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| 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.
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| 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.
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| 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.
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| 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.
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| 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 | www.hfflp.com
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