HREC Investment Advisors and Ten-X Commercial Auction arranged the sale of the Courtyard Mobile, Ala. Ten-X Commercial Auction facilitated the sale. The 78-guestroom property was acquired by a private buyer. Other terms of the transaction were not disclosed.
HREC Investment Advisors exclusively represented the seller on this transaction. The marketing and negotiations were led by Michael Salloway (SVP – Atlanta), Barry Swanson (SVP – Atlanta) and Monty Levy (broker on record for Alabama).
“The Courtyard Mobile is strategically positioned to compliment the buyer’s other investments in the region as they maximize performance by tapping into the ongoing lift in the Mobile market related to a variety of major business expansions,” Swanson said in a statement.
“As this transaction had several moving parts, which included a ground lease, we are very happy that we were able to facilitate and bring this to a successful close, especially in this difficult transaction environment,” Salloway added.
The Hotel is accessible from I-10, a major throughway in the Gulf Coast area. Beyond leisure activities, Mobile is backed by a strong healthcare, corporate and higher education economy. Springhill Medical Center, Infirmary Health, Austal USA Headquarters, University of Southern Alabama, and Spring Hill College all serve the immediate area and are a cornerstone of Mobile’s economy. Between the University of Southern Alabama and Spring Hill College, enrollment in the city is roughly 10,000 students. The city is also planning several major developments, keynoted by the South Alabama Logistics Park. Once completed, the SALP will be the largest industrial park in the state with more than 1,300-acres of Class A warehouse and distribution space at a cost of over $350 million.