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HREC INVESTMENT ADVISORS ARRANGES THE SALE OF THE (Denver, Colorado; Atlanta, Georgia): HREC Investment Advisors is pleased to announce that it advised the seller in its recent sale of the 245-guestroom Garden Plaza Inn in Norcross, Georgia to Norcross Hospitality, LLC, a local investment group that was represented in the transaction by Gary Furrow of Mule Deer Financial. The sale was handled by Monty Levy, Senior Vice President in HREC Investment Advisors' Atlanta office. Located in the northeast Atlanta suburb of Norcross on Peachtree Industrial Boulevard, the hotel benefits from a solid location and great visibility, along with amenities including 4,800 square feet of meeting space, a restaurant, a lounge, an indoor swimming pool, business center, fitness center, and high-speed internet. "We are pleased to once again represent one of our long-standing clients in this transaction," noted Levy. "The buyer of this asset was able to acquire a well located hotel with significant upside following a comprehensive renovation and branding of the property." Added Scott Stephens, a Principal with HREC Investment Advisors based in Tampa, "This transaction is further evidence of the continued recovery in the hotel investment sale arena and the fact that there are numerous buyers looking for repositioning plays." 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 thirteen offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital, and hotel/casino specialization. For additional information, visit HREC's website at www.hrec.com For more information on the sale of the Garden Inn Plaza - Norcross, Georgia, please contact: Monty Levy - Senior Vice President Ashley Hunt - Director of Marketing For additional information, visit HREC's website at www.hrec.com ### |