IRVINE AND SILICON VALLEY, CALIF. – July 18, 2016 – Ten-X, the nation’s leading online real estate transaction marketplace, announces its hospitality division has closed on 50 assets totaling $190 million from January 2016 through May 2016 on the on the Ten-X Commercial online platform.
The Ten-X hospitality division’s momentum follows a record-setting 2015, where the company closed 117 hotel transactions with sales proceeds exceeding $461 million, nearly double its 2014 hospitality performance of $256.3 million. Ten-X has closed on approximately $2 billion in hospitality assets since facilitating the sale of its first hotel in 2010. According to Ten-X Research, Q1 2016 deal volume in the hospitality sector nationwide is down 59 percent from Q4 2015 and by 61 percent from one year ago. The Ten-X Commercial platform, however, is still seeing strong transaction numbers.
“The effectiveness of the Ten-X online platform is evident in a strong first five months of 2016, which follows the same success we had in 2015 selling high-quality hospitality assets,” said Anthony Falor, managing director of Ten-X’s national hospitality group. “From large, full-service and boutique properties to select service assets, more investors and brokers are utilizing the Ten-X platform, which provides greater flexibility and control than ever with our newly launched non-auction Offer Select format in addition to our signature live bid format.”
Hospitality closings from January through May took place in numerous key U.S. hotel markets. Highlights through the first five months of 2016 include:
- Hawthorn Suites by Wyndham - Fort Worth, Texas Medical Center, for $10.375 million in conjunction with Hotel Assets Group
- Courtyard by Marriott in Brunswick, Ga., which sold for $10 million with Newmark Grubb Knight Frank
- DoubleTree by Hilton - Santa Fe, N.M., selling for $6.675 million in conjunction with Cushman & Wakefield
- Holiday Inn Express in Pittsburgh selling for $6.1 million with Paramount Real Estate Advisors
Ten-X is currently marketing more than 25 hotel assets across the U.S., including:
- The 322-room Hampton Inn Tropicana Las Vegas
- The 81-unit Seabonay Oceanfront Hotel in South Florida
- A 121 unit Springhill Suites by Marriott in Macon, Ga.
- The 58-room Morgan, a boutique hotel with Pacific Ocean views located in San Simeon, Calif.
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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.