Avison Young Hospitality Group Announces Recent Closings
ATLANTA, GA. May 1, 2017 – The Avison Young Hospitality Group announced today that it has closed nine separate transactions and has 39 hotel transactions under sale agreement. The closings took place across the United States, including the Eastern Seaboard, Upper and Central Midwest and East and West Coast.
The hotel sales ranged from full service, upscale hotels and select service hotels to extended stay hotels. One of the transactions involved an independent hotel near Pebble Beach in Monterey County, California.
“Our recent closings represent where the hospitality market is today,” said Keith Thompson, principal at Avison Young. “We believe the bid-ask spread has closed for serious sellers and we see the transaction market being strong to robust for the balance of 2017.”
The sellers and buyers involved in the transactions were institutional, large cap management firms, private equity firms and multi-unit investors.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
About Avison Young Hospitality Group
Avison Young Hospitality Group is a national hotel practice group supported by 70 North American office locations and 2300 people. The hospitality group currently has 202 hotels on the market totaling 3.3 billion in market value and for the past four years the group has been involved in one hotel transaction every five days. Avison Young Hospitality Group specializes in select service and full service hotels within the US and works with CMBS lenders, whole loan banks, REITs, public companies, investment funds and private investors. The hospitality group can be found at www.avisonyoung.com under the “services” tab.