IRVINE, Calif. – October 21, 2014 – Auction.com, LLC, the nation’s leading online real estate marketplace, facilitated the sale of 30 hospitality properties between June 1st and Sept. 30th, proving the effectiveness of the company’s online platform and demonstrating the continued health of the hotel sector. The 30 asset closings, which ranged from limited-service properties to large full-service assets, represented more than $100 million in total sales.
Since the inception of its commercial platform in 2009, Auction.com has grown a massive buyer database that includes both crossover commercial investors and international buyers.
The company has sold more than $1.25 billion in hospitality assets – $190 million in this year alone, while achieving an average time-to-close of 90 days and a 98 percent close rate on hotels successfully auctioned on the platform.
“These totals are indicative of Auction.com’s ability to efficiently and effectively find buyers and establish the fair market value for a wide array of hotel properties,” said Auction.com Vice Chairman and Co-Founder Monte Koch. “Our platform continues to meet or exceed sellers’ expectations on a broad spectrum of hospitality assets.”
Koch also points out that Auction.com’s growth in hospitality volume runs parallel to the sector’s overall improvement over the past year. In its Q2 Commercial Real Estate Market Monitor™, Auction.com reported nearly 20 percent of year-over-year growth in the hospitality sector between June 2013 and June 2014.