Hotel AG Brokers Sale of Hilton Select Service Portfolio
ATLANTA, GA - June 27, 2011 - Hotel Assets Group, LLC (Hotel AG), announced today that the firm negotiated the sale of a three-property Hilton select service portfolio totaling 382 rooms. The portfolio was comprised of a 184-room Hilton Garden Inn in Hoffman Estates, Illinois; a 95-room Homewood Suites in Cedar Rapids, Iowa; and a 103-room Hampton Inn and Suites in Cedar Rapids, Iowa. The portfolio was sold to Apple REIT Ten on behalf of Hawkeye Hotels for an undisclosed amount.
“This is the first transaction between Hawkeye Hotels and Apple REIT Companies with more transactions scheduled in the coming month,” said Brad Sinclair, a vice president and partner for Hotel AG. “The properties are performing extremely well providing Apple REIT the opportunity to purchase them at a favorable cap rate. This was a very successful first transaction for all parties involved.”
The properties are being managed for Apple REIT Ten by Schulte Hospitality Group of Louisville, Kentucky. The buyer plans to do the necessary renovations and continue the strong performance at each hotel.
About Hotel AG
Headquartered in Atlanta, Georgia with 19 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 129 hotels on the market in 33 states valued at $1.3 billion. Hotel AG can be found online at www.hotelassetsgroup.com.
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