The Avison Young Hospitality Group brokered nine hotel transactions, comprising one full-service hotel and eight select-service hotels, in June. Marriott, IHG and Choice franchise systems were notable hotel brands the hospitality group helped close.
Assets included in the transactions were primarily located in the Pacific Northwest and Southeast, with one in New York. Chris Stark, Wendy Blissett, Rex Cagle, Andy Broad, Joe Jones and Keith Thompson represented Avison in the transactions.
“Our closings this month illustrate buyers’ desire for well-located hotel assets,” Broad, principal at Avison Young, said in a statement. “These transactions and the hotels we have under contract represent full closure on the bid-ask spread for serious sellers and we envision a strong market for the balance of 2017.”
The Avison Young Hospitality Group currently has 52 hotels under sale agreement, comprised of major hospitality brands across the U.S.
“We believe Avison Young represents one of the best hotel brokerage platforms in the U.S.,” Thompson, principal at Avison Young, said in a statement. “We are open to adding experienced hotel brokers to our practice group, but the criteria are very stringent and based largely on past performance and their ability to align with Avison’s growth strategy.”
Headquartered in Toronto, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 80 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
Avison Young Hospitality Group is a national hotel practice group supported by 69 North American office locations and 2,300 people. The firm currently has 210 hotels on the market totaling $5 billion in market value, and for the past four years the firm has been involved in one hotel transaction every five days. Avison Young Hospitality Group specializes in select service and full service hotels within the U.S. and works with CMBS lenders, whole loan banks, REITs, public companies, investment funds and private investors.