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.
“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.