BOSTON, MA, November 30, 2007. Fine Hotel Corp. of Wellesley, MA, sells portfolio of five hotels to Linchris Hotel Corp., of Hanover, MA.
The 855 room portfolio includes hotels in Massachusetts and Maine. They are:
the 227- room Hampton Inn Boston-Logan Airport,
the 225- room Holiday Inn Brookline,
the 202- room Holiday Inn Mansfield, MA and
the 102- room Holiday Inn and
the 99- room Comfort Inn, Augusta, ME.
Broker Jim O'Connell of O'Connell Hospitality Group, LLC said, ""Fine Hotels Corp. took advantage of a strong hotel investment market. OHG received 18 offers on single assets and various package combinations. In the end, Chris Gistis, C.E.O, Glenn Gistis, C.F.O. and Mike Sullivan, President of Linchris Hotel Corp. stepped up and negotiated the purchase of all five hotels. It was a very competitive bidding situation."
The portfolio is a mix of strong cash flow performers and strategic real estate investments. The Hampton Inn Logan Airport is operating in excess of 80% annual occupancy. The 2-story Holiday Inn Brookline is located in Boston's hospital district at 1200 Beacon Street and occupies almost a full city block.
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