ATLANTA – October 17, 2011 – Hotel Assets Group, LLC (Hotel AG), announced today that the firm negotiated the sale of two well-performing Hilton Garden Inn hotels located in Ohio and Illinois, consisting of 110 rooms and 124 rooms, respectively. The hotels were purchased by Apple REIT Ten for an undisclosed amount.
“This portfolio consists of two stabilized assets with minimal change of ownership capital expected,” said Brad Sinclair, a vice president and partner for Hot
el AG. “The NOI for both hotels is strong and the cap rate for both the buyer and seller yielded a return satisfying to each.”
Brad further stated, “The market today is still eager for portfolios of high quality assets. From portfolios with two assets similar to this one to larger portfolios with 30+ assets, we are at a time where they are trading and trading at favorable terms for both buyers and sellers.”
About Hotel AG
Headquartered in Atlanta, Georgia with 19 national offices, Hotel AG is a specialized brokerage firm offering hotel-specific real estate and investment banking within the United States. The company conducts business with REITs, public and private companies, institutional clients and individual owner operators. Today Hotel AG has 129 hotels on the market in 33 states valued at $1.3 billion.