HREC Investment Advisors arranged the sale of the 82-guestroom Quality Inn at Albany Mall located in Albany, Ga. The property was sold to a regional owner/operator based in the greater Atlanta area.
Monty Levy, managing director in HREC Investment Advisors’ Atlanta office, and Shane Skubis, SVP in the HREC Investment Advisors’ Denver office, exclusively represented the seller, a national development and management company, in the transaction.
“Albany, as the financial and medical hub of Southwest Georgia, is experiencing significant growth at this time, and the buyer, being a savvy Southeast investor, recognized the upside opportunity in this asset which is located in the heart of the Albany commercial corridor,” Levy said in a statement.
“The seller is a long-time client of mine and while I am based in Denver the industry-leading platform that we enjoy at HREC with more offices and senior-level advisors than any firm in our space allowed us to maximize pricing for our valued client,” Skubis said in a statement.
The Quality Inn at Albany Mall is located within close proximity to a number of demand generators in the greater Albany market. The hotel is located adjacent to the Albany Mall, five miles from Phoebe Putney Memorial Hospital, 10 miles from Albany State University, 11 miles from the Miller Coors Albany Brewery and 12 miles from Proctor & Gamble Paper Products facility. Albany, Ga., is located in southwestern Georgia, roughly 150 miles south of Atlanta. Albany has a population of roughly 70,000 people, and is the eighth largest city in Georgia. Albany is the commercial and medical hub in southwestern Georgia, with industries including tourism, manufacturing, healthcare, defense and retail.