Auction.com and Paramount to Lodging Advisors have partnered up to bring a portfolio of 15 Wyndham and Choice branded hotels for sale through the online auction platform. Auction.com LLC is the nation’s leading online real estate marketplace and was selected by Paramount Lodging Advisors who are a leading national hotel advisory team.
The 15 properties are located in six different states and include hotels under the brands of Howard Johnson, Quality Inn Comfort Inn, and Baymont Inn & Suites. The hotels will be sold separately at Auction.com via online events that are scheduled for the 15th to 17 September this year.
Anthony Falor, managing director of Auction.com’s Hospitality Division said “The growing number of hotels being sold through Auction.com - from select-service to large, full-service and boutique properties - demonstrates the effectiveness of the platform and its increasing acceptance among real estate investors, from private investors to institutional buyers.”
During the first seven months of this year the company has already closed 40 hotel transactions across the US with sales proceeds exceeding $160 million. There are another 35 hotels currently in escrow and which are scheduled to close through mid-September. This means the company is well on target to exceed last year’s hospitality sales which totaled $242 million.
Falor went on to say “We expect to see business continue to strengthen as 2015 progresses-and are proud to once again partner with Paramount Lodging Advisors, a company that shares our commitment to the hospitality market, and to providing buyers and sellers with an enhanced experience that is simple, transparent, effective and approachable.”
Auction.com’s platform is able to bring an extensive pool of buyers which include international, national, regional and cross product investors together with sellers. The process is easy to use and creates true market value for any real estate asset. To date, Paramount Lodging Advisors have sold 30 properties on the platform and have six in escrow.
Paramount Lodging Advises Senior Managing Director and Chairman, Daniel Beider said “Auction.com remains an innovative and effective way to connect hotel buyers and sellers from across the country and around the world. In addition to the transparency the platform delivers, we appreciate having a dedicated team of industry veterans to partner with - professionals who truly understand the unique challenges and nuances associated with transacting hotel properties. We look forward to continuing to partner with Auction.com on this deal and many more opportunities in the future.”
To learn more about buying or selling hospitality assets on Auction.com, please visit the website at www.auction.com/sell or contact Anthony Falor on [email protected] or at 973 727 0314.