HREC INVESTMENT ADVISORS ARRANGES SALE OF THE LEXINGTON HOTEL IN ROMULUS, MICHIGAN
(Denver, CO; Atlanta, GA): HREC Investment Advisors is pleased to announce that it recently arranged that, on behalf of its special servicer client, it recently arranged the sale of the 135 guestroom Lexington Hotel at the Detroit Metropolitan Wayne County Airport (DTW). The property was acquired by a local investment group that owns several hotels in the immediate area. Monty Levy, Senior Vice President in HREC Investment Advisors' Atlanta office and Ted Anka, Vice President in HREC Investment Advisors' Chicago office executed the transaction on behalf of the firms' client. HREC Investment Advisors was also assisted in the sale by GF Management, as the manager of the hotel, one of the country's leading hotel management firms.
With local attractions and demand generators such as Michigan Area Speedway, the University of Michigan, the Henry Ford Museum and The Palace at Auburn Hills, in addition to the DTW, the Lexington Hotel has an ideal location in the hotel submarket. The Lexington Hotel is located at the entrance to the DTW, and the proximity to the airport draws demand from both corporate and leisure travelers alike.
"This asset, which was operated as a Hampton Inn for many years until losing the flag a year or so ago, represents a strategic acquisition for the buyer, due to its locations and the buyers' presence in this market," noted Monty Levy. "Moreover, given the challenges associated with the loss of the flag and the macro-level downtown in the lodging market as a whole, we believe that this sale represented a positive exit for our lender client," added Levy. Noted Ted Anka of HREC Investment Advisors, "This sale represents further proof that buyers of lodging assets are returning to the market and recognizing that this is a very good time to acquire hotel assets."
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), asset management 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