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US: Affiliates of asset management firm Lodging Advisory Group have sold a 16-hotel Extended Stay America portfolio for an undisclosed sum.
The 1,775-room deal was brokered by HREC Investment Advisors.
A mix of local, national, and institutional investors acquired the assets, which are located across five states: Arizona, Kansas, Missouri, Nebraska and New Mexico.
The Extended Stay America portfolio includes:
- Phoenix Chandler (101 rooms)
- Phoenix Chandler East Chandler (130 rooms)
- Kansas City Quivira Road (118 rooms)
- Kansas City Metcalf Avenue (133 rooms)
- Kansas City Nall Avenue (127 rooms)
- Kansas City Shawnee Mission (142 rooms)
- Kansas City Lenexa 87th Street (116 rooms)
- Kansas City Airport – Plaza Circle (108 rooms)
- Kansas City Airport – Tiffany Springs (89 rooms)
- Country Club Plaza (101 rooms)
- Kansas City South (119 rooms)
- Wichita East (86 rooms)
- Omaha – West (86 rooms)
- Albuquerque Rio Rancho (101 rooms)
- Albuquerque Rio Rancho Boulevard (100 rooms)
- Albuquerque Airport
Scott Stephens, COO and senior principal of HREC, said: “This portfolio was located in six cities and five states, which allowed HREC to again use its team approach to the transaction with local expertise and national reach to achieve our clients’ stated goals.”
Negotiations were led by Stephens with support from colleagues Herb Warmbrodt, Mike Armstrong, Jon Grantham, Jeffrey Duni, Adam Lallani, Jacob Zeiss, and Clara Griffin.
Highlights:
- Affiliates of asset management firm Lodging Advisory Group have sold a 16-hotel Extended Stay America portfolio containing 1,775 rooms for an undisclosed sum.
- Spanning five states including Arizona, Kansas, Missouri, Nebraska, and New Mexico, the hospitality assets were acquired by local, national, and institutional investors.
- Brokered by HREC Investment Advisors, the real estate transaction features properties located in key regional hubs like Phoenix, Kansas City, and Albuquerque.
