Hotel AG Brokers Sale of an East South Central Portfolio
ATLANTA – September 19, 2011 - Hotel Assets Group, LLC (Hotel AG), announced today they closed two hotels in the East South Central Region on behalf of Sterling Bank, a division of Comerica Bank. The portfolio included an 84-room Econo Lodge and a 62-room Inn Place Suites. The property sold to K&A Host, LLC for an undisclosed amount. "The buyer understood the challenges of the hotels at the local level and plans to undergo extensive renovations to re-brand and reposition the hotels to better compete in the market,'' stated Victor Kalyanji, vice president and partner of the firm. At the time of sale, the Econo Lodge was closed for business and the Inn Place Suites was open.
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.published: 09-19-2011