The 15 properties, which are located across six states and include hotels under the brands Baymont Inn & Suites, Comfort Inn, Quality Inn and Howard Johnson will be sold separately at Auction.com online events scheduled for Sept. 15-17, 2015.
"The growing number of hotels being sold through Auction.com – from select-service to large, full-service and boutique properties – demonstrates the effectiveness of the platform and its increasing acceptance among real estate investors, from private investors to institutional buyers," said Anthony Falor, managing director of Auction.com's Hospitality Division. Within the first seven months of 2015, the company has closed 40 hotel transactions across the US, with total sales proceeds exceeding $160 million. With another 35 hotels currently in escrow and scheduled to close through mid-September, the company is well on target to surpass its 2014 hospitality sales total of $242 million.
"We expect to see business continue to strengthen as 2015 progresses – and are proud to once again partner with Paramount Lodging Advisors, a company that shares our commitment to the hospitality market, and to providing buyers and sellers with an enhanced experience that is simple, transparent, effective and approachable," said Falor.
The Auction.com platform brings an extensive pool of buyers – international, national, regional, and cross-product investors – together with sellers in an easy-to-use, transparent and democratic process that creates true market value for any real estate asset. The effectiveness of the platform is well known and appreciated by Paramount Lodging Advisors, which has sold 30 properties on the platform to date and currently has six in escrow.
"Auction.com remains an innovative and effective way to connect hotel buyers and sellers from across the country and around the world," said Paramount Lodging Advisors Senior Managing Director and Chairman Daniel Beider. "In addition to the transparency the platform delivers, we appreciate having a dedicated team of industry veterans to partner with – professionals who truly understand the unique challenges and nuances associated with transacting hotel properties. We look forward to continuing to partner with Auction.com on this deal and many more opportunities in the future."