HREC Investment Advisors Arranges Sale of Hilton in Scranton, PA
December 30, 2010 - The recent sale of the 175-room Hilton Scranton & Conference Center was handled by Geoff Davis of HREC Investment Advisors' New York office.
The property was purchased by Linchris Hotel Corp., in conjunction with an institutional investor. Linchris plans to change the property's management and perform an extensive renovation of the asset. The seller, Electric City Hospitality, LLC, retained HREC to explore a number of strategic options, including sale, joint venture and other forms of recapitalization, but ultimately decided to sell the property.
Geoff Davis, President of HREC Investment Advisors noted, "The asset drew tremendous interest from the hotel investment community. Over 160 investment groups examined the opportunity, and we received 26 written offers on the asset. In the end, Linchris was selected as the buyer due to their financial capacity, relationship with Hilton and ability to move the transaction forward."
About HREC: HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), asset management and litigation support. With fourteen offices throughout North America, HREC is distinguished by unwavering commitment to client service through its team approach, intellectual capital and hotel/casino specialization.
For additional information, visit HREC's website at www.hrec.com
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