Leisure Real Estate Advisors Announces Sale of Staybridge Suites in Columbia, MO
October 24, 2011 - Leisure Real Estate Advisors, LLC, is pleased to announce the successful sale of the Staybridge Suites hotel located in Columbia, MO. Leisure Real Estate Advisors represented the Owner, Hotel Columbia, LLC, in the transaction. LOF Columbia, LLC, purchased the 82 unit extended stay hotel for an undisclosed price. The listing price was $4,250,000. "This Staybridge received a high level of investor attention, given its price point, the flag and its I-70 location near Columbia Regional Hospital", comments Brent A. Jaynes, co-founder and managing partner of Leisure Real Estate Advisors. He goes on to say, "Columbia has experienced its challenges with regard to competition. However, it is recovering and will still be an attractive market based on the presence of the University of Missouri, a variety of strong corporate clients and the hospital."
LOF Columbia, LLC represents a lodging opportunity fund with ownership and management interests in other Staybridge hotels. The buyer will retain the Staybridge Suites franchise under a new agreement with IHG. The hotel was converted to the Staybridge brand in 2008 and LOF anticipates substantial additional product improvements. "Transacting hotel deals these days is no walk in the park. This transaction presented a number of different challenges and both parties worked diligently to produce the final result," said Jaynes.
Leisure Real Estate Advisors, LLC is based in metro Kansas City and has a specialty concentration in the marketing and sale of hotels. Over its 12 year existence, the company has become one of the premier hotel brokerage firms in the country. Mr. Jaynes further remarked, "Although this market presents its challenges, we are still seeing a good deal of activity, which is quite encouraging. If the fundamentals of the industry continue to improve, activity will increase and more deals will get done."
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