ATLANTA – March 11, 2024 – Avison Young announces today that the firm has closed 12 hotel transactions over the last 90 days. Four of the sales were Hilton-branded hotels, two were Marriott-branded hotels, and an IHG and other brands made up the balance. Geographically the hotels were located in the following states – IN, KY, PA, CO, VA, AR, MA, GA, and TN. Of special note, Thierry Roch and Rick George closed a sale on a boutique hotel in the Cape Cod area for close to 1m per room and Chris Kilcullen closed the sale for the upscale Ascent on Main in Parker, CO. Chris Stark, Brad Sinclair, Mike George, Thierry Roch and Rick George were the brokers on the remaining closings.
Keith Thompson said, “Cost of debt is an issue that will be with us through 2024 and possibly well into 2025. Thus far, we have been able to close the bid-ask spread by creative financing options. The hotel transaction landscape has changed, possibly long term, but we are still seeing accretive debt structures as the path forward to transactions.”
