IRVINE, CA—Auction.com, LLC and HREC Investment Advisors successfully sold five full-services hotels formerly owned by Orlando, FL-based Alena Hospitality during their online event on July 23.
All five properties attracted multiple bidders to the online event, with 65 registered bidders making more than 250 bids. The hotel sales generated nearly $87 million. Additional details regarding the sales of each asset will be available once the transactions close.
“We, along with HREC Investment Advisors, are proud to announce the successful sale of the five hotels formerly in the Alena Hospitality portfolio,” said Anthony Falor, managing director of Auction.com’s Hospitality Division. “Selling all five of these very diverse properties in three states using a democratic, transparent, competitive process is a testament to the power of our online platform, and a great example of how commercial real estate transactions continue to move online.”
Paul Sexton, head of HREC’s Orlando office and project lead, said, “We were thrilled to have had the opportunity to partner with Auction.com on this very important engagement. The outstanding results of the individual auctions are the result of the two firms’ ability to leverage off each other’s strengths to drive both pricing and execution, and we look forward to working with Auction.com on other engagements.”
The results from each sale are:
• The DoubleTree by Hilton Orlando East, a 246-room, full-service hotel located near the University of Central Florida at 12125 High Tech Ave. in Orlando, had 15 qualified, registered bidders, who placed 48 bids with a winning bid of $30.05 million.
• There were 20 qualified, registered bidders who placed 36 bids for the 246-room, full-service hotel located near the entrance to Lake Buena Vista Resort Village and Downtown Disney at 12490 Apopka Vineland Rd. in Orlando. The winning bid was $27.85 million.
• The 290-room, full-service hotel located at 400 W. Livingston St. in the heart of downtown Orlando, attracted 13 qualified, registered bidders, who placed 64 bids. The winning bid was $12.625 million.
• The 148-room, full-service hotel located at 50 Kenny Pl. in Saddle Brook, NJ, near Saddle River County Park and Westfield Garden State Plaza, drew 15 qualified, registered bidders, who placed 69 bids with a winning bid of $10.45 million.
• Three qualified, registered bidders vied for the 272-room, full-service hotel located at 500 Hamilton Blvd. in downtown Peoria, IL, near Caterpillar’s world headquarters and the Peoria Civic Center. The winning bid of $5.8 million was the 35th bid placed.