TAMPA, FL – HFF announced today that it has closed the sale of three Marriott hotels totaling 671 rooms in Atlanta, Georgia; Fullerton, California; and Detroit, Michigan.
HFF marketed the portfolio on behalf of the seller, an affiliate of HEI Hotels & Resorts. LA Sky Harbor LLC purchased the portfolio, and ASAP International Holding (OCT: ASAE) acted as exclusive advisor to the purchaser.
Individual property details are listed below:
Atlanta Marriott Norcross 475 Technology Parkway, Norcross, GA 222
Fullerton Marriott at CSU Fullerton2071 E. Nutwood Avenue, Fullerton, CA 224
Detroit Marriott Southfield 27033 Northwestern Hwy, Southfield, MI 225
The HFF investment sales team representing the seller was led by senior managing director and head of HFF’s Hotel Group, Daniel C. Peek, senior managing director Bill Stadler, managing director John Bourret and director Max Comess, and included senior hospitality analyst Cyrus Vazifdar.
“The favorable franchise affiliations of the three hotels combined with strong year-over-year earnings created broad investor appeal facilitating a timely sales execution,” noted Stadler. “Additionally, investors were attracted to the value creation afforded by the planned renovations enhancing future yields.”
HFF’s Hotel Group has been active in the sale and financing of numerous full service hotels across the country,executing more than $1.5 billion in transaction volume through mid-year 2013.
“We at HFF were pleased to be of service to a leader in the hotel industry such as HEI on this portfolio,” added Peek. “This transaction provides further evidence to the investor demand for quality hotel assets around the US.”
HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality investment firm that acquires, develops, owns and operates premium select-service, full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand families as Marriott, Starwood, Hilton and Hyatt. HEI takes a holistic approach to creating value for its investors and employees by setting the highest standards across all aspects of hotel management and operation and focusing on the central principles of excellence and continuous improvement. HEI prides itself on some of the highest employee satisfaction scores in the hospitality industry, fuels local economic prosperity by investing in communities and is committed to environmental stewardship and sustainability. For more information about HEI, visit the company's website, www.heihotels.com.
ASAP Investment Holdings, which acted as advisor to LA Sky Harbor, is a holding company that operates real estate, investment banking and consulting for Chinese companies. Their mission is to be the bridge between China and the Western world. www.asapholdings.com
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.