HREC Investment Advisors Arranges Sale of Hilton Hotel in Knoxville, TN
Denver, CO / Atlanta, GA - March 17, 2011 - HREC Investment Advisors is pleased to announce that it represented the seller, Knoxville Hotel 2004, LLC, a company managed by Herzog & Sons, in its recent sale of the 317-guestroom Hilton located in downtown Knoxville, Tennessee to an affiliate of Fairwood Capital. Davidson Hotel Company, one of the leading hotel management companies in the country, will manage the asset on behalf of Fairwood capital. The sale was handled by Monty Levy, Senior Vice President in HREC Investment Advisors' Atlanta office, who led the HREC Investment Advisors' team. “We were extremely pleased with the representation provided to us by HREC Investment Advisors”, noted Mark Huttner, President of J. Herzog & Sons. “Their entire transaction team, led by Monty Levy, overcame a number of challenges and provided us with skilled and tenacious representation that enabled this transaction to ultimately close.”
Located in the heart of downtown Knoxville, the Hilton Knoxville offers amenities such as a cyber cafe, business center, fitness center, and outdoor swimming pool. Recognized as Knoxville's premier full-service lodging facility, the Hilton Knoxville is strategically located within walking distance of the University of Tennessee and numerous corporate demand generators. Noted Ed Ansbro, executive Vice President of Fairwood Capital, "The Hilton Knoxville represents the type of acquisition that our firm has been focused on for our investors, given its premium branding and location in the downtown Knoxville market proximate to the University of Tennessee and other diverse demand drivers in the downtown market."
“This transaction truly represents a 'win-win' for both Knoxville Hotel 2004, LLC and Fairwood Capital”, noted Levy. “The seller was able to exit its investment in this fine asset at an opportune time in the current market cycle, while Fairwood was able to acquire the leading hotel in the Knoxville market at very attractive pricing.” Moreover, as noted by Scott Stephens, who is a Principal with HREC Investment Advisors, “This transaction evidences the strength of the HREC IA platform, and demonstrates our firm's expertise in creating a dynamic bid process for high-quality assets such as the Hilton Knoxville.”
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) 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.
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