Wednesday, September 4, 2013

HFF closes sale of Residence Inn Birmingham Downtown at UAB in Birmingham, AL

Residence Inn Birmingham Downtown at UAB, Birmingham, AL
MIAMI, FL – HFF announced today that it has closed the sale of the Residence Inn Birmingham Downtown at UAB, a 129-suite extended-stay hotel in the downtown/Five Points South submarket of Birmingham, Alabama.

Holden Lim
               HFF marketed the property on behalf of the owner, Birmingham Hospitality Properties, L.L.C.  An affiliate of Capstone Development of Washington, D.C. purchased the asset on an all-cash basis.

               The Residence Inn Birmingham Downtown at UAB is located in the historic Five Points South dining and entertainment district, within blocks of the University of Alabama medical campus and the downtown central business district, and about six miles from the Birmingham Shuttlesworth International Airport. 

Max Comess
The seven-story brick-facade building was recently completed in 2009 and features an outdoor swimming pool, fitness center, business center, breakfast area and sundry shop.

               The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s Hotel Group, Daniel C. Peek, managing director Holden Lim and director Max Comess, and included hospitality real estate analysts Chris Lingerfelt and Alexandra Lalos.

               “There has never been more liquidity among investors seeking premium-branded, select-service hotels in major U.S. markets,” commented Comess.  “Our buyer is a fine example of the sophisticated, well-capitalized institutional investors seeking opportunities in both primary and secondary markets.” 

“As the cycle matures and competition increases, we are seeing savvy investors expand their interest to the top 50 or so U.S. markets, which includes secondary and tertiary destinations, whereas 12 to 18 months ago, most investors were only considering opportunities in the top 10 or 12 markets,” added Peek.

Alexandra Lalos
“This is the fourth hotel HFF has sold on behalf of Fremont Realty Capital in the past 12 months. We would like to thank Fremont Realty Capital for entrusting HFF to assist with the execution of such an important assignment,” commented Lim. 

HFF’s Hotel Group has been active in the sale and financing of similar upscale, select-service hotels across the country.  So far in 2013, the firm has financed or sold 60 hotels and resorts, many of which are select-service hotels, with sale prices and loan proceeds ranging from $5 million to over $500 million.

Chris Lingerfelt
Birmingham Hospitality Properties, L.L.C. is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company.  The seller was represented by Holland and Knight.

 For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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