IRVINE AND SILICON VALLEY, Calif. – June 8, 2016 – Ten-X, the nation’s leading online real estate marketplace, announces the closing of the 130-room DoubleTree by Hilton, Santa Fe, N.M., sold by an affiliate of The Hotel Group (THG) in an online event March 24 on the Ten-X Commercial sales platform. California-based entity UJAS Santa Fe LLC was the buyer. Mike Kelly and Brandon Miller of Ten-X partnered with Cushman & Wakefield’s Daniel MacDonnell and Eric Melendez-Lluch to market and sell the asset.
“This was our first time using the Ten-X sales platform as a seller, so we entered into this transaction wondering whether Ten-X could really execute and close with certainty on an upper-scale brand like DoubleTree by Hilton,” said Doug Dreher, president and CEO of The Hotel Group. “During the valuation process, Ten-X’s ultimate pricing was considerably higher than the highest broker valuation we’d received from other nationally recognized hospitality brokerage firms. Though there were some challenges in the market, Ten-X created a nationwide market and executed well on many levels.”
Located at 4048 Cerrillos Road over 2.6 acres in the heart of Santa Fe, N.M., the DoubleTree by Hilton, Santa Fe was built in 1986 and later renovated by THG in 2012. Its 130 rooms include 14 suites. It features 4,500 square-feet of meeting space, and other amenities including on-site dining, complementary Wi-Fi, custom bedding, HDTVs in all rooms, laundry/valet service, business center, gift shop and indoor/outdoor pool.
“Ten-X has been selling high-quality, non-distressed commercial real estate for years, including approximately $2 billion in hotel properties, and we are pleased to have executed such a positive result for The Hotel Group,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “Ten-X provides sellers and brokers with greater reach, exposing their assets to a nationwide pool of investors who have grown to count on finding these types of properties on our proven platform.”
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Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.