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HREC Investment Advisors Arranges the Sale of the Lexington Suites Hotel - Orlando, FL
HREC was the exclusive representative of the seller, Dawn G, LLC which took ownership of the property by foreclosure in October 2010. The sale was negotiated by Paul Sexton, Vice President in HREC Investment Advisors' Orlando office and Scott Stephens, an HREC Senior Principal and head of the firm's Southeast practice. The buyer was Canada Drive Hospitality, LLC. According to Paul Sexton, "With RevPAR in the International Drive sub-market up 12% in 2010 and another 10% in 2011, the Lexington Suites transaction benefited from clear and sustained recovery trends in the market." Pushing along the positive trends in the hotel sector is the fact that private investment continues to pour into the International Drive market, including such projects as the Wizarding World of Harry Potter, the recently announced expansion of SeaWorld Orlando and the proposed I-Drive Live entertainment complex. Said Scott Stephens, "Throughout the Southeast, we are seeing distressed hotel properties being cleared from the market at an accelerating pace. Over the course of 2012, therefore, we expect to see higher scale assets come to market on a non-distressed basis. Examples would include the Holiday Inn Orlando Airport and the Embassy Suites Jacksonville which we are also marketing." HREC is the most active national hotel brokerage in the Central Florida region. In addition to the recent sale of the Lexington Suites, HREC has nine other hotel listings from Daytona Beach to Tampa Bay, four of which are currently under contract or letter of intent. About HREC For more information on the sale of the Lexington Suites Hotel in Orlando, Florida please contact: Scott Stephens - Senior Principal and COO Ashley Hunt - Director of Marketing Visit HREC's website at www.hrec.com |