Auction.com, has reported closings on 47 commercial assets in March with a total combined value of nearly $189 million. Among the properties sold in March were a number of investor-owned hotels, reflecting the continuing recovery of the hospitality sector and the growing popularity of online auctions among owners of high quality, non-distressed hotels.
“As economic recovery has spurred an uptick in tourism and the hospitality sector continues to recover, we’re seeing a significant decrease in distressed hotel inventory,” said Rick Sharga, executive vice president of Auction.com. “This shift to more traditional, high-quality assets coming up for sale is directly reflected in the recent closings and current inventory available on our platform.”
Notable closings include the following:
The Auction.com platform offers complete transparency to the large pool of bidders it attracts from around the world. In turn, the competition among qualified buyers ensures that sellers’ assets are transacted at fair market value. Auction.com enables buyers and sellers to conduct transactions in a more efficient manner than previously possible by leveraging internet technology to streamline what has traditionally been a cumbersome, complicated and paperwork-intense process.