Michael Bernath Andrew Broad
ATLANTA – February 8, 2017 – Avison Young’s newly formed hospitality group announced today that it advised on the sale of a Hilton Garden Inn in the Midwest region of the United States. The seller was an institutional hospitality platform based in the Southeast and the buyer was a West Coast-based family office. Michael Bernath and Andrew Broad, senior hospitality brokers, represented Avison Young in the transaction.
“The sale of Hilton Garden Inn represents a general flight to quality that we are seeing in today’s transaction market,” said Bernath. “The seller was able to realize a strong return for themselves and partners while the buyers received a premium branded asset with minimal change of ownership PIP in a high growth sub-market.”
The transaction was the first closing for Avison Young’s new hospitality group. Avison Young, the world’s fastest growing commercial real estate services firm, announced the purchase of Atlanta-based Hotel Assets Group (Hotel AG) last month.
“We feel good about the transaction market moving into 2017,” said Broad. “While most forecasts call for minimal increases in occupancy, we feel that growth on the rate side will continue to have an accretive effect on the bottom line creating and/or maintaining property value for owners.”
