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A shot in the dark.
Please contact me if you have financial statements from any period after the company went dark.
I think you're "hot".
What Happened?
I’m speculating on what happened here.
Apollo and Blackstone made a deal. Apollo knew there was no possibility of getting anything on their equity and they didn’t want any risk that their “bad boy” clause might trigger. Blackstone wanted to own these hotels on the cheap, at say, $132,000 per room (price of note purchase from FRBNY).
To give Blackstone what it wanted, Apollo gave a sweetheart forbearance agreement in September that made it impossible to maximize value within a short period, plus allowed Blackstone to take all the cash with the keys, and never need to go to court to perfect the foreclosure or legitimately auction the properties. As part of the deal, of course, Apollo eliminates the bad -boy risk.
So, despite all the analysis here on cap rates, room values, cash build, this was all a setup from the start with a fictitious attempt to sell the hotels to maximize value.
Am I warm or cold?
I don't recall any document or PR saying Dec 10th was the drop dead date.
No position here but I watch a few of you guys.
Was there ever any filings back in septmeber that the extension by Blackrock was only 90 days? That seems material enough to me that it should have been in a filing.
I agree that there should be a lawsuit. The money we are talking about is large enough.
Ugly news for those invested. Sorry guys.
I expect one as well, the fund that owns nearly half the shares should buy up the remaining ones cheap and sue like crazy.
I banked big on this one, took profits but held some "free" shares, got punched in the gut for over 20K today.
Sorry to hear that, I usually try to post buys and sells everywhere I'm at on the Internet but simply didn't update this one in time. I hope your position was a small one like mine was.
Expect class action lawsuit.
I was not so lucky.
Sold my entire position this morning.
Sorry I didn't mention I had sold my small stake here last week to put into other investments. Got out with a small gain at a hair above $5.
Eagle Hospitality's Secured Lender Takes Ownership of 13 Hotels
PR Newswire
PURCHASE, N.Y., Dec. 11, 2012
PURCHASE, N.Y., Dec. 11, 2012 /PRNewswire/ -- Eagle Hospitality Properties Trust, Inc. ("Eagle Hospitality") announced today that its secured lender, an affiliate of Blackstone Real Estate Partners VII ("Blackstone"), has taken ownership of Eagle Hospitality's entire portfolio of 13 hotels.
Eagle Hospitality entered into an agreement with Blackstone on September 7, 2012, that delayed foreclosure on its 13 hotels, permitted Eagle Hospitality to attempt to sell the hotels and provided Eagle Hospitality the right to repay its secured debt at a discount.
Eagle Hospitality, with the assistance of its chief restructuring officer and Lazard Freres & Co. LLC, engaged in an extensive process to sell its assets at an aggregate price that would exceed the discounted payoff amount.
Eagle Hospitality was unable to secure one or more definitive contracts to sell its assets by December 10, 2012, which triggered the secured lender's remedies. Pursuant to those remedies, Blackstone has taken ownership and control of substantially all of Eagle Hospitality's assets, including all of its operating and real estate assets.
With limited remaining assets, all of which will be used to wind up its affairs, and no remaining real estate or operating assets, Eagle Hospitality expects that no distributions will be made, now or in the future, to the holders of Eagle Hospitality's 8.25% Series A Cumulative Redeemable Preferred Shares or to the other equity holders of Eagle Hospitality or its operating partnership, EHP Operating Partnership, L.P.
Read more: http://www.digitaljournal.com/pr/970585#ixzz2Ekwg2Lik
Email from my buddy that first got me into EHPTP (back at .30-.50)
For some reason the per key table is not copying very good.
Published in CoStar Group Newsletter, CoStar is the # 1 Commercial Real Estate Information Company!
http://www.costar.com/
High-End Hotel Investment Sales Getting Hot Again After Six-Month Lull
Strong Lodging Fundamentals Tempting Owners of High-End Assets To Cash Out
By Randyl Drummer
August 29, 2012
After trading at a blistering pace last year, high-dollar hotel investment sales cooled off considerably in the first half of 2012. However, early third-quarter transaction activity suggests that lodging sales should finish the year on a strong note, according to CoStar sales data and comments from leading hospitality CEOs.
Total volume of sold hotel transactions valued at $25 million and above was $2.5 billion in the first six months of 2012 -- well below the strong $6.4 billion recorded in the first half of 2011, according to preliminary sales transactions analyzed by CoStar. Thanks to a handful of hotels that sold for top dollar, sales volume has already surpassed second-quarter 2012 and about equaled first-quarter figures just a month into the third quarter. The average price per key remained strong at around $233,500 at midyear.
....................................................................................................................................................................................................
So Let me insert an Eagle fact sheet into this story here;
Average Per Key Rate High End Hotels First Half 2012 >>>>
$233,500
Cincinnati Landmark Marriott
321
Chicago Marriott Southwest at Burr Ridge
184
Hyatt Regency Rochester - 25 stories
336
Embassy Suites Hotel Columbus / Dublin
284
Embassy Suites Hotel Cleveland/Rockside
271
Embassy Suites Hotel Boston at Logan International Airport
273
Embassy Suites Hotel Denver-International Airport
174
Embassy Suites Hotel Phoenix-Scottsdale
270
Embassy Suites Hotel Tampa-Airport/Westshore
243
Embassy Suites Hotel & Casino San Juan
299
Embassy Suites Hotel Cincinnati-RiverCenter
226
Hilton Glendale
351
Hilton Cincinnati Airport
306
Value of Eagle Hospitality Assets Based On Key AVERAGE in 2012
$826,123,000.00
3538
If this holds true, the EHPTP play should pay 100% of Preference Value PLUS All interest DUE to Preferred share holders! All right you kids get back to your homework and read what's below! (Don't forget they are hoarding cash as well!)
......................................................................................................................................................................................
The uptick in sales in recent weeks come as the U.S. hotel industry heads into the Labor Day weekend, traditionally one of the busiest travel and vacation periods of the year, and reflects what lodging analysts say is the continuing and growing strength in fundamentals in spite of this year’s slow economic growth and fiscal uncertainty.
In an updated lodging forecast released this week, PwC (PricewaterhouseCoopers) expects the recovery in revenue per available room (RevPAR) to continue through the end of the year, with slightly stronger gains in both demand and room pricing than previously anticipated.
Despite the slow economy, U.S. business and leisure travel continues to recover, including stepped-up corporate meetings and a greater number of international visitors, with hotels experiencing solid demand and room rent gains in the second quarter.
Along with year-over-year gains in group bookings in place for the balance of the year, these improvements have resulted in an expected RevPAR increase of 7.2% in 2012 and 5.6% in 2013. Overall, PwC expects lodging demand in 2012 to increase 3%, while the still-restrained supply of rooms will grow at just 0.5%, boosting occupancy levels to 61.5%, the highest since 2007.
Buyers, Sellers Get Off the Sidelines
Such numbers are prompting sellers to get off the sidelines. Evident of the boost in third-quarter sales activity has been a pair of large sales in recent days of W branded hotels by Starwood Hotels and Resorts Worldwide, Inc. (NYSE: HOT).
Annapolis, MD-based Chesapeake Lodging Trust last week acquired the W Chicago Lakeshore, a 520-room property at 644 N. Lakeshore Drive, from Starwood for $126 million, or $242,308 per room. Two days later, Starwood announced the sale of the 258-room W Los Angeles at 930 Hilgard Ave. in the Westwood submarket, to Pebblebrook Hotel Trust for $125 million. That's a whopping $484,500 per key.
Also this week, a GE Capital affiliate sold the 472-room Sheraton Nashville in downtown for a reported $47.5 million to private owner/developer JRK Hotel Group.
The sales activity at the high end of the market mirrors especially strong fundamentals for luxury properties. While hotels across the spectrum are benefiting from the recovery, those in the higher-priced tiers are expected to see the strongest gains, according to PwC.
Occupancy levels at hotels in the luxury, upper-upscale and upscale segments are expected to meet or exceed each segment's 2007 peak. Hotels in the lower-priced segments have not experienced as solid of a recovery in occupancy but are still expected to realize increased room rates as demand gradually strengthens.
"With occupancy surpassing recent prior peak levels in the luxury, upper upscale, and upscale segments, the lodging recovery is intact," said Scott D. Berman, principal and US industry leader, hospitality & leisure, PwC.
Starwood Pursues 'Asset-Light' Strategy
Starwood has pursued an "asset-light" strategy in recent years, opting to focus on fee income from hotel operations and management. During a recent call with investors, the company laid out plans to unlock $4 billion to $5 billion in cash by selling its hotels and Bal Harbour condominium residences.
The majority of that cash will come from eliminating most of Starwood’s owned hotel portfolio, said Frits van Paasschen, CEO, president and director.
"We'll continue to bring our own hotels to market, either one at a time or all at once, depending on demand," van Paasschen said. "It's important also to note that after generating all that cash, we're left with a global high-end fee business, which is an investor's dream as the business model.
"The fee business is built on long-term contracts, low variable costs, but absent the capital needs and volatility of owned real estate."
Compared with three to six months ago, "We have more [properties] on the market and we're having more discussions than we were prior to that. And that reflects a greater confidence among buyers and presumably some better financing conditions among buyers than we've seen for some time," van Paasschen said.
While Starwood may be poised to sell more hotels, it could pull back if the company doesn’t feel it’s getting the appropriate price for the asset, he said.
Strong Second Half of Year Expected
Jon Bortz, chairman, president and CEO of Pebblebrook Hotel Trust (NYSE: PEB), one of the most active hotel buyers in recent years, predicts stronger overall investment activity in the second half of 2012.
"I think what we can say is that the activity level in the second half for the industry and hopefully for us will be significantly higher than it was in the first half," Bortz said in an investor call. "We've seen a very positive momentum in the number and quality of assets in the major gateway markets that we have an interest in, and we believe that we will continue to get at least our share in both on-market and off-market transactions."
"Right now we continue to be excited about making acquisitions. We think it's still very early in the recovery. We think in almost all markets except for select service in a couple of major cities, we are a long way from replacement cost, and capital availability for new construction, particularly in urban markets outside of New York, is very, very limited."
Earlier in the year, there was an anticipation that the second half of 2012 would be somewhat like the first half of 2011’s very high level of activity, noted W. Edward Walter, CEO and president of Host Hotels & Resorts.
"I'd say expectations have moderated a bit. But clearly, we're seeing more activity, more opportunity right now than we did in the beginning of the year, and I think that doesn't surprise me in some ways. I think conditions are better," Walter said.
"We certainly still are looking to be active," said Walter, adding he’s very confident Host will be a net acquirer of properties in the near term, depending on how asset pricing plays out.
In the last buying cycle in 2006 and 2007, Host Hotels started to see pricing that "was so strong that under the assumptions under which we were comfortable underwriting assets, we started to find that we just weren't competitive as the buyer," Walter noted.
"Not because we didn't have a low cost of capital, but I think others were just being very aggressive," Walter said. "We made a decision at that point that we were better off being a seller than a buyer. I clearly anticipate that we will find the same sort of dynamic happen at some point in this cycle.
"I don't see any real signs of it yet, so I suspect that even as we look at [2013] we would still be active on the acquisition front, but it's hard to predict beyond that right now."
At least one other major chain doesn’t expect to see much acquisition activity in the next six months. Mark Hoplamazian, president and CEO of Hyatt Hotel Corp (NYSE: H), said the company is more focused on development and isn’t actively marketing any properties via third-party brokers. But Hyatt will likely sell "a property" before the end of the year, though it’s not likely to be a large transaction, Hoplamazian said.
Hmm interesting. Here's what I got:
"Dear Mr. Pagano,
Please be advised that your order to Sell EHPTP which was executed at $5.92 today, 11/15/2012 was “ruled to bust” by the Market Center due to a bad execution. Please feel free to place a new order. Your Activity page will be incorrect until tomorrow. We apologize for any inconvenience that this may have caused you and thank you again for your valued business."
Thank you for contacting us in regard to the order execution alert you received. I appreciate this opportunity to assist you.
Upon review of your trade, I confirm your sell order for 500 shares of Eagle Hospitality Properties Trust In (EHPTP) order was not actually executed. The day high for EHPTP was $4.92. It appears as though the alert you received was auto-generated in error due to a systems issue. I apologize for this inconvenience. I can assure you this issue has been reported to the appropriate group for review.
We appreciate you choosing to invest with Fidelity.
Sincerely,
Nicole E. Nelson
Fidelity Brokerage Services LLC, Member NYSE, SIPC
Thanks, I was planning on setting a buy at $4.50 to replace them if they sold, someone keeps getting lucky at $4.50 every few days.
I made a quick call to my broker and the rep said there was an execution mistake at the exchange level. They were ordered to bust the trade and it would be correctly reflected overnight to still have the shares.
Really weird, I got this email Thu Nov 15, 2012 03:38:30 PM EST
Order to SELL EHPTP: 500 shares filled @ $5.92. Execution time: 03:38 PM.
Then at 3:43 I got this one Thu Nov 15, 2012 03:43:17 PM EST
Order to SELL EHPTP: Nothing Done. Execution time: 04:00 PM.
HTF do they know nothing was done at 4PM 17 minutes before 4 ?
Wow, mine just reappeared too in the holdings column. Interesting. Now that we've closed I don't see anything that high either. I thought it had been a typo at $4.92 but that wouldn't have passed my limit.
I got a confirmation order for 500 of mine at $5.92, but my sharecount did not decrease and I don't see any trades that high.
Well someone really wanted shares, they knocked out mine at $5.92 today. I can't argue with a quick flip like that with a special situation based on a binary event.
Gotta love illiquid securities.
Then my old hometown Hilton too:
$22.2 MM / 341 = $65K per room
http://www.pennlive.com/midstate/index.ssf/2012/06/harrisburg_hilton_sold_to_gree.html
An affiliate of Harristown Enterprises Inc. has sold the Hilton Harrisburg hotel to a Denver-based hotel investment group. Harrisburg Hotel Corp. sold the 341-room Hilton to Greenwood Hospitality Group LLC.
Although executives from both companies wouldn't share a sale price, a realty transfer tax statement from the Dauphin County Recorder of Deeds office indicates that Greenwood paid $22.2 million for the property, which is close to its listed fair market value of $23.8 million.
Hilton Harrisburg 20th AnniversaryView full sizeChris Knight, The Patriot-NewsACharity Grilling Party benefiting Easter Seals during the Hilton Harrisburg's 20th anniversary celebration in 2010.
Greenwood Principal Thomas W. Conran said the hotel will remain a Hilton and the company will retain the existing 400 employees during a 2:30 p.m. press conference held to announce the sale in City Hall.
Mayor Linda Thompson said the sale retired $17 million worth of city debt, what Harrisburg had guaranteed for the hotel.
Greenwood, which specializes in repositioning hotels, plans to invest roughly $5 million in hotel upgrades. Improvements will include new carpeting, guestroom upgrades and other refinements that will be noticeable to guests, said Conran.
The sale includes Bricco Restuarant at Third and Chestnut streets. Bill Kohl, Hilton Harrisburg president and CEO, becomes a principal with Greenwood.
Greenwood also will take over management of the Hilton Garden Inn Hershey, which was operated by Harrisburg Hotel Corp.
Brad Jones, vice president of Community Development for Harristown, said financial problems did not force Harrisburg Hotel Corp. to sell the hotel.
Harristown never intended to own and operate the Hilton for so long, Jones said. “It’s a good opportunity to reinvest in other projects,” he said.
The affiliate of Harristown owned and operated the hotel that helped spark a redevelopment wave in Harrisburg since 1990, when it opened.
Hilton sale in North Carolina:
$16.5 MM / 249 = $66K per room
A joint venture between a Florida hospitality management firm and a New York private equity firm has bought the 249-room Hilton Raleigh-Durham Airport at Research Triangle Park.
Driftwood Hospitality Management and Apollo Global Management acquired the property from GE Capital Real Estate, a unit of General Electric. The purchase price was $16.5 million, according to Durham County property records.
The deal was the third hotel acquired by the joint venture. The other two properties are in Wilmington and Columbus, Ohio.
The Durham hotel is near the intersection of Page Road and Interstate 40, about three miles from RDU. It includes 3,200 square feet of meeting space.
The hotel industry suffered steep declines in occupancy during the recession, which forced owners to offer significant discounts and concessions to get people into rooms. After bottoming out in 2009, the industry has been making a gradual recovery.
The hotel occupancy rate in the Triangle last year was 60.7 percent, up 4.6 percent compared with 2010, according to Smith Travel Research, a Tennessee company that tracks the lodging industry. Revenue per available room, a key industry statistic, has also been increasing in the Triangle, though it remains about 10 percent below where it was four years ago.
Read more here: http://www.newsobserver.com/2012/04/04/1980816/hilton-hotel-near-rdu-sold-for.html#storylink=cpy
Seattle Hilton sold last week:
http://www.costar.com/News/Article/Seattle-Hilton-Hotel-Sold-for-$63M/142492
AEW Capital Management of Boston acquired the 250-room Seattle Hilton Hotel at 1301 6th Ave. in Seattle, WA from RC. HeDreen Co. for $63 million, which included approximately $5.8 million in furniture, fixtures and equipment. This equates to a price per room of approximately $229,000.
The 24-story, 332,210-square-foot hotel was built in 1969 on almost half an acre in Seattle's central business district. The Hilton-branded hotel sold with an average occupancy of 84 percent and an average room rate ranging from $199 to $250 per night.
Chris Burdett of CBRE represented the seller.
Please see CoStar COMPS #2553827 for more information regarding this transaction.
Marriot Sales:
http://www.review.net/section/detail/three-marriott-hotels-sell-for-33.7m/
BUYER: Suncoast Parkway Hotel Holdings LLC (MIG Real Estate LLC), Newport Beach, Calif.
SELLER: Northpointe Hoteliers LLC
PROPERTY: 2101 Northpointe Parkway, Lutz
PRICE: $13.5 million
PREVIOUS PRICE: $1 million, November 2006
Related Headlines:
Sarasota investors Cotner, Alogna buy two Longboat villa buildings Gecko’s Hospitality Group buys Bee Ridge gas station Tampa Developers building $20M Orlando hotel Atlanta’s Pollack Shores starts Tampa NOHO Flats
BUYER: Tampa Road Hotel Holdings II LLC (MIG Real Estate LLC), Newport Beach, Calif.
SELLER: Menna Oldsmar Partnership LLP
PROPERTY: 4012 Tampa Road, Oldsmar
PRICE: $9.2 million
BUYER: Tampa Road Hotel Holdings I LLC (MIG Real Estate LLC), Newport Beach, Calif.
SELLER: Menna Oldsmar Partnership LLP
PROPERTY: 4014 Tampa Road, Oldsmar
PRICE: $11 million
ATTORNEY ON DEED: Aminie Mohip Esquire, Clearwater
PLANS, DESCRIPTION: MIG Real Estate LLC purchased three hotels in the Tampa Bay area from Menna Development & Management Inc. of Clearwater for a total of $33.7 million.
The price equated to $121,661 per room.
The California-based real estate investment company purchased the 99-room Courtyard by Marriott Tampa/Oldsmar for $11 million, 78-room Residence Inn by Marriott Tampa Oldsmar for $9.2 million and the 100-room Residence Inn Tampa Suncoast Parkway at NorthPointe Village for $13.5 million.
Built in 2003, the Courtyard in Oldsmar features a swimming pool, fitness center and 2,000 square feet of meeting space. The Residence Inn in Oldsmar was built in 2005 and houses two meeting rooms and a fitness center. The 4-year-old Residence Inn in Lutz features a heated swimming pool, exercise room and a sports area.
These acquisitions are MIG Real Estate’s first in Florida and increases its overall hotel portfolio to eight properties. Concord Hospitality Enterprises will operate all three properties.
The new ownership has announced plans to renovate the lobbies, guestrooms and other public areas of the two Oldsmar properties.
CBRE Hotels’ Robert Taylor in Miami and Ron Danko in New York City handled the transaction on behalf of the seller.
“There are more buyers than sellers right now in the hotels market,” Taylor says. “Capital is more widely available for buyers, and sellers are making strategic decisions to bring their assets to market in this profitable environment. Hotels are projected to continue to perform well in the next few years.”
Since mid-2009 MIG Real Estate has added nearly 5 million square feet of commercial real estate totaling more than $650 million in assets under management.
Looks like they could be.
http://www.bizjournals.com/atlanta/print-edition/2012/06/29/king-of-downtown-hotels-puts-out-for.html?page=all
Atlanta’s largest hotel is for sale — and could bring up to $400 million in what would be one of this year’s biggest hotel deals.
The Marriott Marquis, which has a total of 1,663 guest rooms, has sold just once since it was built in 1985.
Its owner, Bethesda, Md.-based Host Hotels & Resorts Inc. (NYSE: HST), is making moves to sell the downtown convention hotel. Host bought the Marquis for $229.5 million in January 1998, according to Databank Inc., an Atlanta firm that tracks real estate transactions. Jones Lang LaSalle Inc. is marketing the property.
The Marquis has 1,569 rooms, 94 suites, 61 meeting rooms and more than 28,000 square feet of exhibit space, according to the Atlanta Convention & Visitors Bureau. Famed Atlanta architect John Portman designed the hotel, which is well-known for its open atrium lobby.
“The architectural design of the building makes it unmatched to any other hotel,” said Mark Vaughan, executive vice president for the Atlanta Convention & Visitors Bureau. Vaughan served as director of marketing at the hotel from 1998 to 2001.
“Host has been a great owner,” he said. “They’ve invested significantly in that property. It’s certainly a hotel we all can be proud of in Atlanta.”
Host completed an approximately $140 million renovation of the Marquis in the summer of 2008.
And, in 2009, a pedestrian bridge was constructed to connect the Marquis to the Hilton Atlanta, which also is on the market and could fetch between$220 million and $280 million in a deal.
The Marquis also links to the Hyatt Regency Atlanta by a pedestrian bridge. Both connections in essence put around 4,000 hotel rooms under one roof, making those properties very attractive for hosting conventioneers and large events.
The recent improvements make the hotel prime for a sale, say local hospitality experts.
“The Marriott Marquis for sale makes a lot of sense,” said Paul Breslin, managing partner of hotel consulting firm Panther Hospitality LLC. “They’ve renovated, repositioned and refreshed. It’s the right time.”
Also, stronger market fundamentals and a low supply of new construction are helping make 2012 a good year to take assets to market.
“You can’t reproduce a 1,600-room hotel very easily,” said hospitality consultant Linda Wilson, president of Key Advisors Inc. She added that the Marquis is “one of the biggest players in the citywide convention business,” which makes the property attractive to buyers. Group bookings are on the rise in Atlanta, she said.
“During the recession, people just cut their costs,” Wilson said. “They didn’t attend conventions.”
But, she said, “it’s coming back. The pickup is much stronger from what they originally thought.”
Breslin estimated the hotel could sell for $250,000 to $280,000 per key. That could put a price tag of nearly $400 million on the property. He said it’s most likely that the Marriott brand would remain if the hotel traded hands.
“They’d never sell it without keeping the brand and management,” Breslin said.
Based on those figures, if the Marquis sells this year, it could be one of the largest hotel transactions in the United States.
Seven hotels have sold for more than $100 million across the country in first-quarter 2012, according to data from LW Hospitality Advisors LLC. The 934-room Park Central Hotel in New York City fetched the highest price, selling for an estimated $396 million to LaSalle Hotel Properties. That’s about $424,000 per key, according to the hospitality firm.
It’s a clear indication that large transactions are occurring, Wilson said.
“Publicly traded REITs, which were the largest buyers in 2011, have become less active due to low stock valuations,” Wilson said. “That leaves private equity firms as a prime target for the sale.”
Already this year, a handful of Atlanta hotels have sold. The 521-room Renaissance Waverly Hotel & Convention Center Atlanta sold for about $96 million in March, according to hotel consulting and appraisal firm HVS, which has an Atlanta office. The hotel is attached to the Cobb Galleria Centre, a 320,000-square-foot convention center, and Cumberland Mall.
Host Hotels did not respond to a request for comment about why it’s selling the Marquis.
The company has paid off its $164 million mortgage on the property, according to Alan Wexler with Databank.
Earlier this year, in an earnings call with investors, W. Edward Walter, Host’s chief executive, president and director, shared the company’s strategy for its portfolio.
“Recognizing that there has been a directive acquisition opportunities in North America, we are moving quickly to bring selected assets to the market, as we continue to look to recycle assets and improve the quality of our already outstanding portfolio,” Walter told investors on April 25.
In first-quarter 2012, Host sold its San Francisco Airport Marriott for about $113 million to Inland American Lodging Group Inc.
“While certainly a fine property in a top market, this sale was consistent with our strategy of reducing our exposure to noncore assets located in airport markets at attractive pricing,” Walter said. “The sale also permits us to avoid investing an incremental $15 million in capital improvements over the next couple of years.”
Host’s portfolio of more than 100 properties includes several other prominent Atlanta hotels: the Grand Hyatt Atlanta, The Westin Buckhead Atlanta, Four Seasons Hotel Atlanta, The Ritz-Carlton, Buckhead, JW Marriott Atlanta Buckhead, Atlanta Marriott Perimeter Center, and Atlanta Marriott
Older but data is consistent for Embassy prices.
$22.5 Million / 222 = appx. $115,000 per room
http://www.reuters.com/article/2012/07/18/idUS202890+18-Jul-2012+BW20120718
FelCor Lodging Trust Incorporated (NYSE: FCH) today announced that it has agreed to sell the 222-room Embassy Suites – Anaheim-North hotel for $25.5 million. Urban Common, the purchaser, has made a $1.3 million hard money deposit toward the purchase price. The sale is expected to close in late August. FelCor will use the net proceeds to repay a portion of the $88 million balance on the CMBS loan that matures in 2013.
As part of its long-term portfolio repositioning strategy, which includes the sale of 39 non-strategic hotels, FelCor is currently marketing 10 hotels, including the hotel announced today. Including this sale, FelCor will have sold 16 of the 25 hotels that it has brought to market since December 2010.
About FelCor
FelCor, a real estate investment trust, owns 70 primarily upper-upscale, full-service hotels that are located in major and resort markets throughout 22 states. FelCor partners with leading hotel companies to operate its diversified portfolio of hotels, which are flagged under globally recognized names such as, Doubletree®, Embassy Suites®, Fairmont®, Hilton®, Marriott®, Renaissance®, Sheraton®, Westin® and Holiday Inn®, and premier independent hotels in New York. Additional information can be found on the Company's Web site at www.felcor.com.
If we were on any other market than the Grays, I would think the volume indicates one or more prearranged transactions. I don't see how that can be coordinated on the Grays since there are no market makers. I didn't get a call from my broker asking me if I wanted to sell my shares :)
I guess a hedge fund could be considered a credit union in a way....but with much higher fees haha just kidding bud. Have a great day.
Only what you posted from the credit union, I re-posted it on my site and I'm sure thousands of members of the credit union read it.