Beyond the Peabody, Small Hotels Selling
1Although we?ve seen blockbuster?hotel?sales like the $717 Peabody Hotel sale in Orlando last year, smaller investors are also looking at the?hotel?segment as a safe haven for cash. The latest example is the sale of a Country Inn & Suites in Destin, FL.
David M. Greenberg, a vice president investments, and David Altman, an associate, in?Marcus & Millichap?s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a private investor from Kansas. The?hotel?sold for $4.7 million which represents $56,024 per room. M&M also secured and represented the buyer, a private investor from Alabama.
?The combination of strong industry performance, increased availability of capital, and attractive interest rates make hospitality investments particularly attractive to buyers,? says Greenberg. ?High consumer confidence has increased travel and demand for rooms and?hotel?operations have improved significantly and are forecasting strong gains in revenues/profits in 2014 and 2015.?
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Source: Jennifer LeClaire (2014). Beyond the Peabody, Small Hotels Selling, GlobeSt. 1 published Mar 28, 2014. Viewed Apr 02, 2014.