for immediate release
HREC Investment Advisors Arranges the Sale of the
Westgate Inn - Clermont (Kissimmee West), Florida
(Denver, Colorado; Orlando, Florida) - HREC Investment Advisors is pleased to announce the recent sale of the 198-guestroom Westgate Inn hotel located within the Kissimmee West sub-market of greater Orlando, Florida.
HREC IA was the exclusive representative of the seller, Clermont Funding LLC, which took over ownership of the property by foreclosure in November 2011. The sale was negotiated by Paul Sexton, Vice President in HREC Investment Advisors' Orlando office and Scott Stephens, an HREC Senior Principal & COO and head of the firm's Southeast practice. The buyer was Pandy Hotel Orlando, LLC.
According to Paul Sexton, "RevPAR in the Kissimmee West sub-market was up 13% in 2011, the greatest percentage change of any of Orlando's seven sub-markets. More impressively, over the first quarter of 2012, RevPAR was up 43% compared to the same period in 2011. This included a 25% increase in occupancy and a 15% increase in ADR."
Continued Sexton, "We continue to make excellent progress in clearing distressed hotel assets from the Central Florida market. In conjunction with the terrific market recovery, we are starting to see greater opportunities for sellers of non-distressed assets to realize capital gains."
Added Scott Stephens, "Although there has been a significant amount of equity available for hotel acquisitions throughout the recession, we are pleased to see that lenders are returning to the market in ever greater numbers. HREC is anticipating at least a doubling of our hotel mortgage brokerage business in 2012 over the last year and much of that activity will be in Central Florida."
HREC is the most active national hotel brokerage in the Central Florida region. In addition to the recent sale of the Westgate Inn, HREC has seven other hotel listings throughout Florida, four of which are under contract or letter of intent.
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