Hotel AG Closes Eight Hotel Transactions in November
ATLANTA, GA - December 6, 2010 - Hotel Assets Group, LLC (Hotel AG), announced today that the firm closed eight separate hotel transactions in the month of November. The transactions included upscale, select service and foreclosed assets located in South Central and Southeast US. The eight closings consist of three well-located Hilton select service hotels that sold to two separate REITs, one independent hotel, three bank foreclosures for Wells Fargo and one economy branded hotel for US Bank.
Several of the firm's agents were involved in the disposition of the assets and commented on the transactions.
Wendy Blissett, vice president of Hotel AG remarked, "we have definitely seen an upswing in interest levels and activity from buyers over the past several months, which we believe is a good indicator of things to come."
“Creativity is definitely the name of the game and will continue to be the mantra for 2011 as we begin to crawl out of the basement, commented Brad Sinclair, vice president of Hotel AG.”
“There is still a lot of money sitting on the sidelines and with the improvements we have experienced recently in both hotel performance and the economy in general, the transaction market should improve significantly as we get into the first and second quarters of 2011,” Tom Huegel, vice president of Hotel AG stated.
Alex White, vice president of Hotel AG remarked, "we are seeing more sellers provide owner financing which is allowing us to get these deals across the finish line, particularly with distressed assets.”
"These transactions signal a strong rebound to the US hotel transaction market," said Keith Thompson, principal of Hotel AG. "We as a firm believe the greatest wealth creation cycle for hotel ownership has started."
About Hotel AG
Headquartered in Atlanta, Georgia with 16 national offices, Hotel AG is a specialized brokerage firm offering hotel-specific real estate and investment banking within the United States. The company conducts business with REITs, public and private companies, institutional clients and individual owner operators. Today Hotel AG has 137 hotels on the market in 33 states valued at 1.2 billion. Hotel AG can be found online at www.hotelassetsgroup.com.
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