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Vista Host Unloads 3 Hampton Inns in Multi-Million-Dollar Deal
(ATLANTA, GA) -- The predicted sale of hotel properties nationwide is under way.
Houston, TX-based Vista Host has sold three Hampton Inns in Pittsburgh, PA, Fort Lauderdale, FL and Jackson, TN to an undisclosed buyer.
The Atlanta-based broker in the deal, Hodges Ward Elliott Inc., didn't disclose the transaction price but industry sources familiar with the properties tell Real Estate Channel the tag was "in the millions."
The deal closed Dec. 31. HWE represented Vista Host on a fourth property, the Courtyard by Marriott in Jackson, TN earlier in December. Additional properties from the same portfolio are scheduled to close early in 2009.
"Savvy, long-term hotel investors with solid financial resources and strong relationships with lenders take full advantage of the real estate cycle, selecting the most opportune times to acquire," says Bill Hodges, a principal at 34-year-old Hodges Ward Elliott.
"From a historic perspective, we are entering the initial phase of a major hotel acquisition opportunity period that holds significant upside potential. Over the next five years, these strategic buyers will generate significant returns."
Founded in 1975, HWE claims it is the world's leading hotel brokerage and investment firm, completing more than $20 billion in hospitality real estate and investment banking transactions over the past 11 years.
Houston, TX-based Vista Host has sold three Hampton Inns in Pittsburgh, PA, Fort Lauderdale, FL and Jackson, TN to an undisclosed buyer.
The Atlanta-based broker in the deal, Hodges Ward Elliott Inc., didn't disclose the transaction price but industry sources familiar with the properties tell Real Estate Channel the tag was "in the millions."The deal closed Dec. 31. HWE represented Vista Host on a fourth property, the Courtyard by Marriott in Jackson, TN earlier in December. Additional properties from the same portfolio are scheduled to close early in 2009.
Bill Hodges
"From a historic perspective, we are entering the initial phase of a major hotel acquisition opportunity period that holds significant upside potential. Over the next five years, these strategic buyers will generate significant returns."
Founded in 1975, HWE claims it is the world's leading hotel brokerage and investment firm, completing more than $20 billion in hospitality real estate and investment banking transactions over the past 11 years.
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