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| Three Marriott hotels sold in Atlanta, GA; Fullerton, CA; and Detroit, MI |
TAMPA, FL – HFF announced today that it has closed the sale
of three Marriott hotels totaling 671 rooms in Atlanta, Georgia; Fullerton,
California; and Detroit, Michigan.
HFF marketed the portfolio on
behalf of the seller, an affiliate of HEI Hotels & Resorts. LA Sky Harbor LLC purchased the portfolio,
and ASAP International Holding (OCT: ASAE) acted as exclusive advisor to the
purchaser.
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| Bill Stadler |
The properties are:
Atlanta
Marriott Norcross , 475 Technology Parkway, Norcross, GA, 222 rooms.
- Fullerton Marriott at CSU Fullerton 2071 E. Nutwood Avenue, Fullerton, CA, 224 rooms.
- Detroit Marriott Southfield, 27033 Northwestern Hwy, Southfield, MI, 225 rooms.
- The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s Hotel Group, Daniel C. Peek, senior managing director Bill Stadler, managing director John Bourret and director Max Comess, and included senior hospitality analyst Cyrus Vazifdar.
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| John Bourret |
“The
favorable franchise affiliations of the three hotels combined with strong
year-over-year earnings created broad investor appeal facilitating a timely
sales execution,” noted Stadler. “Additionally,
investors were attracted to the value creation afforded by the planned
renovations enhancing future yields.”
HFF’s
Hotel Group has been active in the sale and financing of numerous full service
hotels across the country, executing more than $1.5 billion in transaction
volume through mid-year 2013.
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| Max Comess |
“We at
HFF were pleased to be of service to a leader in the hotel industry such as HEI
on this portfolio,” added Peek. “This
transaction provides further evidence to the investor demand for quality hotel
assets around the US.”
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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