Hodges Ward Elliott Posts 2006 Record Sales
MARCH 6, 2007. Hodges Ward Elliott (HWE), the nation's premier hotel brokerage and investment banking firm, today announced it had achieved record sales volume in 2006, doubling both the number of hotels sold and the aggregate dollar value of the properties it represented, compared to 2005. The firm was involved in the sale and/or financing of 191 hotels, resorts and golf courses last year, in locations ranging from Russia to mid-town Manhattan to the Netherlands. Transaction volume totaled $5.7 billion, compared to $2.5 billion in 2005.
Officials noted that the company is maintaining that record pace in 2007, reporting more than $1.1 billion in transactions in the first two months of the year. In January and February 2007, the company has been involved in transactions involving 43 hotels aggregating 7,500 rooms.
"The scope of our transactions ranges from focused-service hotels for less than $10 million to 80-plus hotel portfolios in excess of $1 billion," said Mark Elliott, principal of Hodges Ward Elliott. "Our International Division, headquartered in London, had strong momentum in 2006 and currently has some 14 properties under exclusive listing agreements. "Our Focused-Service Division, which specializes in hotels in this segment valued up to $10 million, represented a record 30 properties in 2006," he noted. "Our Golf Division-the only one available at an international brokerage firm, giving us special expertise in this market-has a very active pipeline as we enter 2007. Our core Full-Service/Luxury Hotel and Resort Division completed transactions in 25-plus states in 2006."
A sampling of significant 2006 transactions represented by HWE includes:
o $1.4 billion, the White Lodging Portfolio, 86 properties and 10,939 rooms.
o $440 million, Westin St. Francis, San Francisco, 1,195 rooms
o $347 million, Hilton Garden Inn Times Square and Hampton Inn Manhattan-Times Square North, New York City, 669 rooms
o $330 million, Ritz Carlton Laguna Nigel, Dana Point, Calif., 393 rooms
o $70 million, Hotel Pulkovskaya, St. Petersburg, Russia, 840 rooms
o The Silverhorn Golf Club, San Antonio, Texas, 262 acres
Highlights for transactions completed by HWE in the first two months of 2007 include:
o 4,500-plus rooms, 32-property CNL National Portfolio
o 300-room Cool Springs Marriott, Franklin, Tennessee
o 499-room Renaissance Montura Los Angeles, California
o 657-room Mayflower Renaissance Washington, DC
o 356-room Logan Airport Holiday Inn Boston, Massachusetts
o 90-room Springhill Suites Boulder, Colorado
Elliott said, "Investor interest in hotel real estate remains at very high levels as does interest in golf course real estate."
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