PORTSMOUTH, NH – NEHR, the acknowledged hospitality real estate advisory and brokerage leader in the Northeast for 40 years, announces the recent sale of the Comfort Inn Seekonk-Providence located in Seekonk, MA.
NEHR’s Shane Vahey, Director of Real Estate Business Development acted as exclusive advisor to the seller — a multi hotel asset owner.
The 90-room Comfort Inn, located within minutes of downtown Providence, RI, features a newly renovated lobby, continental breakfast, updated fitness center, and an outdoor pool. This asset is an attractive investment opportunity because it attracts significant corporate and leisure travelers year-round. There are several large, high profile Fortune 500 corporations located in the area as well as several prestigious colleges and universities.
“As soon as NEHR was awarded the hotel listing, we immediately contacted several qualified prospective buyers from our extensive database of hotel investors specifically looking for upper mid-market assets of this size in central New England,” said Shane Vahey. “Our hotel brokerages’ extensive database of investors that has been built over the last 40 years allowed us to confidentially identify an investor and reach an agreement on terms very quickly,” continued Vahey.
“This sale is a perfect example of a seller taking advantage of the heightened investor interest in the upper mid-market and upscale chain scales throughout the Northeast and disposing of his asset at the most opportunistic time within the current Real Estate Lodging Cycle and economic climate. Hotel operating performance is up and hotel investment opportunities within the Northeast are limited. Now is an ideal time for hotel owners within the Northeast to review their assets and think about strategic dispositions of select assets because the climate is right,” said Vahey.
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. Our 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.
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