Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Inn at Panther Valley, a 100-unit boutique hotel located in Allamuchy, New Jersey. Optimum Hotel Brokerage’s president, Joe McCann, was the exclusive agent and Licensed New Jersey Real Estate Broker for the seller, in cooperation with the property’s lender, a large regional bank.
“Being an active hotel broker in New Jersey, we were very familiar with the hotel and the market.” explained McCann. “The hotel was in great condition and managed by a capable owner, but temporary market conditions had caused the hotel to experience financial distress. After meeting with the owner and the bank, we proposed a tailored and targeted marketing strategy, optimizing the property’s value in this challenging transaction environment. The bank had been previously considering an auction process to dispose of the asset, but agreed that an intensified marketing approach would achieve the highest value.”
“The hotel was closed and had limited branding potential”, he continued. “Our expanded marketing strategy reached an assisted living operator who recognized the property’s value for that use. The end result was a transaction at a price more than 50% the bank’s estimate of auction value.”
Philadelphia, Pennsylvania-based Optimum Hotel Brokerage is a full service hotel brokerage firm. The firm’s recent sales include the first mortgage note on the Hampton Inn Lehighton in Lehighton, Pennsylvania; 176-room Crowne Plaza Enfield in Enfield, Connecticut; the 115-unit Kenilworth Inn in Kenilworth New Jersey, the 69-unit Best Western Berkshire Inn in Danbury, Connecticut; the 67-room Motel 6 Augusta in Augusta, Maine, the 115-room Westport Inn in Westport, Connecticut; the 66-room Holiday Inn Express Plainfield in Plainfield, Connecticut: 153-room Best Western Colonial Hotel in East Windsor, Connecticut; the 1,639-room Palmer House Hilton in Chicago; the 75-unit Comfort Inn & Suites Brandywine Valley in West Chester, Pennsylvania; the 304-room Crowne Plaza Meadowlands in Secaucus, New Jersey; and the 350-room Crowne Plaza Hartford in Hartford, Connecticut. Optimum Hotel Brokerage is a trusted source for buyers seeking hotels for sale and maintains hotel listings in many northeastern states.
Optimum Hotel Brokerage’s principal is Joe McCann. Joe is a thirty-two year hotel industry veteran who has held senior management positions with Hilton and Marriott. Joe holds a Bachelor of Science Degree in Hotel, Restaurant and Institutional Management from the Pennsylvania State University and a Master of Hospitality Management degree (with concentration in Hotel Finance) from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. He has also completed advanced Finance, Real Estate Finance, Hotel Valuation, and New Venture Development courses offered by the University of Connecticut, the University of Texas, Cornell University, and the University of Houston’s Bauer Graduate School of Business. He has been an active broker and consultant in the hospitality industry, with assignments ranging from hotel feasibility projects to multi-unit restaurant development.
Mr. McCann is president of the Penn State Hotel and Restaurant Society, representing the more than 5,000 alumni of Penn State's renowned School of Hospitality Management. Optimum Hotel Brokerage has endowed scholarships at the school to provide financial assistance to students demonstrating financial need at the school.
Optimum Hotel Brokerage is also a member and Joe McCann is president of Hotel Brokers International, the world’s largest and oldest hospitality real estate organization, which has a rich heritage of experience and expertise in hotel real estate valuation, transactions and other essential services. Comprised of some 75 hotel real estate broker specialists, HBI provides the hospitality industry with its most powerful hotel real estate marketing force, creating greater visibility through a unified and inclusive advertising and marketing approach. Mr. McCann has earned the designation of Certified Hotel Broker, with distinction, from the organization, and was recognized as HBI’s Broker of the Year for the Northeast Region for many years.. HBI has also awarded McCann with the Portfolio Sale of the Year, and Unique Deal of the Year.. Optimum Hotel Brokerage and Joe McCann was awarded HBI’s prestigious Broker of the Year Award in 2006.
For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com
. For a complimentary valuation of your hotel, call 215-572-7711.