IRVINE, CA—The hospitality division of Ten-X, an online real estate transaction marketplace, has closed on 50 assets totaling $190 million from January through May on the Ten-X Commercial online platform.
The Ten-X hospitality division closed 117 hotel transactions in 2015 with sales proceeds exceeding $461 million, nearly double its 2014 hospitality performance of $256.3 million. Ten-X has closed on approximately $2 billion in hospitality assets since facilitating the sale of its first hotel in 2010.
According to Ten-X Research, Q1 2016 deal volume in the hospitality sector nationwide is down 59% from Q4 2015 and by 61% from one year ago. The Ten-X Commercial platform, however, is still seeing strong transaction numbers, according to the company.
“The effectiveness of the Ten-X online platform is evident in a strong, first five months of 2016, which follows the same success we had in 2015 selling high-quality hospitality assets,” said Anthony Falor, managing director of Ten-X’s national hospitality group. “From large, full-service and boutique properties to select-service assets, more investors and brokers are utilizing the Ten-X platform, which provides greater flexibility and control than ever with our newly launched non-auction Offer Select format in addition to our signature live bid format.”
Hospitality closings from January through May took place in numerous key U.S. hotel markets. Highlights through the first five months of 2016 include Hawthorn Suites by Wyndham-Fort Worth, Texas Medical Center for $10.375 million in conjunction with Hotel Assets Group; Courtyard by Marriott in Brunswick, GA, which sold for $10 million with Newmark Grubb Knight Frank; DoubleTree by Hilton-Santa Fe, NM, selling for $6.675 million in conjunction with Cushman & Wakefield; and Holiday Inn Express in Pittsburgh, selling for $6.1 million with Paramount Real Estate Advisors.
Ten-X is currently marketing more than 25 hotel assets across the U.S., including the 322-room Hampton Inn Tropicana Las Vegas; the 81-unit Seabonay Oceanfront Hotel in South Florida; a 121-unit Springhill Suites by Marriott in Macon, GA; and the 58-room Morgan, a boutique hotel located in San Simeon, CA.