MAY 2, 2008. HREC Investment Advisors successfully represented KGKK Limited Partnership in arranging the sale of the Hampton Inn in Wilkes-Barre, PA. The property was purchased by Chartwell Hotels for $7.2 million.
Built in 1989, the property is the premier select-service hotel in the Wilkes-Barre metropolitan area and features 120 guestrooms. The property has been well-maintained since opening and completed a major renovation in 2006.
Chartwell Hotels is a full service hotel development and management company, operating full and limited service properties throughout the eastern United States. The Hampton Inn Wilkes-Barre is the sixth property in the Chartwell portfolio; the new owners are considering converting the property to a Holiday Inn Express.
“Working with Chartwell and KGKK was a pleasure,” said Andrew Broad, Senior Vice President of HREC Investment Advisors in the New York office. “I suspect that Chartwell will do extremely well in Wilkes-Barre with the Holiday Inn Express Flag.”
“HREC is extremely proud of closing yet another deal during these turbulent times,” added Scott Stephens, Principal of HREC Investment Advisors’ Tampa office, “even with the franchise change, HREC was able to secure a buyer that we knew had the creativity and track record to get the deal done.”
HREC Investment Advisors is a real estate brokerage and investment banking firm exclusively focused on the hospitality industry. HREC represents hotel owners in the sale of their hotels and resorts throughout the United States. HREC Investment Advisors is also currently very active in representing hotel and resort owners refinancing debt on a number of existing hotels, placing debt and equity on hotel development projects, and in the equity recapitalization of a number of hotel portfolios, including arranging equity joint ventures, as well as placing mezzanine debt and equity on both existing and proposed hotel projects.
HREC Investment Advisors has office locations in Denver, New York, Chicago, Los Angeles, Tampa, Dallas, Memphis and Boca Raton.
