Ellis Group Sells 5 Limited-Service Hotels
July 29, 2010 - The CB Richard Ellis Hotels Group is pleased to announce the sale of five limited-service hotels located in the Carolinas and Florida.
The hotels sold in the transaction include the Comfort Inn Riverview in Charleston, SC, the Comfort Inn University in Durham, NC, the former Hampton Inn Crabtree Valley in Raleigh, NC, the Comfort Inn Medical Park in Durham, NC and the Comfort Suites in Orlando.
The disposition process was led by Vice President Arpit Shah and Executive Vice President Dipan Patel who were exclusively retained by Inland American Lodging Advisor, Inc.
“Our success for this transaction is attributable to investors who remain interested in limited-service hotels and the ability to finance acquisitions in the $4 million to $6 million range,” said Shah.
The five hotels comprised 756 guestrooms and were sold to separate buyers for a total consideration of over $24 million. These hotels were purchased by Inland American Real Estate Trust, Inc., as part of the corporate acquisition of Winston Hotels, Inc. (NYSE:WXH) in July 2007 and represent the first hospitality dispositions by the public, non-traded REIT.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company
headquartered in Los Angeles, is the world's largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
