DENVER, CO – HREC Investment Advisors, the nation’s leading lodging and gaming real estate advisory firm, and Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced the sale of the Holiday Inn Express in Montrose, Colo (top left photo).
The 122-guestroom property was purchased by an affiliate of Blue Cougar Investments, LLC, a private investment group based in New York City, from a Denver-based lender for an undisclosed price. Waramaug Investors, LLC, led by Paul Nussbaum, is an investor in the Blue Cougar affiliate.
Sam Winterbottom (top right photo), senior vice president and director of Grubb & Ellis’ Hotel, Golf & Leisure practice group represented the seller and Mike Cahill (lower left photo), chief executive officer and founder of HREC represented the buyer in the transaction.
Nussbaum stated, “We are delighted to have been able to acquire the Holiday Inn Express as we know the property and market very well. Being a part-time resident of nearby Telluride, I am very familiar with the great reputation the hotel has for excellent customer service and hospitality for its guests.”
The Holiday Inn Express is conveniently located in the Western Slope of Colorado off U.S. Route 550 via U.S. Route 50, one the major thoroughfare in Montrose, and within five miles of the Montrose Regional Airport.
The town of Montrose is home to a variety of leisure attractions including the San Juan Mountains, Black Canyon National Park, and a number of museums and retail outlets that display the history and natural wonder of the region.
Interstate Hotels & Resorts will be the new management company for the property. The hotel will remain branded as a Holiday Inn Express.
For more information on Grubb & Ellis and HREC, please visit www.grubb-ellis.com and http://www.hrec.com/
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