A 16-hotel, 1,775-room Extended Stay America portfolio has been sold by affiliates of Lodging Advisory Group in a deal brokered by HREC Investment Advisors.
The assets in Arizona, Kansas, Missouri, Nebraska and New Mexico were acquired by a mix of local, national and institutional investors. No financial terms of the transaction were disclosed.
The portfolio includes two hotels in the Phoenix market: the 101-room Extended Stay America Phoenix Chandler and the 130-room Extended Stay America Phoenix Chandler East Chandler Blvd.
In the Kansas City region, the portfolio includes the 118-room Extended Stay America Kansas City Quivira Rd.; 133-room Extended Stay America Kansas City Metcalf Ave.; 127-room Extended Stay America Kansas City Nall Ave.; 142-room Extended Stay America Kansas City Shawnee Mission; and the 116-room Extended Stay America Kansas City Lenexa 87th St.
Additional Kansas City-area assets include the 108-room Extended Stay America Kansas City Airport (Plaza Circle); 89-room Extended Stay America Kansas City Airport (Tiffany Springs); 101-room Extended Stay America Country Club Plaza; and the 119-room Extended Stay America Kansas City South.
The portfolio also includes the 86-room Extended Stay America Wichita East, located near McConnell Air Force Base; while in Nebraska, the 86-room Extended Stay America Omaha (West) is positioned near healthcare, education and business centers in the Omaha area.
New Mexico assets include the 101-room Extended Stay America Albuquerque Rio Rancho; the 100-room Extended Stay America Albuquerque Rio Rancho Blvd; and the Extended Stay America Albuquerque Airport; which is located near Albuquerque International Sunport.
HREC represented affiliates of Lodging Advisory Group in the transaction. The marketing and negotiations were led by Scott Stephens, COO and senior principal; Herb Warmbrodt, principal and broker of record for Kansas, Missouri and Nebraska; Mike Armstrong, principal; Jon Grantham, SVP; Jeffrey Duni, SVP; Adam Lallani, vp; Jacob Zeiss, associate; and Clara Griffin, associate.
“This portfolio was located in six cities and five states, which allowed HREC to again use its team approach to the transaction with local expertise and national reach to achieve our clients’ stated goals,” Stephens said in a statement.