Paramount Lodging Advisors (PLA) has sold the 67-room Baymont Inn & Suites at 3300 Kinney Coulee Road North in Onalaska, Wisconsin to Crescent Lodging, LLC. PLA’s Adam Montufar and Brian Fay represented the seller, Selo Stubla, LLC. in the transaction which closed on September 1, 2010.
“Paramount Lodging Advisors delivered exactly what was needed from our hotel broker”, stated a spokesperson for the seller. “They were focused on selling our hotel and despite many challenges did so at a price we were comfortable with.”
PLA Senior Associate Montufar added, "This sale is an example of patience and persistence. We narrowed a large investor pool to two groups, and the seller selected one. Unfortunately, the selected buyer did not perform. Fortunately, we maintained communication with the alternate buyer who had submitted a back-up offer. Once the initial deal began to unravel we focused on taking the appropriate steps with Crescent Lodging to ensure our client's position with minimal time lost. In today's investment environment, all the pieces of a hotel transaction need to be securely in place during a finite period of time. Our job is to manage the pieces and the timeframe, preempting hiccups when possible."
The Baymont Inn & Suites Onalaska, WI will continue to operate within the Wyndham franchise system and be managed by Crescent Lodging Management, LLC.
Adam can be reached at 312.239.0534 or via email at amontufar@paramountlodging.com. For additional information on Paramount Lodging Advisors, visit their website at www.paramountlodging.com.
About Paramount Lodging Advisors:
Paramount Lodging Advisors is a full service hotel real estate services firm specializing in brokerage, capital markets, consulting and asset management. PLA is headquartered in Chicago, IL and has offices in Phoenix, AZ, Los Angeles, CA, San Francisco, CA, Ithaca, NY, Charleston, SC, Richmond, VA, Vancouver, B.C. and London, U.K.
