RealINSIGHT Marketplace and Berkadia Hotels & Hospitality are pleased to announce the closing of the Hampton Inn in Mobile, Alabama at 104% of Reserve.
Located along Interstate 10, the 80-room limited-service hotel was built in 1994. Due for a renovation, Berkadia and RealINSIGHT Marketplace marketed the property with a focus on maximizing profits and closing within a tight timeframe.
The Broker and the Seller selected RealINSIGHT Marketplace to assist in developing a sales strategy which provided investors the confidence to enter into a non-contingent purchase agreement with a 10% hard deposit on day one. By ensuring investors had access to relevant documentation necessary to understand the value of the property, RealINSIGHT Marketplace provided transparency and clarity to the process. With a strategic and comprehensive marketing strategy, RealINSIGHT Marketplace and Berkadia identified the most likely buyers and targeted them with innovative marketing strategies.
Investors from 20 states and Canada evaluated the opportunity over the 45-day marketing period. On auction day, six registered bidders from four states and Canada competed, pushing the sale price up to 104% of Reserve. The first-time buyer was previously unknown and came to RealINSIGHT Marketplace from the marketing outreach.
If you would like to discuss selling your hospitality properties, Rakesh, our hospitality expert will be at the Hunter Hotel Conference and the AAHOA annual conference. Please reach out to schedule a meeting at rpatel@realinsight.com.
