Newport Beach, CA – March 19, 2018 — Maxim Hotel Brokerage is pleased to announce the sale of seven hotels and a casino in five separate transactions since December, 2017.
- 97-room Courtyard by Marriott Ventura Simi Valley, California; Maxim Hotel Brokerage represented the seller and original developer, Pacifica Madera LP. The purchaser was a Chinese owned, but locally based hotel management and ownership company.
- 120-room Fairfield Inn by Marriott Las Vegas Airport; Maxim represented the seller, Gan Eden LLC in the sale to a privately held ownership group. Twenty Four Seven Hotels will take over management.
- 490-room portfolio of four Crossland Suites hotels located in Shreveport, LA, Memphis, TN, Albuquerque, NM, and Tucson, AZ; Maxim represented the New York and Houston based institutional seller in the sale to a Las Vegas based owner and operator of extended stay hotels.
- Golden West Casino – Mesquite, NV; Maxim represented the seller in the sale of the non-restricted gaming casino; Seller owns multiple hotel casinos and taverns in Las Vegas. Buyer was based in Las Vegas, owns approximately 20 small casinos/taverns.
- Rex Ranch – Tubac, AZ; Maxim represented Makar Properties, the purchaser of this shut-down, historically significant ranch resort with 35 rooms and over 50 acres of land, located south of Tucson. It is the fourth transaction completed with Makar Properties.
According to Jack Carr, Principal with Maxim Hotel Brokerage, “The sales represent almost 750 rooms and a casino in five transactions across six different states, and is indicative of the wide variety of clients and property types that we represent, from a casino in Nevada, to a portfolio of extended-stay properties, to a shut down historic repositioning opportunity.” The transactions show Maxim’s continued activity in a transaction market that has slowed somewhat from previous years. Harry Pflueger, also Principal with Maxim added, “There is plenty of capital looking for interesting deals and good returns on their investments. It’s worth noting that while Maxim Hotel Brokerage prides itself on conducting thorough marketing campaigns, all of the above transactions were completed in quiet, off-market transactions.”
Contact us for further information, or to learn how we can work together to achieve your objectives whether buying or selling.
