Online real estate marketplace Auction.com LLC has reported closings on 47 commercial assets in March with a total combined value of almost $189 million.
A number of properties that were sold were investor-owned hotels, signifying the continuing recovery within the hospitality sector and the popularity of online auctions among owners of high-quality, non-distressed hotels.
‘As economic recovery has spurred an uptick in tourism and the hospitality sector continues to recover, we're seeing a significant decrease in distressed hotel inventory,’ says Rick Sharga, executive vice president of Auction.com. ‘This shift to more traditional, high-quality assets coming up for sale is directly reflected in the recent closings and current inventory available on our platform.’
The following are some of the noteworthy closings:
- A 758,000-square-foot industrial property located in Gainesville, Ga.;
- Hampton Inn North Myrtle Beach-Harbourgate, a 101-key hotel located in North Myrtle Beach, S.C.;
- Quality Inn Winter Park Village, a 200-key hotel located in Orlando, Fla.;
- Comfort Inn and Suites, an 86-key hotel in Surprise, Ariz.;
- A 27,000-square-foot retail center located in South Plainfield, N.J.; and
- A 27,000-square-foot office building located in Las Vegas.