Huff, Niehaus & Associates, a member of Hotel Brokers International, announced the sale of the 583-room, five extended-stay hotel portfolio located in Kentucky and Indiana consisting of three Candlewood Suites and two Suburban Extended Stays.
The hotels were purchased by a Chicago-based investment firm for a final sale price of $36,720,000. Funding was secured through Arbor Commercial Mortgage, LLC.
Brandt Niehaus, CCIM, CHB and President of Huff, Niehaus & Associates, Inc., exclusively listed and marketed the five assets for the seller. “The properties were all very well maintained and operated by the management company, C & L Hospitality, LLC, making them desirable assets to add to any investment portfolio,” said Niehaus. “The assets attracted immediate investor attention and multiple offers.”