Dallas Commercial Real Estate Firm Sells Two Montgomery County Hotels
CBRE, the Dallas commercial real estate services and investment firm, has announced that two Montgomery County hotels have been sold as part of its 16-property, nine-state portfolio. MSN carried the announcement.
The CBRE press notice described the transaction as a joint venture between:
- NewscrestImage, a privately held investment firm in Dallas
- Hospitality Capital Partners (HCP), a Phoenix property acquirer that concentrates on hotels and golf courses
The seller was Service Properties Trust, from Newton, Massachusetts, a real estate investment trust.
The portfolio comprised 13 properties under the Courtyard by Marriott brand and three Residence Inn by Marriott hotels.
The two affected local accommodations are:
- Courtyard Philadelphia Willow Grove, 2350 Easton Road 611, Upper Moreland
- Residence Inn Philadelphia Willow Grove, 3 Walnut Grove Dr., Horsham
Al Calhoun, vice chairman with CBRE Hotels in Atlanta, said, “We were able to complete this transaction by breaking it up into three deals with three different lenders. These lenders had great confidence in the sponsorship and the quality of the brands and markets.”
More on these transactions is at MSN.
Overview of the Courtyard Philadelphia Willow Grove.
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