HREC Investment Advisors is arranged the sale of the 279-guestroom Crowne Plaza Hotel located in Syracuse, N.Y. The seller was an institutional ownership group and buyer was TJM Properties.
Mark von Dwingelo (SVP – New York/Connecticut) and Ketan Patel (SVP – Washington D.C.), exclusively represented the seller during the transaction.
“The sale of the Crowne Plaza Syracuse represented a reduction in holdings for the seller and a key addition for the buyer. The buyer is very bullish on the Syracuse market and will invest several million dollars to position the Crowne Plaza Syracuse to compete for the long term,” said Mark von Dwingelo.
“Our great relationships with buyers both nationally and on a local/regional level allowed us to run a competitive process which resulted in numerous proposals,” said Ketan Patel, SVP. “While there were some challenges the transaction was completed efficiently and we were very pleased with the cooperation from buyer and seller.”
The Crowne Plaza is located on the east side of downtown, within walking distance of Syracuse University. Syracuse University’s enrollment is over 21,000 students representing all 50 states and employs over 4,400 faculty and staff members. Additionally, the immediate area has the Onondaga County War Memorial, Everson Museum of Art, Museum of Science & Technology, Rosemont Gifford Zoo and a number of restaurants and other leisure activities.
Corporate demand generators in the area include the Hotel include Bristol-Myers Squibb, National Grid, Lockheed Martin, St. Joseph’s Hospital, Upstate University Health System, Le Moyne College, SUNY College of Environmental Science and Forestry and The State University of New York Health Science Center at Syracuse.