Business & Finance

HREC Arranges Sale of Comfort Inn Rocky Mount, North Carolina

DENVER, CO. / ATLANTA, GA. August 29, 2017 – HREC Investment Advisors is pleased to announce it arranged the sale of the 125-guestroom Comfort Inn located in Rocky Mount, North Carolina. The hotel was acquired by York Investments, LLC, a North Carolina-based hotel developer and operator

Monty Levy, Senior Vice President in the Atlanta office of HREC, exclusively represented the seller, a prominent national hotel investment firm, in this transaction. Noted Levy, “We were delighted to find a strong and credible buyer for one of our valued clients, and believe that we achieved very attractive pricing for them in this transaction. At the same time, we believe that the buyer will be able to further boost the property’s performance following the completion of its PIP and as a result of the continued growth in room night demand in the Rocky Mount market.”

The city of Rocky Mount, North Carolina is located along the Tar River, both in Edgecombe and Nash Counties. The city has a rich history to appreciate, as it is home to Battle Park with its Civil War monument, cemetery, and Civil War reenactments. The Comfort Inn Rocky Mount is located near two strong demand generators: the Rocky Mount Sports Complex and Nash General Hospital. In addition, the Hotel is strategically situated directly off of Highway 64 very near Interstate 95, one of the most heavily-traveled interstates on the Eastern seaboard running from Maine in the north all the way to Florida in the south.

About HREC®: HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With 16 offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.

For addition information on the property, please contact:

Monty Levy
Senior Vice President

Scott Stephens
COO & Senior Principal

Ashley Hunt
Director of Marketing

Coming Up In The December Online Hotel Business Review

Feature Focus
Hotel Law: Issues & Events
There is not a single area of a hotel’s operation that isn’t touched by some aspect of the law. Hotels and management companies employ an army of lawyers to advise and, if necessary, litigate issues which arise in the course of conducting their business. These lawyers typically specialize in specific areas of the law – real estate, construction, development, leasing, liability, franchising, food & beverage, human resources, environmental, insurance, taxes and more. In addition, issues and events can occur within the industry that have a major impact on the whole, and can spur further legal activity. One event which is certain to cause repercussions is Marriott International’s acquisition of Starwood Hotels and Resorts Worldwide. This newly combined company is now the largest hotel company in the world, encompassing 30 hotel brands, 5,500 hotels under management, and 1.1 million hotel rooms worldwide. In the hospitality industry, scale is particularly important – the most profitable companies are those with the most rooms in the most locations. As a result, this mega- transaction is likely to provoke an increase in Mergers & Acquisitions industry-wide. Many experts believe other larger hotel companies will now join forces with smaller operators to avoid being outpaced in the market. Companies that had not previously considered consolidation are now more likely to do so. Another legal issue facing the industry is the regulation of alternative lodging companies such as Airbnb and other firms that offer private, short-term rentals. Cities like San Francisco, Los Angeles and Santa Monica are at the forefront of efforts to legalize and control short-term rentals. However, those cities are finding it’s much easier to adopt regulations on short-term rentals than it is to actually enforce them. The December issue of Hotel Business Review will examine these and other critical issues pertaining to hotel law and how some companies are adapting to them.