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.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

“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

Demand came in 67,000 rooms lower during the week ended July 4 than the previous week, according to Jan Freitag, STR’s SVP of lodging insights.

The In-Seat Contactless Platform is meant to give guests touch-free control over food and beverage at hotel restaurants.

As the economy slowly begins to right itself, hotels can look toward an unexpected way to save on operating costs: their trash.