AmeriSuites Portfolio in Texas Sold
The Mumford Company has arranged the sale of three AmeriSuites on behalf of three San Antonio limited partnerships to Camden Hospitality Group. The 128 room hotels will be converted to Hyatt Place following renovations and are located in the strategic commercial markets of Austin's Golden Triangle, San Antonio Airport and Houston's Intercontinental Airport.
Newport News, VA (PRWEB) May 3, 2007 -- The Mumford Company has arranged the sale of three AmeriSuites on behalf of three San Antonio limited partnerships to Camden Hospitality Group. The 128 room hotels will be converted to Hyatt Place following renovations and are located in the strategic commercial markets of Austin's Golden Triangle, San Antonio Airport and Houston's Intercontinental Airport.
Management of the hotels and limited partnerships prior to the sale was provided by Presidian Companies of San Antonio, which specializes in the creation of limited partnership structures and asset management activities. Lance Potter of the Mumford Company's Chicago office says, "Presidian has a demonstrated track record of opportunistic deals. The limited partnerships purchased these hotels at the right time and given their acquisition and partnership structure, are exiting these assets in a method consistent with the objectives of the limited partnerships."
The purchaser, Camden Hospitality Group, is aggressively seeking to acquire properties that can be converted into Hyatt Place hotels. Randy Lee of Mumford's Dallas office worked extensively with the buyer and says, "The transaction was a challenge given the capital stack assemblage and conversion to the Hyatt Place brand, but working with a solid team at Camden, the effort was worth it. These are great long term assets to own in an exciting new lodging segment."
Conversion of the hotels from AmeriSuites to Hyatt Place will commence immediately. According to Mike Francis of Mumford's Dallas office, "The all in cost per unit for the buyer is an excellent entry price and below replacement cost. The locations themselves are irreplaceable."
The Mumford Company is the preferred choice for sellers of hotel properties representing most major franchises and independents alike. The company has offices in Atlanta, Chicago, Dallas and Newport News, and has significant plans for strategic expansion in 2007.
Established in 1978 The Mumford Company is proud of its heritage as a leader in the hotel real estate industry. For more information on The Mumford Company and its' services, please visit our website at www.mumfordcompany.com or contact us at 757-873-0962.
###
|
