HREC Arranges Sale of Hilton - Lafayette, LA
FEBRUARY 25, 2008. HREC Investment Advisors successfully represented the Blackstone Group in arranging the sale of the Hilton Hotel in Lafayette,LA. The hotel was sold as part of a portfolio to ajoint venture of Harte Holdings and Interstate Hotels & Resorts. Built in 1983, the property is Lafayette's premier full-service hotel and features 327 guestrooms and over 22,000 square feet of meeting space. Recently renovated, the property was the recipient of the 2006 "Renovation of the Year" award from Hilton Hotels Corporation.
"Our ability to work with a savvy buyer such as Interstate, who has access to international capital, was the difference in getting a major transaction done during difficult market conditions," said Scott Stephens, Principal of HREC Investment Advisors' Tampa office. "We will continue to bring our creativity and experience to bear as we help our clients get deals done in this challenging market."
HREC Investment Advisors is a real estate brokerage and investment banking firm exclusively focused on the hospitality industry. HREC Investment Advisors is also currently very active in refinancing debt on a number of existing hotels, placing debt and equity on hotel development projects, and in the equity recapitalization of a number of hotel portfolios, including arranging equity joint ventures, as well as placing mezzanine debt and equity on both existing and proposed hotel projects.
HREC Investment Advisors has office locations in Denver, New York,Chicago, Los Angeles, Tampa and Boca Raton. For additional information, visit HREC's website at www.hrec.com
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