May 15, 2023
HREC Investment Advisors announced Monday the sale of the 80-guestroom Holiday Inn Express & Suites Prattville South located in Prattville, Alabama. The buyer was a joint venture between ACRE Holdings LLC, a Michigan-based start-up hotel acquisitions platform and Harmony Hospitality Services out of Fargo, ND. The venture teamed up with National Hospitality Services Powered by Hotel Equities, a leader in hospitality management which has experience operating hotels in the Prattville market, according to a press release.
HREC Investment Advisors exclusively represented Omni Hospitality of Millbrook, LLC on this transaction. The marketing and negotiations were led by Tom Huegel, Senior Vice President (Atlanta), and Monty Levy, Managing Director (Atlanta) and Broker on Record for Alabama.
“The buyer, by leveraging their prior experience in the Prattville market, saw a clear opportunity to purchase this already strong operating asset, conduct a full Formula Blue brand PIP, and strengthen this hotels performance even further in the coming years,” said Huegel.