IRVINE, Calif. – July 27, 2015 – 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, successfully sold five full-service hotels formerly owned by Orlando-based Alena Hospitality during their online event on July 23rd.
All five properties attracted multiple bidders to the online event, with 65 registered bidders making more than 250 bids. The hotel sales generated nearly $87 million. Additional details regarding the sales of each asset will be available once the transactions close.
“We, along with HREC Investment Advisors, are proud to announce the successful sale of the five hotels formerly in the Alena Hospitality portfolio,” said Anthony Falor, managing director of Auction.com’s Hospitality Division. “Selling all five of these very diverse properties in three states using a democratic, transparent, competitive process is a testament to the power of our online platform, and a great example of how commercial real estate transactions continue to move online.”
Paul Sexton, head of HREC’s Orlando office and project lead said, “We were thrilled to have had the opportunity to partner with Auction.com on this very important engagement. The outstanding results of the individual auctions are the result of the two firms’ ability to leverage off each other’s strengths to drive both pricing and execution, and we look forward to working with Auction.com on other engagements.”
The results from each sale are as follows:
- 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, had 15 qualified, registered bidders, who placed 48 bids with a winning bid of $30.05 million.
- There were 20 qualified, registered bidders who placed 36 bids for the 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. The winning bid was $27.85 million.
- The 290-room full-service hotel located at 400 W. Livingston Street in the heart of downtown Orlando, Florida attracted 13 qualified, registered bidders, who placed 64 bids. The winning bid was $12.625 million.
- The 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 drew 15 qualified, registered bidders, who placed 69 bids with a winning bid of $10.45 million.
- Three qualified, registered bidders vied for the 272-room full-service hotel located at 500 Hamilton Boulevard in downtown Peoria, Illinois, near Caterpillar’s world headquarters and the Peoria Civic Center. The winning bid of $5.8 million was the 35th bid placed during a very active auction.
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 Auction.com for more information.