Hunter Realty Brokers Bank's REO
East Coast Hotel Partners, LLC Buys, Converts Property to Comfort Inn
JUNE 8, 2009 - Officials from Hunter Realty, a leading national hotel investment services firm, today announced that they brokered the sale of the 152-room Days Inn Atlanta Six Flags here. The property was acquired by East Coast Hotel Partners, LLC, which plans to renovate and convert the hotel to the Comfort Inn brand. The seller was an institutional lender/owner. The REO property was financed with a SBA loan from an Atlanta bank.
"East Coast Hotel Partners, LLC is a well regarded owner/operator with multiple properties currently in its portfolio," said Lee Hunter, CHB, ISHC and chief operating officer, Hunter Realty. "They have prior experience in the Atlanta market and believe the property has excellent profit potential, especially when the economy begins its expected rebound. The timing of this transaction will give them sufficient time to upgrade the hotel.
"East Coast Hotel Partners is typical of today's buyer," said Teague Hunter, CHB, president, Hunter Realty Associates, Inc. "There are a substantial number of buyers on the sidelines who are selectively acquiring properties that they believe have significant upside potential. Even with the credit markets still in disarray, investors who have cash and a proven track record can obtain the financing to get deals done. We have been successful in helping buyers secure financing for hotels under $10 million through local and regional banks, as well as SBA and other government loan programs. While it is difficult to pick the bottom of the real estate cycle, we believe it is approaching and that a number of properties will be coming tomarket between now and year end. This first wave of investors historically generates better returns than those who invest later in the cycle.
"Our firm is doing more consulting now than at any time in the past five years," he noted. "We are working with both buyers and sellers to develop appropriate strategies and timing in a very difficult market. There is a lot of pent-up demand that should begin to become more active as the year progresses."
The seven-story Days Inn is located at 3900 Fulton Industrial Blvd., 1.5 miles from Six Flags amusement park, and convenient to the Georgia Aquarium, World of Coke, and Turner Field. The hotel features interior corridors, large outdoor swimming pool, and meeting space. Rooms offer 27-inch satellite televisions, high-speed wireless Internet access, coffee makers, microwaves and refrigerators. .
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