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Transactions
Real Estate Sale
Hotel Portfolio – Michigan and Illinois
Milestone Realty Services worked in a real estate brokerage capacity to arrange the sale of four select service franchised hotels in the Midwest. The properties comprise 338 units and operate under Hampton Inn and SpringHill Suites by Marriott franchises.
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Hampton Inn,
Champaign/Urbana, Illinois
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Hampton Inn,
East Lansing, Michigan |
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Properties
The portfolio consists of Hampton Inns in Grand Rapids and East Lansing, Michigan
and Champaign/Urbana, Illinois and a SpringHill Suites by Marriott in Grand Rapids,
Michigan. All of the properties were built in the late 1990’s or early 2000’s
and are the leaders in their respective markets. Two of the hotels are strategically
located near major universities and the other two are well located in strong
and growing commercial markets. The sellers are
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Hampton Inn,
Grand Rapids, Michigan
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SpringHill Suites,
Grand Rapids, Michigan |
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regional hotel owner/operators
with a significant portfolio and a long history of quality hotel developments
in the Midwest.
Owner Objectives
Milestone approached the owner of these properties with the prospect of selling
the real estate to an institutional investor at the favorable terms currently
available. The owner was interested in maximizing the accumulated equity in these
assets in order to continue their active hotel development pipeline, but they
wanted to maintain the existing management contracts. The owner was also attracted
by the possibility of a future relationship with the buyer.
Milestone identified an institutional buyer and negotiated the purchase of the
hotels at historically high earnings multiples as well as for the seller to maintain
the management of the hotels under a long-term contract.
Due to our extensive relationships with debt and equity investors active in the
hospitality industry, Milestone is consistently able to keep our clients abreast
of beneficial trends in the capital markets. Those relationships, coupled with
Milestone’s commitment to the objectives of the client, were essential to the
closing of this transaction.
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