Auction.com and HREC Investment Advisors, have 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: