ATLANTA – April 27, 2017 – The Avison Young Hospitality Group announced today that it has closed nine separate transactions and has 39 hotel transactions under sale agreement. The closings took place across the United States, including the Eastern Seaboard, Upper and Central Midwest and East and West Coast.
The hotel sales ranged from full service, upscale hotels and select service hotels to extended stay hotels. One of the transactions involved an independent hotel near Pebble Beach in Monterey County, California.
“Our recent closings represent where the hospitality market is today,” said Keith Thompson, principal at Avison Young. “We believe the bid-ask spread has closed for serious sellers and we see the transaction market being strong to robust for the balance of 2017.”
The sellers and buyers involved in the transactions were institutional, large cap management firms, private equity firms and multi-unit investors.
