Hotel AG announced today the firm completed the transaction on 20 properties of a 23-property hotel portfolio last week with the remaining assets closing in the coming months. The portfolio was jointly owned by Newcrest Management and Image Hospitality of Dallas, Texas, represented by Brad Sinclair of Hotel Assets Group, LLC (in partnership with Tranzon Hanley of Dallas, Texas) and purchased by Starwood Capital Group of Greenwich, Connecticut.
“This transaction beautifully represents the turning transaction market,” stated Brad Sinclair, vice president and partner of Hotel AG. “Wall Street is again purchasing well branded hotels in strong secondary markets and realizing better asset valuations and consistent yield returns for their investors.”
About the Portfolio
The average age of the portfolio was less than five years old, with all properties located on fee simple land and sold without management encumbrance. The brands included in the sale were as follows:
-4 Hampton Inn & Suites
-1 Hampton Inn
-1 Fairfield Inn & Suites by Marriott
-3 Courtyard by Marriott
-1 Full-service Holiday Inn
-6 Holiday Inn Express
-1 Candlewood Suites
-2 Comfort Inn and Suites
-1 Country Inn and Suites
About Hotel AG
As of today, Hotel AG has closed 64 hotel transactions in the 2012 year. The firm has 253 hotels on the market totaling $2.6 billion in cap value with 23 additional hotels under sale agreement closing over the next several months. The firm is currently marketing 15 hotel portfolios of premium Select Service hotel brands and the firm has closed 1 hotel transaction every 7 days for the past 24 months. Hotel AG can be found online at www.hotelassetsgroup.com.