DALLAS, February 9, 2022 /PRNewswire/ — Hodges Ward Elliott (“HWE”), the leading real estate capital markets adviser, announced that it has arranged the fee simple sale of the entire hotel portfolio of Avatar Hotel Group (“Avatar ), consisting of three select service hotels in Texas with 280 rooms in total, at Wolfgramm Capital. Wolfgramm Capital also bought and took over the management company of Avatar.
Additionally, HWE brokered a separate transaction on behalf of Avatar selling a nearly three-acre development site to Map, Texas pre-approved for a Home2 Suites development, to another buyer.
A HWE team led by austin brooks advised the seller in both transactions. The investment opportunity was initially marketed by HWE as a portfolio of four properties, but was eventually awarded to two buyers and split into separate deals.
The three hotels of Texas the portfolio includes the 109-room Fairfield Inn & Suites Waco North built in 2004; the 83-room Fairfield Inn & Suites Marshall built in 2005; and the 88-room Holiday Inn Express & Suites Dallas South Desoto built in 2007. The development site spans just over 2.95 acres and is located along President George Bush’s Turnpike at Map, Texas.
“HWE conducted a comprehensive marketing process on behalf of Avatar for all three hotels and the development site which generated substantial interest,” notes austin brooks, Hodges Ward Elliott. “After a bidding process with multiple offers, we were able to identify distinct buyers for these investment opportunities and we are pleased to complete the sale of this portfolio in two transactions.”
“It has been a great experience to be part of the history of these magnificent assets and to manage them over the past 5 years,” added Frank Tenadu, Managing Partner and Vice President of Operations for Avatar. “We are especially grateful and excited about the tremendous growth opportunities that Wolfgramm Capital is bringing to our entire team. Austin and the HWE team have done an excellent job ensuring a smooth process. He has been very professional and dedicated throughout the process.”
The three newly renovated hotel properties each enjoy highly visible locations near notable demand drivers. The properties are located in the Texas Triangle, a booming mega region anchored by four major metropolitan areas, including San AntonioAustin, Dallas-Fort Worthand Houston. The region has experienced dramatic economic and population growth and is the economic engine of the Southwestern United States and is home to over 20 million people.
On Hodges Ward Elliott:
Hodges Ward Elliott (“HWE”) is the premier real estate capital markets advisor, empowered to deliver exceptional results across a wide range of industries and product types. HWE’s multidisciplinary platform includes commercial, hospitality and debt capital markets teams, with offices in Atlanta, Chicago, dallas, Los Angeles, new York, Miami, washington d.c.and London. As a privately held company, HWE is dedicated to cultivating long term customer relationships and is proud of the reputation and track record established over its 46 year history. HWE has closed $80 billion transactions, including $36 billion since 2015. For more information, please visit https://hodgeswardelliott.com/
Contact: Big Ink – 908-392-0333, Tom Nolan, [email protected]
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