HREC arranges sale of Georgia Quality Inn

The Quality Inn at Albany Mall. Photo credit: Choice Hotels International

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.


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.

“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.

Suggested Articles

The company expects to open more than 30 new Comfort properties in the market by 2033 via its existing franchising agreement with Choice Hotels Japan.

While consolidated revenue for the quarter was up 10.9 percent as reported, it was up 4.1 percent on a like-for-like basis compared to Q3 2018.

Sam Schwartz has spent more than four years with First Hospitality, including most recently as a general manager.