PORTSMOUTH, NH – New England Hotel Realty (NEHR), the leading hotel real estate advisory and brokerage firm in the Northeast, is pleased to announce the recent sale of the Fairbanks Inn in St. Johnsbury, VT.
Buyer and seller are both experienced hotel owners, owning several hotels throughout New England. The Fairbanks Inn sold in September for an undisclosed amount. Shane Vahey, NEHR’s Director of Real Estate Business Development, represented the seller in the transaction.
The Fairbanks Inn, a limited-service property located in the classic New England vacation destination of St. Johnsbury, VT has exceptional appeal. St. Johnsbury is a local center of commerce, attracting both commercial and leisure travelers. Historical charm, close proximity to world-class skiing and other outdoor recreation, as well as exquisite mountain vistas and lakes are all draws to the area.
In addition to its ideal locale, the Fairbanks recently received several key upgrades to its guest rooms, common areas and lobby. The seller’s proactive approach to ensure his asset remained up-to-date with the amenities and improvements guests expect, made the Fairbanks Inn primed for sale.
Shane, facilitator of the sale said in a statement, “we were able to quickly and confidentially identify experienced and qualified buyers from our database as well as through our relationships with hotel investors. We ultimately closed this deal for the seller in less than 60 days from signed contract to close, with both buyer and sellers expectations having been met or exceeded.”
When speaking on the overall buyer/seller marketplace, Shane added, “we have seen strong buyer interest for assets in select leisure markets. Investors seek opportunities to capture revenue from the millennial and empty nest demographics looking for experiential hotels.” The Fairbanks Inn falls under this umbrella due to its uniqueness and its location in a prime leisure and commercial market.
Shane also highlights the overall scarcity of New England hotels for sale. He states, “sellers who wish to discuss the probable market value of their hotel asset are strongly encouraged to get in touch with NEHR today, to capitalize on the eagerness of investors to acquire New England lodging assets.”
About New England Hotel Realty
NEHR is the leading full-service hotel real estate advisory and brokerage firm in the Northeast, providing comprehensive disposition, acquisition and consulting services for 40 years. We specialize in single-asset and hotel portfolio sales only, and are the only hotel brokerage with an affiliation with Lodging Econometrics (LE), the global leader for hotel real estate intelligence. The brokerage team consists of the largest group of investment advisors, hotel brokers, market researchers, analysts and forecasters of industry trends throughout the country. We have advised on the topics of: disposition and acquisition of lodging assets, property valuations, asset management services, operations analysis and forecasting of future supply/demand trends in all markets. Contact us to confidentially discuss your asset(s) or to receive a complimentary Brokers Opinion of Value.
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