Marcus & Millichap Arranges $4.48 Million Sale of Apartment Complex in Tampa. FL

TAMPA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Fredericksburg Apartments (top left photo), a 187-unit apartment complex located in Tampa, Florida, according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office.

The asset commanded a sales price of $4,480,000.

Casey Babb (middle right photo), CCIM, a senior multifamily specialist in Marcus & Millichap’s Tampa office, had the relationship with the seller, the original developer, as well as his approval to selectively market the property for sale. 

The buyer, a limited liability company from Tampa, Florida, was secured and represented by Michael P. Regan (middle left photo), an associate vice president investments, Francesco P. Carriera (lower right photo) a senior associate and Nicholas Meoli, (lower left photo)multifamily investment specialist also in the firm’s Tampa office.

Fredericksburg Apartments was built in 1968 and is located at 13142 North 22nd Street. 

“Fredericksburg was not actively on the market but through internal collaboration, we were able to bring together a motivated seller with an active buyer and structure a win-win for everyone” comments Babb. 

“The property is in need of a major rehab and the buyer was able to secure seller financing equal to 90 percent of the purchase price, in exchange for a written commitment to invest a minimum of $500,000 into the property within the first six months of ownership.”

 

Press Contact:

Bryn D. Merrey

Vice President and Regional Manager, Tampa

(813) 387-4700

Marcus & Millichap Facilitates Sale of Spruce Creek Preserve Golf Club in Dunnellon, FL for $1.3 Million

 DUNNELLON, FL – The National Golf & Resort Properties Group of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Spruce Creek Preserve Golf Club (top left photo), an 18-hole golf course located in Dunnellon, Florida, according to Steven Ekovich, Director of the National Golf & Resort Properties Group based in the firm’s Tampa office.

The asset commanded a sales price of $1,325,000.

Matthew Putnam (middle right photo) , Investment Associate and lead agent on the asset sale and his team of Steven Ekovich (lower left photo) and Christopher Karamitsos (lower right photo) , had the exclusive listing to market the property on behalf of the seller, a developer based out of Maitland, Florida.  They also secured the buyer of the property, a private investor, from Windermere, Florida.

“The sale was really a win-win for both the buyer and the seller” says Putnam.   “The buyer purchased a golf course that fit into his geographic golf portfolio. They will benefit from the economies of scale created by the other courses in the area he owns. The seller was able to divest of an asset that was no longer vital to their core business and received a very fair price in today’s market” adds Putnam.

The Preserve Golf Club is a Terry Dos designed, championship 18-hole golf course situated on 179 acres. It is the centerpiece to Del Webb's surrounding Spruce Creek development, an age-restricted, active-adult retirement community located on 416 acres and surrounded by Ross Prairie State Forest.

The Preserve is well-maintained and highlighted by its signature waterfall hole. Built in 1997, the club also offers casual dining from its 5,400-square foot clubhouse at the Sandwedge Cafe.

Press Contact:

Steven Ekovich

Vice President and Director

 National Golf & Resort Group

(813) 387-4700

Bob Wilkerson Joins Bull Realty

ATLANTA, GA – Bob Wilkerson (top right photo), who has extensive experience in commercial real estate, finance, marketing and consulting, has joined Bull Realty as an associate broker in the firm’s National Office Group. At Bull, Wilkerson will focus on the leasing, marketing and selling of office and other property types.

Prior to joining Bull Realty, Wilkerson was an agent in The Quin Group in Norcross, Ga., where he handled the selling and leasing of office and industrial properties in the Gwinnett/North Fulton area.

Before beginning his real estate career, Wilkerson was a senior consultant with Computer Sciences Corp. and, later, the vice president and founding partner of Sterling Associates LLC, an international consulting firm.

He also worked for AT&T for 29 years in management and marketing. He is a member of the Atlanta Commercial Board of Realtors and the Realtor’s Commercial Alliance, which is a part of the National Association of Realtors.

Wilkerson said he joined Bull Realty because of the support the firm offers its agents. “I was very impressed with the resources – the research and market information – that agents are provided here,” he said. “I was also impressed with [firm president and founder] Michael Bull, and his approach to marketing.”

“We are very excited about bringing Bob Wilkerson into the Bull Realty family,” said Michael Bull (middle left photo). “He brings a diversity of experience and expertise that will serve our firm well and will bring tremendous value to our clients.”

An active member of the community, Wilkerson has served as chairman of the Norcross Downtown Development Authority and as president of the Norcross Lions Club.

He also was a member of the steering committee for Norcross’ 20-Year Comprehensive Plan. He holds a BA in Economics from San Jose State University and an MBA from Golden Gate University in San Francisco.

Bull Realty Inc. is a full-service commercial real estate brokerage firm providing investment sales services throughout the nation and corporate services in the Southeast. The firm was founded 14 years ago with two primary missions: 1) to provide a company of stellar integrity and reputation and 2) to provide the best commercial real estate marketing in the nation.

Contact:

Caroline Wilbert

Wilbert News Strategies LLC

404-965-5021

cwilbert@wnspr.com

Marshall Hotels & Resorts, Inc. Adds Six Management Contracts; Closes Out 2011 with Record 19 Additions to Management Portfolio

  

 SALISBURY, MD—Officials of Marshall Hotels & Resorts, Inc., a leading, Maryland-based hotel management and services company, announced that the company closed out 2011 by signing six new contracts in December, bringing the total number of new assignments for the year  to 19 and increasing its total managed portfolio to 62 properties. 

The six hotels are:

• 143-room Comfort Inn & Suites Alexandria, VA
• 104-room Comfort Inn Dulles, Herndon, VA
• 111-room Comfort Inn,  Falls Church, VA;
• 125-room Comfort Inn & Suites College Park,  Maryland
• 148-room Clarion Inn Waco, Texas;
• 77-room Hampton Inn & Suites Marksville, Louisiana
  
  
  
  
  “At the start of the year, we estimated we would add 10 new contracts to our management portfolio, as investors were taking a wait-and-see approach to the economy,” said Mike Marshal (top right photo)l, president and CEO.
  
  
   “As the year progressed, owners began to acquire properties and seek better operators for their existing hotels, and we were able to nearly double our original target and take on our first international assignment in St. Thomas.
  
  
  
  “These additions to our management portfolio give us solid distribution east of the Mississippi, and with our hotels in Texas and Louisiana, we have put the infrastructure in place to look even further westward for similar growth opportunities in 2012.” 
  
  
  About the properties:
    
  ·         Comfort Inn & Suites Alexandria (top left photo) – With a free shuttle to the Metro station, this hotel, located at 5716 Van Dorn St. in Va., is an affordable, accessible alternative to downtown D.C. hotels.  The property offers a complimentary hot breakfast, high-speed Internet access, an outdoor pool and fitness center 
  
  
  
  ·         Comfort Inn Dulles (middle right photo) – Located at 200 Elden St. in Herndon, Va., this hotel offers a free shuttle to Washington’s Dulles Airport and is convenient to many D.C.-area attractions.  Guests of this pet-friendly hotel enjoy such complimentaries as hot breakfast, high speed Internet and HBO.
  
  
  ·         Comfort Inn Falls Church (middle left photo) – Convenient to Arlington National Cemetery, this hotel is located at 6111 Arlington Blvd. and offers scheduled shuttle service to the nearby Ballston Metro station for easy access to D.C. attractions, like the Smithsonian Institution.  Hotel amenities include an outdoor pool, new fitness center, complimentary hot breakfast, Wi-Fi and local calls.
  
  
  
  ·         Comfort Inn & Suites College Park (lower right photo) –  Less than a mile from the University of Maryland and only minutes from NASA’s Goddard Space Center, this hotel is located at  9020 Baltimore Ave.  Hotel amenities include free shuttle to nearby attractions, complimentary hot breakfast, Wi-Fi and morning newspaper, as well as an outdoor pool and fitness center.
  
  
  ·         Clarion Inn Waco (lower left photo) – Located at 801 South 4th St., this hotel is across from Baylor University and just a few miles from the Texas Rangers Hall of Fame and River Bend Park.  An atrium restaurant, Big Daddy’s, serves breakfast and dinner at this pet-friendly hotel, which also features a heated indoor pool and fitness center, 24-hour business center and in-room microwaves and refrigerators.
  
  
  
  ·         Hampton Inn & Suites Marksville – Across from the Paragon Casino in La., this hotel is located at 6896 Highway 1 in Mansara and is just 30 minutes from historic Alexandria.  This recently opened property features the brand’s signature Clean and Fresh Hampton Bed, a heated indoor pool and fitness center, as well as a complimentary casino shuttle, breakfast, Internet access and HBO.
  
  
  Additional information about Marshall Management may be found at the company's Web site: www.marshallhotels.com.
  
  
   Contact:      
  Patrick Daly, media
  Daly Gray Public Relations
  (703) 435-6293
  patrick@dalygray.com
  
  

Supertel Hospitality, Inc. Shareholders Approve $30 Million Investment in Supertel by Argentina-based Company

 NORFOLK, NB– Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 99 hotels in 23 states, announced that at a special meeting held on January 31, 2012, the shareholders of the company approved the $30 million investment in the company by Real Estate Strategies L.P. (“RES”), an investment vehicle indirectly controlled by IRSA Inversiones y Representaciones Sociedad Anónima (“IRSA”), an Argentinean-based publicly traded company.

At the special meeting the shareholders of Supertel, by the requisite vote, approved the issuance and sale of the 3,000,000 shares of preferred stock, 30,000,000 shares of common stock of Supertel which may be issued upon conversion of the preferred stock, and warrants to purchase an additional 30,000,000 shares of common stock.

Supertel mailed a proxy statement on December 29, 2011 to its shareholders in connection with the special meeting.

Supertel and RES expect to complete the issuance and sale of the preferred stock within the next two weeks. 

IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS/BCBA:IRSA) (“IRSA”) is the largest and leading Argentinean diversified real estate company, and the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires (“BASE”) and in The New York Stock Exchange.

Through its subsidiaries, IRSA manages an expanding top portfolio of shopping malls, and office buildings, primarily in the City of Buenos Aires, Argentina (business district top right photo)

The company also owns four luxury hotels and a huge landbank to develop both residential and commercial future projects.

Additionally, IRSA currently owns a stake in Banco Hipotecario S.A., Argentina’s leading mortgage bank. In the US, IRSA owns a 9% equity stake in Hersha Hospitality Trust and commercial real estate properties in NYC, including ownership and management of the Lipstick building at 885 Third Avenue and ownership of the building at 183 Madison Avenue.

 For more information or to make a hotel reservation, visit www.supertelinc.com.

Contacts:

Ms. Krista Arkfeld

Director of Corporate Communications

402-371-2520                                                             

karkfeld@supertelinc.com

Supertel Hospitality, Inc.                                         

1800 W Pasewalk Ave, Suite 200                             

Norfolk, NE  68701                                                   

http://www.supertelinc.com/  

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Davidson Hotels & Resorts Opens Hyatt North Houston; New Flag Flies on Former Crowne Plaza Houston Greenspoint

  

HOUSTON, TX,  Feb.  1, 2012—Officials with Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, and Hyatt Hotels Corporation (NYSE:H) today announced the opening of the fifth Hyatt hotel in Houston, the 335-room Hyatt North Houston (top left and middle right photos). 

The hotel, formerly known as the Crowne Plaza Houston North-Greenspoint, is operated by Davidson under a franchise agreement with an affiliate of Hyatt Hotels Corporation. 

“Having recently completed a major, multi-million dollar renovation, Hyatt North Houston is well positioned as a premier hotel catering to the needs of Houston area visitors,” said Patrick Lupsha (middle left photo), Davidson’s chief operating officer.

“We look forward to leveraging the tremendous tools Hyatt has to offer.  The strengths of the brand, when combined with our focus on creating tremendous guest experiences, will provide an unrivaled choice for business, group and leisure travelers in North Houston.”

Located at 425 N. Sam Houston Parkway East in the heart of North Houston near numerous corporate headquarters and retail offerings, George Bush Intercontinental Airport, and the Greenspoint business district,

Hyatt North Houston features such amenities as a state-of-the-art fitness facility, tropical style outdoor swimming pool and spa, business center and gift shop.  Additionally, the property provides 27,000 square feet of meeting space and an all-day American cuisine restaurant, Grill 425. 

The eight-story Hyatt North Houston is the fifth full-service Hyatt managed by Davidson Hotels & Resorts (with a sixth property recently announced), making Davidson the largest independent operator of full-service Hyatt hotels in the industry.

“Houston is an increasingly popular destination for business and leisure travelers,” said Chuck Floyd (lower right photo), chief operating officer, North American operations, Hyatt Hotels Corporation.   “Hyatt North Houston will provide the level of service and authentic hospitality that Hyatt guests have come to expect.”

“Davidson is constantly assessing value creation strategies in order to provide owners with the best possible plans for maximizing asset value,” said Ted Arps (lower left photo), senior vice president, Davidson Hotels & Resorts.

 “By bringing an exceptional brand like Hyatt to the table, Davidson has afforded ownership the opportunity to create even more value in the property.  Combined with Hyatt’s distinctive portfolio of brands, commitment to its core values and culture and its resources that deliver long-term success, we believe this is the perfect marriage of players.”

 Additional information on Davidson may be found at www.davidsonhotels.com.

Contact:

Cyndi Norwood                                         Chris Daly (media)

Davison Hotels & Resorts                         Daly Gray Public Relations

(901) 821-4155                                          (703) 435-6293

cnorwood@davidsonhotels.com                chris@dalygray.com

 Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

24th Hunter Hotel Investment Conference Set for March 18-20 in Atlanta

  

ATLANTA, GA,Feb.1, 2012—Officials today announced the timing and theme, as well as a host of key speakers for the 24th Hunter Hotel Investment Conference, one of the four major national annual hotel investment conferences.  The event will be held March 18-20 at the Atlanta Marriott Marquis in Atlanta, Georgia.

Keynote speakers for the event will be Tom Corcoran (top left photo), chairman of FelCor Lodging Trust, one of the hotel industry’s largest and oldest REITs that currently owns 76 hotels and David Morris, Senior Government & Politics Editor at The Kiplinger Letter.

 H.P. Rama (middle right photo), CHA, chairman of JHM Enterprises will be honored with the Hunter Conference Award for Excellence and Inspiration for both his leadership as a hotel owner and for his extensive philanthropic activities. 

The “Hunter Conference” focuses on hotel owners and emphasizes hotel real estate and finance.  Networking with fellow hotel owners and industry leaders is a key component.

Among the more than 100 conference speakers will be:

 Mike Leven, president & COO, Las Vegas Sands Corporation;

 Dr. Rajeev Dhawan, nationally known economist;

Ed Kobel, president of DeBartolo Development;

Gary DeLapp, president & CEO, Extended State Hotels;

Dan Hansen, president and CEO, Summit Hotel Properties, Inc.;

Jennifer A. Dakin, SVP, team leader, Hospitality Finance Group, Wells Fargo Bank;

Scott Andrews, SVP, GE Franchise Finance;

 Sam Reynolds, Apple REIT;

 Naveen Kakarla, president & CEO, Hersha Hospitality Management;

Jim Merkel, president & CEO, RockBridge Capital;

Liam Brown, Marriott International, Inc.;

Joel Eisemann, CDO of IHG;

Nancy Johnson, Chair, AHLA;

Gary Dollens, global head, franchise select brands, Hyatt Hotels Corporation.

 “After three years of the most difficult downturn in modern hotel history, hoteliers are feeling more optimistic about the future and now are looking at the upside potential, which is our focus this year,” said Bob Hunter (top right photo), CEO of Hunter Realty and conference co-chair. 

“We saw a positive turnaround in confidence at last year’s conference with our second highest attendance ever and expect this to be a record year.”

For more information on the program and to register, please visit the conference website at www.HunterConference.com, or contact Bob Hunter, Lee Hunter or Nancy Petenbrink, Conference Director, at 770-916-0300 or by email at nancy.petenbrink@hunterhotels.net.  The conference headquarters is located at 300 Galleria Parkway, S-620, Atlanta, Ga. 30339.

Contact: 

Jerry Daly, Chris Daly

Daly Gray Public Relations

(703) 435-6293

jerry@dalygray.com

chris@dalygray.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Strand Development Eyes National Expansion as “Pure” Management Company

 CHARLOTTE, NC and MYRTLE BEACH, SC, Feb. 1, 2012—Strand Development Co., LLC, a major third-party hotel operator, today announced plans to expand further into the Midwest and to the West Coast within the next three to five years.

 In the past 24 months, the company has extended its management reach well beyond the Carolinas, adding hotels in Virginia, West Virginia, Pennsylvania, Maryland, Georgia, Tennessee, Alabama, Mississippi, Louisiana and Michigan to its growing management portfolio.

 “2011 was a breakout year for Strand,” said John Pharr, president of Strand Development, Co., LLC.  “We transformed from a narrowly focused company managing hotels in a handful of states to a hotel operator with a geographically diversified, 70-hotel portfolio in 12 states and a solid footprint east of the Mississippi. 

“We have significantly upgraded our proprietary management systems and infrastructure, not only to provide improved service for our existing clients, but to prepare for continued, measured expansion on an on-going basis. 

“Our goal is to grow by approximately 20 to 30 percent annually, focusing on further filling out our managed portfolio east of the Mississippi, especially the Midwest, Florida and the Gulf Coast, and eventually expanding westward, to become a truly national operator.”

Pharr said that Strand’s business model is to remain a “pure” hotel management company.  “Most other major hotel management companies have multiple divisions,” he said.  “Today it is not uncommon for third-party operators to own, operate, develop and even broker hotels. 

“We believe this diversification may be good for the operator but deflects their attention away from the reason they were hired…to manage the hotel.  With our business model, I don’t have to worry about paying mortgages on Strand’s hotels; instead I’m able to focus on making sure that our owners can pay theirs.”

Contact:

Chris Daly

President

Daly Gray, Inc.

Ph: 703-435-6293

Cell: 703-864-5553

 chris@dalygray.com

RECI Finds Low Mortgage Rates Saving Many Cash-Flow Transactions

CHICAGO, IL, Feb.  1, 2012 - The nation's economy is showing signs of improvement in the early part of the year, despite modest income growth and overall weak labor markets.  Key trends show mixed signals including:

*    The Fed's announcement to hold down rates over the next year is part of a continued trend for record-low rates to boost the economy.  During the past month, rates have steadily dropped with overall mortgage rates falling within the 3.25% or greater range for five-year, fixed rate debt and starting a 4% for ten-year debt.

*    Stubbornly low interest rates fuel core-property pricing levels as never seen before. Middle to higher single-digit overall rates of return are now more acceptable for such properties core assets.

*    Even as interest rates are extremely low, mortgage spreads continue to tighten with Agencies leading the way by 5 basis points or more. Mortgage investor demand continues unabated.

*    Insatiable demand for multifamily properties continues to stoke new-construction pipelines to peak levels around many parts of the country, with 2014-15 seen as cautionary years of oversupply.

*    Other than multifamily properties, a new development supply pipeline is trickling across all other segments, helping to assure a more balanced supply demand recovery even in the face of a slowing economy.

*    Office markets still crippled, while industrial properties are modestly improving.  Investors return to these two sectors as yields are more attractive and most see the markets have bottomed-out in the foreseeable future.  Productivity gains drive investors to look for "smart" vs. lower-priced "commodity" space.

*    The retail sector is modestly returning, despite historically high vacancies. Limited new supply and weak demand.  Limited new supply with selective demand assures a delicate balance of modest rent growth supported by a limited recovery. With "value" as the buzzword in the industry, retailers are crossing into different sectors creating more consumer confusion (Malls are offering discount merchandise)

*    Overall real estate capital pricing viewed as a good "relative value" as compared to stocks and bonds.

*    Secondary markets offer more attractive yields, but investor interest is still tepid as job growth and economic uncertainty leave manymarkets behind the hotter coastal areas.

According to Jeanne Peck (top right photo) of the Real Estate Capital Institute, "Mortgage rates continue to be the salvation of most cash-flowing transactions. If

projects don't pencil out at such low rates, little or no hope remains for such assets."

Contact:

The   Real Estate Capital Institute(r)

3517 West Arthington Street

Chicago, Illinois USA 60624

Jeanne Peck, Research Director

director@reci.com 

www.reci.com

Voit Real Estate Services Expands Its Presence with New Satellite Office in Reno, NV

 Reno, NV, (Jan. 30, 2012) –Voit Real Estate Services has announced that the company is expanding its presence with the addition of a new satellite office in Reno, Nev. to meet growing demand for brokerage and asset services in the market, according to Kevin Sheehan (top left photo), Managing Director of Voit’s Sacramento office.

 Sheehan will oversee Voit’s new Reno satellite office, which is located at 5426 Longley Lane in Reno, Nev.

“As part of a strategic growth initiative throughout the company, Voit has doubled its presence in the past two years and put boots on the ground in markets like Phoenix and Sacramento,” said Sheehan.  “We are investing in Reno to ensure that our services are fully accessible to our clients in that market.”

Bob Keady (top right photo), a Vice President in Voit’s Sacramento office, has acted as a liaison between financial institutions and Reno-area brokers on a number of local projects over the past few months, according to Sheehan.  Keady will work from Voit’s new Reno satellite office and will continue to take on new assignments there.

Contact:

Judith Brower / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

JQuader@browermillercole.com

 Voit Completes Sale of Commerce Office Park in Commerce, CA

Commerce, CA (Jan. 30, 2012) – Voit Real Estate Services’ Irvine office has successfully completed the sale of Commerce Office Park (middle right photo), a 285,368 square-foot institutional quality office campus located at 4900, 5500, 5700 and 5770 South Eastern Avenue, and 5801 East Slauson Avenue in Commerce, Calif. 

This Class A, five-building office property is situated on six separate parcels in the Los Angeles Basin.

Dan Vittone (lower left photo), Senior Vice President, SIOR and Alan Pekarcik (lower right photo), Executive Vice President, SIOR, in Voit’s Irvine office represented the seller, Thompson National Properties on behalf of the tenant-in-common owners of record, and the buyer, Omninet Commerce, LP. 

Kevin Shannon, Scott Schumacher and Ken White of CBRE and Tom Sheets of Cushman & Wakefield also represented the seller.

“Commerce Office Park was 90 percent leased at the time of this sale, predominantly to departments of LA County and the State of California,” said Vittone. “This investment offers the buyer the ability to increase rents over time and potentially sell off the 5 buildings individually as they are each situated upon their own parcel.”

 The Commerce office submarket is approximately 1.1 million square feet, and has had no speculative office construction since 1991, according to Vittone. 

Commerce Office Park is located on the corner of S. Eastern and E. Slauson Avenues, and has access to a number of major Los Angeles freeways including the Long Beach I-710, Santa Ana I-5, SR- 60, San Gabriel I-605 and Century I-105 freeway.

“Commerce Office Park is the newest addition to Omninet Capital’s office portfolio in Los Angeles and ends the 2011 year with over $200 Million in commercial acquisitions,” said Michael Daniel, a Partner at Omninet Capital.

Contact:

Judith Brower

Brower, Miller & Cole

(949) 955-7940

JBrower@browermillercole.com