Chicago, IL (PRWEB) January 23, 2013
The properties include the 66-room Holiday Inn Express in Marshall, the 60-room Holiday Inn Express in Adrian and the 51-room Super 8, also located in Adrian. The hotels sold to private buyers at undisclosed pricing and will continue to operate under their respective flags.
PLA ran a streamlined process utilizing Auction.com’s online auction platform, with marketing efforts producing over 150 executed confidentiality agreements per asset. From start-to-finish, initial marketing to closing occurred in approximately 90-days. The buyer pool encompassed a diverse array of investors representing regional and national interests. PLA Associate Brent Clemens noted, “we were extremely pleased with the buyer turnout and feel the quantity and caliber of the buyers is indicative of the ongoing pent up demand for well flagged, limited-service product regionally and nationally. “
The closing of these hotels continues PLA’s success from 2012 having averaged more than one successful arms-length transaction per week since August.
About Paramount Lodging Advisors
Paramount Lodging Advisors is a hotel advisory and brokerage firm specializing in the acquisition, asset management, debt and equity placement, and disposition of hospitality assets across the United States, Canada, & London. For more information about Paramount Lodging Advisors, and to see hotels currently on the market visit http://www.paramountlodging.com