CBRE Hotels arranged the sale of Hilton Garden Inn, a 125-room hotel in Tyler, Texas at 220 East Grande Boulevard, and Homewood Suites by Hilton, a 113-room hotel at 3104 Golden Road, also in Tyler. Lodging Opportunity Fund REIT (LOF-REIT), a North Dakota real estate investment trust, purchased the assets from Rupali, L.P and Hemlata, LLC, respectively.
Michael Yu, Rahul Bijlani and Agrama Mannapperuma managed the transaction, and it marks the teams 20th closing year to date.
“With hotels trading at very low capitalization rates in the major markets, many buyers have shifted their attention to smaller markets for yield,” said Mr. Yu, CBRE Hotels.
LOF-REIT began acquiring hotels in 2013 and is currently growing its hospitality portfolio.
"We are excited to welcome the Hilton Garden Inn and Homewood Suites properties and their teams to the Lodging Opportunity Fund-REIT family,” said Chris Kilcullen, LOF-REIT Senior Vice President Acquisitions. “Both are excellent hotels with dedicated teams in great locations and with exceptional reputations.”
CBRE Hotels is a specialized group within CBRE providing advisory, asset management, capital markets, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of more than 385 dedicated hospitality professionals located in 60 offices across the globe.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
