Maxim Brokerage Closes Four Hotel Transactions in May
NEWPORT BEACH, CA, June 1, 2009 - During this period of abnormally low transaction volume, Maxim Hotel Brokerage successfully completed four transactions in the month of May. The hotels, sold in four separate transactions, include the Americas Best Value Inn in Burnsville, Minnesota (67 rooms), Americas Best Value Inn in Sierra Vista, Arizona (52 rooms), Americas Best Value Inn in Palm Springs, California (62 rooms), and Americas Best Value Inn in Beloit, Wisconsin (60 rooms).
Maxim represented the Seller in each transaction, and the Purchaser for each property was a local or regional owner/operator. Jack Carr, Principal of Maxim Hotel Brokerage commented, "These closings demonstrate that while brokerage activity is at a low point with declining property level performance trends, there are still active buying and lending markets for these type of deals."
Harry Pflueger, Principal at Maxim, added, "Pricing is a very dynamic, moving target in this market. It is very important to present the latest financial data available, broken down by month. Since performance took such a nose dive at mid-2008, it stands to reason that performance trends should show some stabilization over the coming months, which will help underwriting. Buyers and lenders like to see stability."
Each acquisition was financed using SBA financing. Maxim represented a privately held seller in each of the above transactions, and expects to represent private sellers as well as lenders as troubled properties work their way through the system in the months ahead.
In February, Maxim also represented a private owner in the sale of the Gambler Casino in North Las Vegas, a non-restricted casino. The purchaser was a Las Vegas based private company with over 30 tavern/casino locations in Nevada.
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