Irving, TX – June 16, 2010 – (RealEstateRama) — The Days Inn & Suites DFW North, Irving Texas has been sold. Bert Stevens of CB Richard Ellis’ Hotels Group, announced that the sale of the 134-unit, rooms-and-suites hotel property occurred mid-May of this year. The Hotel, built in 1983, was marketed at a price of $4.3M, or approximately $32,000 per unit. Its proximity to Dallas/Fort Worth International Airport (DFW) as well as the multiple business and corporate demand generators in the area helped to generate interest on a national level from a large investor base. The new owners, Ambe Hotels, will retain the Days Inn & Suites flag and will spend over $750,000 in upgrades and renovations that will provide opportunities for an increased market share.
Representing the Seller, the CBRE Hotel Team marketed the Property during the height of the economic downtown and was able to create value for the Seller in identifying the most qualified potential investors. Says Hankamer, “Although we were working with a tough economic environment, we were able to generate multiple offers due to the strength of the market and the Property’s position within the DFW market.
The CBRE Hotel Group is currently marketing Properties and Hotel Development opportunities throughout Texas including San Antonio, Austin, Dallas area and Houston as well as properties in Arizona. The Team of Stevens & Hankamer has been involved in the sale of over $700 million in hotel assets with a combined experience of almost 50 years within the hospitality arena. Recent transactions include a portfolio of all suite properties across the state, a portfolio of Drury Inn Hotels, The Del Lago Resort & Conference Center, two Marriott hotels in the Houston Galleria area, and a Radisson and a historic boutique hotel in Colorado. For more information regarding hotel acquisition opportunities, please visit the CBRE Hotel Investment Group website at www.cbrehotels.com.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company three years in a row and a Fortune 100 fastest growing company two years in a row. Please visit our Web site at www.cbre.com.
About CB Richard Ellis Hotels
CB Richard Ellis Hotels is a leading full-service real estate group focused exclusively on the hospitality industry. The company brokers investment sale transactions, raises capital and provides strategic advisory services worldwide for the full spectrum of hospitality real estate, including hotels, resorts, spas, casinos, conference centers, extended-stay properties and limited-service assets. CB Richard Ellis Hotels arranges more investment sale and financing transactions annually than any other brokerage firm, completing 500 assignments in the past five years. The group operates domestically out of offices in Atlanta, Boston, Chicago, Dallas, Detroit, Honolulu, Houston, Kansas City, Las Vegas, Miami, New York, Phoenix, San Francisco, Virginia Beach and Washington, DC. International operations are based in Calgary, Montreal, London, Paris, Dublin and Australia. For more information, visit the company’s Web site at www.cbrehotels.com
CBRE Hotels Group
CB Richard Ellis
Bert.Stevens (at) cbre (dot) com
CBRE Hotels Group
CB Richard Ellis
Lisa.Hankamer (at) cbre (dot) com