HREC Arranges Sale of Fairfield Inn & Suites Yakima, Washington
DENVER, CO. and SAN DIEGO, CA. March 31, 2016 - HREC Investment Advisors is pleased to announce it arranged the sale of the 81-guestroom Fairfield Inn & Suites located in Yakima, Washington. The sale price was $8,700,000.
Mike Armstrong, Principal in HREC Investment Advisors' San Diego office, exclusively represented the seller, LLJ Ventures, a value-add real estate investment firm. The hotel was managed by Pacific Pearl Hotels. LLJ acquired the hotel in 2013, and installed a new management team and completed a major renovation which contributed to the hotel's solid year-over-year performance.
The buyer is Glacier House Hotels, an owner and operator of select service Marriott, Starwood, and IHG branded hotels primarily in the western United States. Glacier recently closed on another three hotels and is actively pursuing new opportunities.
“Our client met their investment goals and was able to achieve an excellent return for their investors. The Fairfield Inn and Suites received significant investor interest due to the premium brand, the high quality of the physical facility and the strong regional market. After Glacier House Hotels completes minor property improvements, the hotel will be well-positioned to increase its market penetration and cash flow,” commented Mike Armstrong.
The Hotel maintains a highly visible location on Fair Avenue, immediately off of Interstate 82. The Hotel's accessibility to Interstate 82 and immediate proximity to Bob's Burgers & Brew make it a favorite lodging facility for visitors to the Yakima Training Center, one of Yakima's most prominent demand generators. Other demand generators include the Yakima Convention Center, Yakima Speedway, the Yakima River and State Fair Park.
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. Visit HREC®'s website at www.hrec.com
Contact:
Mike Armstrong
Principal
marmstrong@hrec.com
760.452.2255
Ashley Hunt
Director of Marketing
ahunt@hrec.com
303.267.0057
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
