Tuesday, July 28, 2009

Hunter Realty Brokers Six Hotels in Six Weeks

Officials from Hunter Realty, a leading national hotel investment services firm, today announced that the firm brokered the sale of six properties in six weeks. The six hotels, aggregating 693 rooms, are located in Georgia, Alabama, Pennsylvania and Maryland, and comprise independent hotels as well as such brands as Holiday Inn, Comfort Inn, and Days Inn.

“We are beginning to see more distressed hotels coming to the marketplace, including several of these six completed sales, which were distressed hotels sold for banks,” commented Lee Hunter, CHB, ISHC and COO, Hunter Realty. “We expect this trend to gain momentum over the next 12 to 18 months.”

“The hotel industry has been through five recessions since 1973,” said Bob Hunter, the firm’s founder and CEO. “We have advised banks, lenders, special servicers and hotel owners in each of these difficult economic climates. Based on our experience, these transactions require an in-depth understanding of hotel pricing and financing, as well as the ability to create a win-win situation for both the buyer and seller.”

“Transactions under $10 million began to show signs of loosening up late in the first quarter,” said Teague Hunter, CHB, president, Hunter Realty. “However, deals involving hotels valued above $10 million are still a challenge because financing is not readily available. Buyers today are very cautious and selective and demand good value. In the $10-plus million segment, transactions still remain few and far between.”

“Financing for these six hotels was varied and ranged from all-cash to community banks and SBA loans,” Teague Hunter added. “A prior, strong relationship with the bank was necessary to complete the transactions.”

Teague Hunter noted that the firm increasingly is providing guidance on distressed hotels to lenders and special servicers. “We have conducted more Broker Opinions of Value in the past six months than we have in the past two years.”

Hunter Realty, founded in 1978, has offices in Atlanta, Washington, DC and Minneapolis, MN. Hunter’s exclusive focus is in hotel brokerage and financing. For more information or to view current listings, please visit www.hunterhotels.net or contact us at 770-916-0300 in Atlanta, 301-215-7507 in Washington, DC or 952-837-6207 in Minneapolis.
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