HREC Investment Advisors arranged the sale of the 88-guestroom Residence Inn located in Winston-Salem, N.C.
Monty Levy, SVP of HREC Investment Advisors' Atlanta office, and Scott Stephens, COO and senior principal of HREC's Tampa office, represented the seller, an international financial institution, in this transaction. The property was acquired by a private investor and will be managed on their behalf by Portfolio Hotels & Resorts.
"Although the property is a Gen 1 Residence Inn, which we knew would be a challenge from the outset, the seller did a phenomenal job in fully-renovating the property in 2013, which in turn allowed the purchaser to understand the significant operational upside with a leading flag like Residence Inn," noted Levy. Added Stephens, "This was our first engagement for the seller, and we are very pleased to have exceeded their expectations in the disposition of this asset on its behalf."
The Residence Inn sits adjacent to the corner of North Point Parkway and University Boulevard, allowing for a high level of visibility to passer-by vehicles. Due to its proximity to Wake Forest University, the Hotel retains a strategic advantage as it can cater directly to the influx of students, parents, and university associates regularly visiting the area. Moreover, the Hotel is the only upscale extended stay hotel in the entire Winston-Salem market.