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.
“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.