Ten-X Commercial, the nation's leading online and only end-to-end transaction platform for commercial real estate, today announced that Driftwood Hospitality and CBRE leveraged the Ten-X platform to conduct the sale of Staybridge Suites Denver Tech Center in Centennial, Colo.. Driftwood Hospitality chose to transact this property using the Ten-X Commercial Managed Bid solution to achieve maximum market value for the property. Driftwood Hospitality also relied on the Ten-X team to recommend a broker from their preferred network of +5,000 brokers.
Managed Bid, a Ten-X Commercial transaction solution, is a hybrid of their Live Bid auction and a traditional offline transaction. In a Managed Bid transaction, prospective buyers submit indicative bids so that the seller and broker can select the top offers to compete in a live auction. For the Staybridge Suites Tech Center Denver property, the Managed Bid solution brought in 233 interested buyers which resulted in five approved buyers and 10 total bids.
“Having previously used Ten-X as a buyer, we decided to leverage the platform for the first-time sale of this property to reach a global, cross-commercial investor market while also ensuring certainty of close and ultimately transacting for maximum value,” said Carlos Rodriguez, Driftwood Hospitality. “The Managed Bid solution brought transparency and efficiency to the process while making sure that we received true market value for our property. Plus, the up-front due diligence helped us reduce risk and increase certainty of execution.”
The Ten-X Commercial platform offers brokers and their clients an intelligently curated way to market, list, and transact all online. By using Ten-X, brokers can enhance their reach, gain greater control with real-time reporting in a broker dashboard, and close more deals in less time.
“This transaction demonstrates how Ten-X collaborates with brokers to help them and their clients leverage our data-driven platform to reach global investors and maximize returns for hospitality assets, especially in major markets,” said Anthony Falor, Managing Director of Hospitality at Ten-X Commercial. “Using our online marketplace, Driftwood Hospitality and CBRE were able to engage hundreds of qualified hospitality buyers, in addition to commercial crossover investors both domestically and internationally, and ultimately find the right buyer for this asset.”
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