Auction.com reports $189M worth of deal closings in March

Online real estate deal site Auction.com reported closings on 47 commercial assets in March with a total combined value of nearly $189 million, GlobeSt.com reports. The surge has been credited to a more robust economy, less distressed assets and an uptick in travel, notes Auction.com EVP Rick Sharga.

"This shift to more-tradition, high-quality assets coming up for sale is directly reflected in the recent closings and current inventory available on our platform," Sharge told GlobeSt.

Among Auction.com’s March hotel closings were the Hampton Inn North Myrtle Beach-Harbourgate, a 101-key hotel in North Myrtle Beach, S.C.; Quality Inn Winter Park Village, a 200-key hotel in Orlando; Comfort Inn and Suites, an 86-key hotel in Surprise, Ariz.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Hotel sales have been particularly strong in the San Diego market. As GlobeSt.com recently reported, Strategic Hotels & Resorts Inc., along with its joint-venture partner, has signed an agreement with affiliates of Walton Street Capital L.L.C. and JMA Ventures LLC to sell a 100-percent interest in the 417-room Hyatt Regency La Jolla for $118 million. Also, CBRE Hotels arranged the sale of the 219-room Doubletree San Diego-Hotel Circle.

Suggested Articles

The two locally owned resorts join the Benchmark Resorts & Hotels brand as a result of the deal.

The combined company now will own and operate a portfolio of 40 hotels totaling more than 5,000 guestrooms.

The global crisis will provide significant merger and acquisition opportunities for hospitality companies willing to take the risk.