Allied Sells Chateau Lacombe Crowne Plaza in Edmonton
August 23, 2010 - Vancouver, BC / Chicago, IL - Paramount Lodging Advisors (PLA) is pleased to announce the sale of the iconic Chateau Lacombe Crowne Plaza in Edmonton, Alberta, Canada, on behalf of Allied Hotels. The 307 room, 24 story, full service hotel was acquired by Chateau Lacombe Limited Partnership for $47,800,000 - marking one of the largest hotel sales in Canada for 2010. Jim Mouzourakis, PLA's Senior Managing Director in Canada, procured the buyer and facilitated the transaction.
“Mr. Mouzourakis was instrumental throughout the entire purchase and sale process; he led negotiations with the purchase and assisted with the due diligence and the various documentation involved in the transaction” according to Michael Chan, president of Allied Hotel Properties. “More importantly, he was able to solve problems that arose with our complicated deal structure and strategized with our management team to provide feasible alternatives. It was his critical thinking that led to our ability to close this transaction, and he persevered when it seemed that there were too many obstacles to completion of the deal,” Chan adds.
When asked about the most notable aspect of this transaction, Jim reflected, “It was really about recognizing the underlying value and potential for the asset, and determining how to best maximize that - both for the Vendor on the exit, but as well as for the Buyer on the going in side. Ultimately you need to create a win-win, and this is more important now than ever” said Mouzourakis.
Jim Mouzourakis heads PLA in Canada and is located in Vancouver. He can be reached at 604.761.2711 604.761.2711 or via email at jim@paramountlodging.com.
For additional information, visit Paramount Lodging Advisors' website, www.paramountlodging.com.
About Paramount Lodging Advisors:
Paramount Lodging Advisors specializes in hotel brokerage and full advisory services, including debt and equity sourcing, and asset management services. PLA is headquartered in Chicago, IL and has offices in Phoenix, AZ, Los Angeles, CA, San Francisco, CA, Ithaca, NY, Charleston, SC, Richmond, VA, Vancouver, B.C. and London, U.K.
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