IRVINE, Calif. and TAMPA, Fla., May 14, 2015 /PRNewswire/ -- Auction.com, LLC, the nation's leading online real estate marketplace, and HREC Investment Advisors, the nation's leading brokerage and investment banking company providing services exclusively to the hospitality industry, have been selected to market and sell five full-service hotels assembled by Orlando-based Alena Hospitality. The selection of Auction.com and HREC Investment Advisors was made by the court-appointed Receiver tasked with conducting an orderly liquidation of the assets of Alena Hospitality and affiliated individuals and businesses.
The five properties will be sold separately at Auction.com online auction events scheduled for July 20-22, 2015.
Auction.com and HREC Investment Advisors will work together to market and sell the five high-end properties, which include:
- The DoubleTree by Hilton Orlando East, a 246-room full-service hotel located near the University of Central Florida at 12125 High Tech Avenue in Orlando, Florida.
- A 290-room full-service hotel located at 400 W. Livingston Street in the heart of downtown Orlando, Florida.
- A 246-room full-service hotel located near the entrance to Lake Buena Vista Resort Village and Downtown Disney at 12490 Apopka Vineland Road in Orlando, Florida.
- A 148-room full-service hotel located at 50 Kenny Place in Saddle Brook, New Jersey near Saddle River County Park and Westfield Garden State Plaza.
- A 272-room full-service hotel located at 500 Hamilton Boulevard in downtown Peoria, Illinois, near Caterpillar's world headquarters and the Peoria Civic Center.
"We are anxious to put our nationwide network of 15 offices to work on the sale of these five high-profile hotel properties, all of which boast prime locations and are already attracting a great deal of investor interest," said Scott Stephens, senior principal and COO for HREC Investment Advisors. "Having partnered on deals with Auction.com in the past, I've been impressed by their proven ability to attract a large pool of potential buyers, along with their demonstrated speed of execution and certainty of close. I feel confident in our combined abilities to successfully and efficiently sell the Alena Hospitality Portfolio assets – and many more in the future."
Auction.com currently has a 97 percent close rate on hospitality properties. Within the first four months of 2015, the company closed 15 hospitality assets across the U.S. for a total of more than $78 million. Six of these properties sold for more than $5 million, with the April 22nd closing of the Baton Rouge Marriott for $21 million marking the largest hospitality transaction on the platform to date in 2015. These results demonstrate the effectiveness of the Auction.com platform for selling a variety of different hotel types – from select-service to large, full-service properties and boutique hotels.
"The growing number of hotel asset sales through Auction.com proves the effectiveness of the platform and signals a growing appetite for these properties," said Anthony Falor, managing director of Auction.com's Hospitality Division. "We expect to see business continue to strengthen as 2015 progresses – and are proud to have been selected to sell the former Alena Hospitality properties alongside HREC Investment Advisors a company which shares our commitment to conducting these transactions with the utmost efficiency and transparency."
There are 37 hotel properties coming up for auction on the platform within the next two months. To view these properties, go to: http://www.auction.com/commercial/hotel_pt/.
Auction.com, LLC, is the nation's leading online real estate marketplace. Founded in 2007, the company has sold over $30 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, California as well as offices in Austin and Plano, Texas, Atlanta, Denver, New York and Miami. Visit www.auction.com for more information.
About HREC Investment Advisors:
HREC Investment Advisors is the nation's leading independent lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC Investment Advisors is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization. For more information, visit www.hrec.com.
SOURCE Auction.com, LLC