Under the leadership of Don Walston and Sanjay Mundra, SVN Hotels sold the Hyatt Place Hotel located at1105 Navaho Drive in Midtown Raleigh, N.C. Trinity Hospitality acquired the property on Aug. 16, 2018, for $13.7 million.
SVN Hotels, a nationwide hotel brokerage company, exclusively represented the seller and handled the sale of the property.
Paul Khosla, VP of SVN Hotels, led the transaction. He was assisted by Jeff Roike, SVP of SVN Hotels.
“We were extremely pleased with the entire transaction process, which was professionally handled by Paul Khosla of SVN Hotels,” Bhupen Patel, CEO of BPR Properties and the seller of the property, said in a statement. “Paul was always accessible and provided excellent service, which resulted in a successful and seamless transaction.”
Trinity Hospitality purchased the property. “We were extremely happy with the performance of Paul Khosla, who provided all the needed support to make this acquisition very smooth for our company,” Vivek Tandon, CEO of Trinity Hospitality, said in a statement.
Hyatt Place Midtown is a select service property consisting of 126 rooms spread across six stories. There are several demand generators in the immediate area. Kane Realty, which is actively involved in the North Hills transformation, is part of a group that recently purchased the adjacent North Raleigh Hilton.
Located just off the I-440 beltline and three miles from downtown, Hyatt Place Midtown is situated near the shopping, dining and entertainment destination of North Hills.