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Transactions
Real Estate Sale
Hilton Garden Inn – Plymouth, Michigan
Milestone Realty Services
worked in a real estate sale brokerage capacity to identify a buyer
and close the sale of a 159-unit Hilton
Garden Inn located in Plymouth Township, Michigan.
Property
The Hilton Garden Inn is a six-story 159-unit first
class full service hotel located along the fast growing
M-14 corridor between
Plymouth and Ann Arbor. The second Hilton Garden Inn to be developed
in Michigan, this property was built in 1999 as a prototypical
Hilton Garden Inn with guestrooms, meeting facilities and a pavilion
housing food and beverage operations. This area of the Metropolitan
Detroit Market has grown rapidly throughout the 1990’s
and early 2000’s with the location of residential, corporate
and recreational developments.
Owner Objectives
Milestone was approached by the owner of this facility who was
in the process of divesting certain non-strategic business assets.
As the owner was seeking to identify buyers capable of closing
this transaction quickly, Milestone was chosen to market the
property. Being familiar with the property, the market, and qualified
potential purchasers, Milestone was able to identify interested
parties immediately and have an executed letter of intent within
four days for a price above what was originally anticipated by
the owner.
Due Diligence & Closing
While many real estate brokers’ services stop with a signed
purchase agreement, Milestone continued to work with the buyer
and seller in the negotiation of final terms, coordination of due
diligence, and review of documents, all to ensure a timely closing.
Because of Milestone’s knowledge of the local lodging market,
we were also able to provide assistance in other aspects of this
transaction such as the coordination of the lender’s real
estate appraisal and the transfer of the franchise and liquor license.
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