HREC Arranges Sale of Embassy Suites Charlotte, North Carolina
Denver, CO. - May 26, 2015. HREC Investment Advisors is pleased to announce it has arranged the sale of the 274-guestroom Embassy Suites located in Charlotte, North Carolina. SREE Hotels LLC, a leading Charlotte-based management company and developer, acquired the property for $32 Million, and plans an extensive renovation of the asset.
Monty Levy (Senior Vice President - Atlanta), Bill Murney (Senior Vice President - Phoenix) and Scott Stephens (Senior Principal & COO), exclusively represented the seller, FelCor Lodging Trust, during the transaction.
“This was our fifth successful disposition engagement in the Southeast since the beginning of 2014 on behalf of one of our firm's most important clients,” noted Murney. Added Levy, “This transaction helps to further cement HREC's position as the leading hotel advisory firm in the nation focused on upscale full-service and select-service assets.” Levy further noted that “Our long-standing relationship with SREE Hotels further aided our client as we were able to smoothly and seamlessly move through due diligence to a quick and successful close on the part of both the seller and the buyer, proving the value of our unmatched relationships in the industry.”
The Hotel is located proximate to the major intersection of Billy Graham Parkway, Interstate 77 and Tryon Street, roughly five miles south of Uptown Charlotte. The Property retains a strategic location to some of Charlotte's most popular attractions, such as Carowinds Amusement Park and the US National Whitewater Center. The city of Charlotte has a strong, growing economy and an influx of new office residential and retail development that will continue to drive demand at the Hotel.
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 offices throughout North America, HREC is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.
Media Contact:
Monty Levy
Senior Vice President
404-671-9598
mlevy@hrec.com
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