May 18, 2023
HREC Investment Advisors announced today it has arranged the sale of the 117-guestroom Best Western University Inn and 111-unit Park Plaza Self Storage located near the University of Alabama in Tuscaloosa, Alabama. The property was acquired by a private buyer and will be managed by Baron Hospitality, according to a press release.
HREC Investment Advisors exclusively represented a local seller on this transaction and worked through a third-party management company – Expotel Hospitality, which was led by Mike Nixon, Chief Development Officer, and President. The marketing and negotiations were led by Michael Salloway, Vice President in the Atlanta office.
“As an Alumni of The University of Alabama, this transaction was very special to me, and I am excited to have had the opportunity to partner with the seller for the disposition,” Salloway said. “The sales process for these assets drew a tremendous response. Probably no less than 50 buyers reached out trying to acquire only the Self-Storage facility. In the end, the seller chose to keep the properties as a portfolio allowing a buyer to not only acquire a performing hotel asset, but also pick up a property in one of the hottest CRE verticals. It was great working through Expotel Hospitality on this transaction. Both the buyer and seller worked diligently to get to the finish line as quickly as possible.”