Hotel AG Sells Fort Myers-Estero Embassy Suites
Atlanta, GA July 1, 2010
– Hotel Assets Group, LLC (Hotel AG), announced today that the firm negotiated the sale of the Embassy Suites located in Fort Myers-Estero, Florida on behalf of Carroll Hotel 21, LLC. The 150-suites property sold to RLJ Real Estate Fund III Acquisitions, LLC for an undisclosed amount.
Tom Huegel, vice president of Hotel AG remarked, "This was an excellent acquisition for RLJ Hotels at a cost below replacement value and complements their recent acquisition of the Embassy Suites in downtown Tampa, Florida at the convention center.''
The Embassy Suites, located in the SW quadrant of Interstate 75 and Corkscrew Road, was developed and operated by Carroll Properties based in Ft. Myers, Florida. The buyer, a special purpose entity that is a real estate holding arm for RLJ Hotels, will continue to operate the property as an Embassy Suites with Hilton Worldwide taking over as the management company. The hotel will receive a minor renovation mainly covering items that are new brand standards for Embassy Suites including flat panel televisions, fitness equipment and signage.
About Hotel AG
Hotel AG is a national hotel brokerage firm headquartered in Atlanta, Georgia with 16 offices throughout the U.S. The company specializes in the sale of hotel real estate throughout the continental 48 states. Today, Hotel AG has 113 hotel engagements totaling $1.1 billion throughout the U.S. with 34 of the 113 under agreement. The company has closed 35 percent more transactions in 2010 than the 2009 calendar year. For further information about this transaction and current hotel property offerings, please visit www.hotelassetsgroup.com. published: 07-01-2010