Hotel AG Sells a Former Holiday Inn in the East North Central Region
ATLANTA – May 9, 2011 – Hotel Assets Group, LLC (Hotel AG), announced today that the firm negotiated the sale of a 203-room former Holiday Inn located in the East North Central Region on behalf of Illinois Lincoln Hospitality Return, LLC. The portfolio sold to Matteson Hospitality Real Estate LLC for an undisclosed amount. "This was a typical REO transaction like we are seeing in today’s market,'' stated Brad Sinclair, vice president and partner of Hotel AG. "The property sold significantly below replacement cost and will require a substantial renovation to re-flag as a Holiday Inn.'' The Buyer is a local group that plans to renovate the property and bring it back as a full-service Holiday Inn.
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 35 states valued at 1 billion.published: 05-09-2011