For immediate release
[Mt. Pleasant, Michigan]
Alpine Realty Capital Closes Sale of Comfort Inn and Suites in Mt. Pleasant, Michigan
Alpine Realty Capital, LLC, a member of Hotel Brokers International, is pleased to announce that it has completed the sale of the Comfort Inn and Suites and Conference Center in Mt. Pleasant, Michigan. This 137-unit property with adjacent ±10,000 square foot conference center benefits from its location adjacent to the main campus of Central Michigan University. Situated on more than 10 acres of land leased from CMU, the hotel enjoys a beautiful campus-like setting with amenities unrivaled in this part of the State, which Alpine utilized to achieve maximum pricing in a very difficult transaction environment.
Alpine was engaged by the seller of this asset to pursue a targeted marketing process in order to maintain maximum confidentiality. We were able to identify a small number of highly qualified buyers, received numerous offers, and negotiated a deal that worked for both buyer and seller in order to close in a timely manner and at the contracted price. As always, Alpine managed the due diligence process on behalf of the seller and assisted throughout the process up to and including the closing, assuring that the seller had the professional advisory services it needed.
Alpine works daily with groups looking for opportunities to provide capital investment or other means to provide equity returns. In an environment in which the supply of lodging properties for sale is scarce and development costs continue to rise, Alpine is seeing ever-increasing interest in acquisitions from various groups, including owner-operators who are seeking to participate in the industry’s strong returns. The ability to acquire a hotel asset and provide a capital infusion while remaining well below replacement cost is driving these transactions.
About Alpine Realty Capital
Based in Ann Arbor, Michigan, Alpine Realty Capital is a mortgage banking and real estate brokerage firm specializing in hotel asset investment, valuation, financing, marketing, and transaction. Edward P. Walsh, CHB, serves as President and Principal Broker of Alpine Realty Capital. Mr. Walsh is a dedicated lodging industry professional whose career spans more than 30 years in the lodging industry. He has held numerous positions in consulting, valuation, and for the most recent years as a hospitality real estate and mortgage broker, founding Alpine Realty Capital in 2007. His expertise includes providing services regarding all phases of investment, from site selection and acquisition to feasibility analysis and appraisal, and from mortgage financing to construction cost analysis and divestment. In all, Mr. Walsh has provided real estate consulting and/or transaction services for more than $1 billion worth of hospitality real estate assets.
About Hotel Brokers International
Founded in 1959, Hotel Brokers International is the industry’s oldest network of hospitality broker professionals. HBI hotel brokerage specialists have successfully negotiated more than 11,000 hotel real estate transactions and consistently account for the largest share of all select-service and economy hotel sales in the United States. The organization’s website features a large inventory of hotel assets listed for sale and attracts site visitors from around the world. HBI is the founder and administrator of the Certified Hotel Broker program – the industry’s only professional designation for Hotel Brokers. In addition to hospitality real estate advisory services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals, and investment services. For more information about HBI’s hotel listings or to become a broker or affiliate member, visit hbihotels.com.
Edward P. Walsh, CHB, President
Alpine Realty Capital
Ann Arbor, Michigan
Glenda J. Webb, Executive Director
Hotel Brokers International
Kansas City, Missouri