HREC arranges sale of the Sheraton Albuquerque Airport Hotel

Exterior of the Sheraton Albuquerque Airport Hotel.

HREC Investment Advisors arranged the sale of the 276-room Sheraton Albuquerque Airport Hotel located in Albuquerque, N.M.

Terrapin Investments & Management Corporation, an owner and manager of business and leisure hotels across North America, purchased the property. The seller is a venture between Waramaug Hospitality, Interstate Hotels & Resorts and investment company Värde Partners.

Mike Armstrong, principal at HREC Investment Advisors' San Diego office, exclusively represented the seller during the transaction.

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.

“The Sheraton received significant investor interest due to the premium brand, prominent location, strong operational performance, and the quality of the physical facility," Armstrong said. "After Terrapin completes a multimillion-dollar value-enhancement project, the hotel will be well-positioned to drive revenues and increase cash flow. This transaction worked out well for both the buyer and the seller and we are pleased to have brought this deal to a successful close.”

The Sheraton Albuquerque Airport Hotel is the sole lodging facility located on airport grounds at Albuquerque International Sunport Airport, making the hotel the most immediate and easily accessible lodging facility relative to the airport terminal. The hotel is located approximately five miles southeast of Downtown Albuquerque, two miles south of the University of New Mexico, three miles west of the Gibson Gate at Kirtland Air Force Base and is near a variety of other corporate, leisure and government demand generators.

HREC is a lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals) and litigation support.

Suggested Articles

The Omni Viking Lakes Hotel will include several food-and-beverage venues, 35,000 square feet of meeting space and a spa.

The new appointments include two opening general managers and one managing director tasked with leading a 1,504-key hotel’s rebranding.

The new hotel is a mile from where the brand made its debut in London's Mayfair neighborhood 48 years ago.