of real estate investment programs. For more information, visit www.grubb-ellis.com.
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.