HREC arranges sale of 16-hotel portfolio to Lodging Advisory Group

Lodging Advisory Group purchased a portfolio of 16 Extended Stay America hotels. Photo credit: HREC Investment Advisors

HREC Investment Advisors arranged the sale of a portfolio of 16 Extended Stay America hotels.

The properties included in the sale are located in Arizona, Kansas, Missouri and New Mexico. The buyer, Lodging Advisory Group, is a hotel owner, developer and asset manager with offices in Wichita, Denver and Phoenix.

HREC exclusively represented the seller, Extended Stay America, in the transaction. The sale was negotiation by Scott Stephens, COO and senior principal based in HREC’s Tampa Office, as well as Monty Levy, managing director in HREC’s Atlanta office, and Herb Warmbrodt, principal in the company’s Kansas City office.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

“We are proud that ESA had the faith in HREC to assist them in finding a partner as they roll out their new franchise program,” Stephens said in  a statement. “Lodging Advisory Group is highly experienced in the extended-stay segment and is a perfect fit in this portfolio.”

The individual properties that comprise the portfolio have not been named at this time.

Suggested Articles

The country's first Radisson hotel will open in late-2021 in the city of Perm.

Ahead of next year's IHIF in Berlin, Corinthia's SVP/Hotel Development Paul Pisani shared how the company is wrangling new trends in luxury travel.

The company experienced an 0.8 percent decline in revenue per available room in constant currency and a 1.9 percent decline at actual exchange rates.