For immediate release
[St. Ignace, Michigan]
Alpine Realty Capital Closes Two Hotel Sales in Northern Michigan
Alpine Realty Capital, LLC, a member of Hotel Brokers International, is pleased to announce that they have completed the sale of the Budget Host Inn & Suites hotel and the Best Western Harbour Pointe Lakefront hotel, both in the resort town of St. Ignace in the Upper Peninsula of Michigan. The properties benefitted from the strong demand from leisure travelers seeking “drive to” destinations. Both hotels generated revenues in 2020 which were only slightly below 2019 despite a late start to the season due to the State-mandated lockdowns in Michigan.
Alpine was able to utilize the power of the Hotel Brokers International marketing platform and its website www.hbihotels.com to reach buyers from across the country. Through this network, Alpine was able to secure numerous offers. Both hotels had received offers in March 2020, but the transactions were delayed due to the uncertainty surrounding business lockdowns. However, Alpine was able to revive both transactions and closed them with different buyers in the winter/spring 2021 for only a slight discount to pre-Covid pricing. Alpine assisted the owners in facilitating due diligence, appraisal, and closing.
“We are seeing unprecedented interest in Michigan hotels – particularly Northern Michigan hotels”, said Ed Walsh, President of Alpine Realty Capital. “The increasing interest in hotel investment make this a good time for hotel owners to consult with a hotel investment advisory professional to assess their situation,” continued Walsh.
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 construction costs remain high, 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 while buying for less than replacement cost.
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 members lead the industry in hotel real estate sales. HBI hotel brokerage specialists have successfully negotiated more than 10,000 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 database currently comprises more than 100 property listings and the HBI website 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