Hotel AG Closes 12 Hotel Transactions in the Past Nine Weeks
ATLANTA – January 20, 2011 – Hotel Assets Group, LLC (Hotel AG), announced today that with the closing last week of the 110-room Makai Hotel in Ormond Beach, Florida, the firm has now closed a total of 12 separate hotel transactions within the past nine weeks. The hotels included upscale, select service, mid market select service, full service and foreclosed assets located along the eastern seaboard, South Central, Midwest and the Southeast US. The 12 transactions consist of three well-located Hilton select service hotels that sold to two separate REITs, two independent hotels, four bank foreclosures for Wells Fargo, two foreclosed hotels for US Bank and one foreclosure for Midland Loan Services.
Additionally Hotel AG sees strength in the 2011 hotel transaction market with 16 forthcoming transactions under agreement that range from full service to mid market and select service assets. Keith Thompson stated, "We are seeing a rebound in the hotel transaction market that is very refreshing. The hotel market is not great by any means, but we are experiencing stabilization in property level performances as well as in the appetite of buyers for hotel acquisitions.''
About Hotel AG
Headquartered in Atlanta, Georgia with 16 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 134 hotels on the market in 33 states valued at 1.1 billion. published: 01-20-2011