The Ehmer Group, a San Francisco-based member of Hotel Brokers International, brokered the sale of the Country Inn & Suites Charlotte I-85 Airport in North Carolina. The 119-room hotel had reportedly been on and off the market multiple times since 2008. A $1.5-million PIP is forthcoming.
Richard Ehmer, president of The Ehmer Group, represented the seller, Ra’s Hotels, Inc. The buyer was Ye’s Hotels, Inc. which has retained Strand Development Company’s Hospitality Services division as their management company.
Ehmer says there was "a sense of urgency to sell the hotel before having to complete the extensive PIP, which encompassed a full property renovation, including upgrades to both the interior and exterior of the building, replacing all furniture, fixtures, and equipment, and bringing the property in compliance with the new and improved Country Inn & Suites brand standards imposed by Carlson."
"Marketing the property under these conditions was challenging," said Ehmer. "And, securing financing for the deal would have also been an incredible task due to the age of the property, the required renovation costs, and lack of strong financials prior to 2013."
The all-cash buyer is an off-shore investor from China who recently relocated to the Charlotte area. "The hospitality market in Charlotte is becoming one of the strongest and fastest growing markets on the East Coast," said Ehmer, "and a limited-service property like this Country Inn & Suites was perfectly suited for a Buyer looking to enter an up-and-coming market with their first hotel acquisition."