HREC arranges sale of Embassy Suites near St. Louis International Airport

HREC Investment Advisors handled the sale of the Embassy Suites hotel near Lambert-St. Louis International Airport.

The company did not identify the new owner, which it described as an institutional buyer. HREC represented the seller, Fairwood Capital, which is based in Memphis. Schulte Hospitality Group, of Louisville, Ky., will manage the 163-room Embassy Suites, which is in Bridgeton, Mo.

HREC's deal involving a St. Louis airport hotel is not its first transaction in the area.

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In January, the company arranged the sale of the 29-story Crowne Plaza hotel in downtown St. Louis to 200 STL Holdings from Hallmark Hotels. The new owner is mulling over a plan to redo the hotel's top dozen floors or so as residences.

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The joint-venture partners have given a name to the upper-midscale brand they introduced in February.

Seven of the new hotels fall under the Budgetel Inn & Suites brand, three under the AmeriVu Inns & Suites brand and two under the Haven Hotel brand.

Sri Krishna Enterprises owns the 115-suite hotel, which took 16 months to construct, and Southern Hospitality Services manages it.