Recent Sales
Optimum Hotel Brokerage has achieved an impressive and consistent track record of closings for its clients. The firm's resume of closed transactions include almost every type of hotel asset class, market and ownership structure imaginable. Here are but a few of successful closings engineered by Optimum Hotel Brokerage.
Optimum Hotel Brokerage Sells Chicago's Legendary Palmer House Hilton for $230,000,000
In August of 2005, Optimum Hotel Brokerage closed on the sale of the 1,639-room Palmer House Hilton in Chicago. Joe McCann, president of Optimum Hotel Brokerage, represented the buyer in the transaction. The 80 year-old Chicago landmark was sold by Hilton Hotels Corporation, who will retain the hotel's management rights. The buyer plans to invest over $100 Million to refurbish the hotel's guest rooms and public areas, and redesign the property's large retail and office components.
"The Palmer House is an historic, trophy asset located in the heart of one of America's most dynamic cities" exuded McCann. "There are only a handful of hotels with this landmark status and rich history. From its Renaissance-inspired lobby to the property's magnificent and opulent ballrooms, the Palmer House is truly an irreplaceable asset. I was pleased to work with Hilton and Thor to craft a win-win deal for both parties." McCann is no stranger to the Palmer House. He began his hotel management career at the celebrated hotel as a Hilton Corporate Food and Beverage Trainee in 1978. Subsequent promotions elevated him to the position of Assistant Director of Catering, where he orchestrated catering sales and operations activities at the hotel's 125,000 square feet of luxurious ballroom and meeting space. "My experiences at the Palmer House had a profound impact on my professional and personal life, and the Palmer House has always held a special place in my heart."
Optimum Hotel Brokerage Sells Kenilworth Inn in Kenilworth, New Jersey
The 112-room independent boutique hotel occupies a prominent and highly visible exit location on New Jersey’s busy Garden State Parkway. The full service hotel was purchased by Brix Hospitality, a prominent New Jersey-based owner and operator, from Kenilworth Capital, who had owned the hotel since 1993. The hotel features an outdoor pool, full service restaurant and lounge, banquet and meeting space, and a business center. The property also includes an additional 1.5-acre parcel, which could be used for future expansion and development. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage represented the seller in the transaction.“The Kenilworth Inn has an excellent Garden State Parkway exit location and is less than one half hour’s drive to New York City. It’s well positioned to attract the numerous demand generators in the high barrier-to-entry northern New Jersey market,” explained McCann.
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Optimum Hotel Brokerage Sells Best Western Berkshire Inn In Danbury, Connecticut
The property includes a 69-room hotel and two small commercial office buildings, and occupies a prominent and highly visible location on Interstate 84. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage represented the seller in the transaction. The select-service hotel was purchased by a Fairfield County based owner and operator, who will retain the property as a Best Western under membership agreement with Best Western International.“The Best Western Berkshire Inn has an excellent location. It’s well-constructed and has been meticulously maintained by its original owners” explained McCann. “The Best Western Berkshire Inn will give its new owner excellent opportunities to create value in this strong Fairfield County lodging market. The hotel’s quality construction and underlying real estate was a real value-added component of the deal.”
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Optimum Hotel Brokerage Advises on Sale of Motel 6 in Augusta, Maine
The 67-room hotel is located in Augusta and occupies a prominent location on Interstate 95. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage represented the seller, Accor North America, in the transaction. The economy hotel was purchased by a New Jersey owner and operator, who will retain the property as a Motel 6 under franchise agreement with Accor.“The Motel 6 Augusta’s great location, quality construction, and Accor branding made the asset attractive to our extensive customer base of economy and select-service hotel buyers” explained McCann. ”The Motel 6 Augusta will give its new owner excellent opportunities to create value in this diverse, growth market. The hotel’s Motel 6 branding was a valuable component of the deal.”
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Optimum Hotel Brokerage Sells Westport Inn in Westport, Connecticut
October 26, 2007 – Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Westport Inn in affluent Westport, Connecticut. The 115-room independent boutique hotel occupies a prominent location on the Post Road in the tony suburban coastal enclave, home to Wall Street executives, celebrities and multi-billion dollar hedge funds. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage represented the seller in the transaction. The Fairfield County landmark was purchased by a New York-based owner and developer. The property occupies more than three acres and features an indoor pool, fitness facility, meeting space, and restaurant and lounge. “The Westport Inn‘s superb location and independent status made this asset very attractive to our extensive customer base of independent and boutique hotel buyers” explained McCann (himself a former Westport resident). “With Westport’s high land costs and prohibitive zoning restrictions, the hotel is situated at the epicenter of one of the highest barriers-to-entry markets in the country. Lodging demand in Westport and Fairfield County are fueled by many Fortune 50 corporations and other substantial leisure, social and educational demand generators. Working with the seller, a Manhattan-based real estate ownership company, Optimum Hotel Brokerage was able to attract multiple offers and manage the bidding process to achieve the optimum selling price and the optimum timing for the seller. The new owner plans to extensively renovate and reposition the inn, so the Westport Inn will be taken to an even higher level of accommodations and service.”
Optimum Hotel Brokerage Sells Holiday Inn Express in Plainfield, Connecticut
September 5, 2007 – Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Holiday Inn Express Plainfield in Plainfield, Connecticut. The 66-room hotel is located in Plainfield, Connecticut and occupies a prominent location on Interstate 395, near the city of Norwich and the world-renowned Foxwoods and Mohegan Sun Casinos. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage represented the seller in the transaction. The IHG-branded select-service hotel was purchased by a New York owner and operator. The hotel was built in 2004 and features an indoor pool and meeting space.“The Holiday Inn Express Plainfield’s superb location and Holiday Inn Express branding made the asset attractive to our extensive customer base of select-service hotel buyers” explained McCann. “Optimum Hotel Brokerage was able to attract multiple offers and manage the process to achieve the optimum selling price and optimum timing for the seller. Additionally, the Holiday Inn Express Plainfield will give its new owner excellent opportunities to create value in this diverse, growth market. The Holiday Inn Express Plainfield is poised to capture additional corporate, leisure and casino-related demand well into the future.”
Optimum Hotel Brokerage Sells Comfort Inn & Suites Brandywine Valley; Suburban Philadelphia Hotel Sold to Regional Operator
Elkins Park, PA, August 28, 2006 - Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Comfort Inn & Suites Brandywine Valley. The 75-room hotel is located in West Chester, Pennsylvania, a suburban market of Philadelphia. Joe McCann, president of Optimum Hotel Brokerage represented the seller in the transaction. The select service hotel was purchased by a Mid-Atlantic-based multi-unit owner and operator. The three-story hotel was built in 1998 and features an indoor pool, two meeting rooms, gift shop, fitness room and Jacuzzi suites. The Comfort Inn & Suites Brandywine Valley has earned Choice's prestigious Gold Award for six years."The Comfort Inn & Suites Brandywine Valley's superb location, excellent condition, Comfort branding, and consistent financial performance made this asset highly attractive to capable buyers" explained McCann. "The hotel enjoys consistently improving business from many of the corporate and leisure demand generators in the market, which has high economic and regulatory barriers to entry." Optimum Hotel Brokerage created a targeted marketing campaign that stimulated buyer interest and competition, resulting in multiple asking-price, non-contingent offers.
The sale was one of the highest per-room prices ever paid for a Comfort Inn hotel, according to Hotel Brokers International's Tranactions database.
Optimum Hotel Brokerage Sells Best Western Colonial Hotel and Conference Center
Elkins Park, PA, October 10, 2006 – Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Best Western Colonial. The 120-room hotel is located in East Windsor, Connecticut and occupies a prominent location on Interstate 91 near Hartford’s Bradley International Airport. Joe McCann, president of Philadelphia-based Optimum Hotel Brokerage represented the seller in the transaction. The full service hotel was purchased by a New England-based multi-unit owner and operator. The hotel sits on more than 5 acres and features an outdoor courtyard pool, restaurant, lounge, and more than 7,000 square feet of quality ballroom and conference space. “The Best Western Colonial’s superb interstate and airport location, as well as its extensive meeting and banquet space made the asset attractive to full service owners and operators” explained McCann. “The Best Western Colonial will give its new owners excellent opportunities to create value through more capture of local corporate, group and social catering business.” The new owners have already embarked on an extensive room renovation program.
Optimum Hotel Brokerage Sells Holiday Inn Express in Waterbury, Connecticut
Fairfield, Connecticut, May 6, 2005 – Optimum Hotel Brokerage announced today that the firm has closed on the sale of the Holiday Inn Express hotel in Waterbury, Connecticut. Joe McCann, president of Optimum Hotel Brokerage, represented the seller, KP Hotels, in the transaction. The hotel was purchased by Nivitel Luemas LLC, a New Jersey-based full service hotel operator.
“The Holiday Inn Express Waterbury is a prominent, quality asset in an improving market” explained McCann. “It’s a fully renovated urban mid-rise hotel and is convenient to central Connecticut’s numerous medical, corporate, government, and leisure demand generators.”
The eight-story, 111-unit Holiday Inn Express Waterbury is located in downtown Waterbury, visible and easily accessible from Interstate 84. The hotel features an outdoor pool and more than 2,000 square feet of meeting space. The hotel also leases office space to neighboring Saint Mary’s Hospital.
Fairfield, Connecticut-based Optimum Hotel Brokerage is a full service hotel brokerage and hotel capital advisory service firm. In addition to the sale of the Holiday Inn Express Waterbury, the firm’s sales within the past year include the 304-room Crowne Plaza Meadowlands in Secaucus, New Jersey; the 350-room Crowne Plaza Hartford in Hartford, the 93-unit Days Inn Niantic in Niantic Connecticut; the 84-unit Hampton Inn Sturbridge in Sturbridge, Massachusetts; 153-Best Western Airport in Albany, New York; and the 170-unit Radisson Airport in Rochester, New York.
Optimum Hotel Brokerage is also a member of Hotel Brokers International, the world’s largest and oldest hospitality real estate organization, which has a rich heritage of experience and expertise in hotel real estate valuation, transactions and other essential services. Comprised of some 75 hotel real estate broker specialists, HBI provides the hospitality industry with the most powerful hotel real estate marketing force, creating greater visibility through a unified and inclusive advertising and marketing approach. Mr. McCann has earned the designation of Certified Hotel Broker, with distinction, from the organization, and was recognized as HBI’s Broker of the Year for the Northeast Region in 2003 and 2004. HBI also awarded McCann with the Portfolio Sale of the Year and Unique Deal of the Year awards.
Optimum Hotel Brokerage’s principal is Joe McCann. Joe is a twenty-five year hotel industry veteran who has held senior management positions with Hilton and Marriott at their largest and most successful corporate and franchised properties. Joe holds a Bachelor of Science Degree in Hotel, Restaurant and Institutional Management from the Pennsylvania State University and a Master of Hospitality Management degree (with concentration in Hotel Finance) from the Conrad N. Hilton College of Hotel and Restaurant Management at the University of Houston. He has also completed advanced Finance, Real Estate Finance, Hotel Valuation, and New Venture Development courses offered by the University of Connecticut, the University of Texas, Cornell University, and the University of Houston’s Melcher Graduate School of Business. He has been an active broker and consultant in the hospitality industry, with assignments ranging from hotel feasibility projects to multi-unit restaurant development.
For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com. For a complimentary valuation of your hotel, call 203-254-3904.
Optimum Hotel Brokerage Brokers Sale of Southbury Hilton in Southbury, Connecticut
In January, 2006, Optimum Hotel Brokerage closed on the sale of the 197-room Southbury Hilton in Southbury, Connecticut. Joe McCann, president of Optimum Hotel Brokerage, represented the seller in the transaction. The full service hotel was purchased by Northstar Hotels, who have changed the property's franchise affiliation to the Crowne Plaza brand. Northstar plans to renovate the property's guest rooms and extensive ballroom and meeting space.
"The Southbury Hilton is a beautiful central Connecticut landmark. It's a full service, nationally branded hotel with all of the atmosphere and comforts of a classic Connecticut country inn" explained McCann. "The hotel is a convenient destination for leisure and business customers, and the hotel's diverse and luxurious ballrooms are host to many upscale social events. Northstar was able to purchase the asset at a significant discount to replacement cost, and I was pleased to broker a win-win deal for both buyer and seller."
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Optimum Hotel Brokerage Sells Best Western Hotel in Lawton, Oklahoma
In February of 2006, Optimum Hotel Brokerage closed on the sale of the 148-room Best Western Hotel in Lawton, Oklahoma. Joe McCann, president of Optimum Hotel Brokerage, joined efforts with Alan Brock and Associates of Grapevine, Texas to represent the seller in the transaction. Both brokers are member brokers of HBI: Hotel Brokers International. The full service hotel was purchased by a multi-e hotel features a restaurant and lounge, two swimming pools and more than 7,000 square feet of flexible meeting space.
"The Best Western Lawton is a quality full service hotel, the most prominent in this city of 100,000 people" explained McCann. "The hotel enjoys consistently improving business from many of the corporate and military demand generators in the market, and the hotel's diverse and luxurious ballrooms are host to many upscale social events. The seller had invested millions in its refurbishment and repositioning, and I was pleased to work with Darin Brock of Alan Brock and Associates to craft a win-win deal for both buyer and seller."
"The execution of a deal of this complexity is testimony of the marketing power and cooperative abilities of the member brokers of Hotel Brokers International", added McCann. "By harnessing the marketing power of HBI brokers, the seller was able to expand his marketing reach, synergize the effort of additional HBI offices, and stimulate buyer competition for the asset", explained McCann. "Sellers should always consider hiring the member brokers of Hotel Brokers International when selling their hotels."
Optimum Hotel Brokerage Sells 306 Room Crowne Plaza® Meadowlands Hotel in Secaucus, New Jersey
In December of 2004 Optimum Hotel Brokerage structured the sale of the Crowne Plaza® Meadowlands Hotel in Secaucus, New Jersey. Joe McCann, president of Optimum Hotel Brokerage, represented the buyer in the transaction.
Located in the heart of the Meadowlands, only minutes from Manhattan, the 14-story hotel offers guests an outdoor pool, concierge services, a business center, restaurant and sports bar, and executive floors and business-class rooms. The hotel also has over 30,000 square feet of dedicated ballroom and exhibit space.
"We identified this underperforming asset as the perfect opportunity for attracting additional niche lodging markets. With its central location within the New York metro market and its over 30,000 square feet of diverse ballroom space and expansive kitchen facilities, we felt this property would be an ideal facility for Kosher catering and weekend Kosher group business, as these lucrative segments are currently being underserved in the market." After identifying a buyer who understood and appreciated the demands and economics of this profitable market segment, McCann and Optimum Hotel Brokerage worked with the buyer, a privately-held Canadian-based real estate ownership company, to negotiate a deal with FelCor Lodging Trust. "Our ability to match the perfectly motivated buyer to the right asset was the key to a successful transaction for both buyer and seller", McCann explained.
Optimum Hotel Brokerage Sells 350 Room Crowne Plaza® Hotel in Hartford, Connecticut
In November of 2004 Optimum Hotel Brokerage sold the Crowne Plaza® Hotel in Hartford, Connecticut. Joe McCann, president of Optimum Hotel Brokerage, represented the buyer in the transaction. The 350-unit hotel was sold by Dallas-based FelCor Lodging Trust, the nation's second largest hotel real estate investment trust.
The 18-story Crowne Plaza® is ideally located near Interstate 84, providing excellent visibility to guests and travelers in the Hartford area. The hotel has an outdoor pool, a fitness facility as well as more than 7,000 square feet of meeting space. The hotel also offers Crowne Plaza Club Executive Level rooms.
"In representing the buyer, we were able to negotiate a selling price of roundly 30% of replacement cost," added McCann. "We structured the sale with a price and terms that were advantageous to both buyer and seller. It was a win-win deal for both parties." The buyer, a privately held, Canadian-based real estate and hotel ownership company, will continue to operate the hotel under the Crowne Plaza flag.
Optimum Hotel Brokerage Sells Days Hotel Airport in Rochester, New York
In February 2006 Optimum Hotel Brokerage closed on the sale of the 153-unit Days Hotel Rochester Airport in Rochester, New York. Joe McCann, president of Optimum Hotel Brokerage, represented the seller in the transaction. The full service hotel was purchased by a regional management company, who plans an extensive renovation and repositioning of the asset to a Quality Inn.
The hotel sits on more than 10-acres and features a restaurant and lounge, outdoor swimming pool and more than 3,000 square feet of meeting space. "The Days Hotel Rochester is a well-located full service asset, highly visible and accessible to Interstate 390 and five minutes to Rochester International Airport" explained McCann. "The hotel was underperforming in its competitive set, but its location and physical attributes presented the buyer with great investment potential through hands-on management, renovation, repositioning and harvesting the property's real estate value" he further elaborated.
Optimum Hotel Brokerage Sells 93-Unit Days Inn in Niantic, Connecticut
Optimum Hotel Brokerage has closed on the sale of the Days Inn in Niantic, Connecticut. Joe McCann, president of Optimum Hotel Brokerage, represented the seller, Niantic Hospitality, in the transaction. The hotel was purchased by Bhagya Laxmi LLC, a regional limited service hotel operator.
The three-story, 93-unit Days Inn Niantic is located at Exit 95 of Interstate 95. The hotel features an outdoor pool, a full service restaurant, and more than 3,000 square feet of meeting space. The Days Inn Niantic has a visible and accessible location at a popular Interstate 95 exit, and is close the area's numerous corporate, leisure and government demand generators. And, the hotel is also just minutes from the popular Foxwoods and Mohegan Sun casinos."
Hampton Inn in Sturbridge, Massachusetts is Sold by Optimum Hotel Brokerage
The 84-unit Hampton Inn has been sold for $5,625,000. Optimum Hotel Brokerage represented the seller, Sun & Sand, LLC, to broker the property for roundly $67,000 per room and over 3.7 times Rooms Revenue. The three story hotel was built in 2000 and features an indoor swimming pool, meeting space and fitness room. The hotel is strategically located at the intersection of Interstate 90 (The Massachusetts Turnpike) and Interstate 84, about 50 miles west of Boston. The buyer, SDP Partners, is a regional multi-unit owner and operator. Read more about the deal here.
Optimum Hotel Brokerage closes sale of 171-unit Radisson Hotel Rochester Airport
The 171-unit Radisson Hotel Rochester Airport, located on Jefferson Road on the campus of Rochester Institute of Technology, has been sold for $4,300,000. The hotel features a full service restaurant and lounge, and over 11,000 square feet of diverse meeting and ballroom space. The buyer, represented by Optimum Hotel Brokerage, was a Pennsylvania-based multi-unit full service hotel operator. The seller was Meristar Hospitality. MeriStar Hospitality is a hotel real estate investment trust (with over 100 hotels) headquartered in Arlington, Virginia.
Optimum Hotel Brokerage closes sale of 153-unit Best Western Albany
The 153-unit Best Western Albany Airport Inn, located on Wolf Road, has been sold for $6,000,000. The seller, represented by Optimum Hotel Brokerage, was an Argentinean-based publishing company who purchased the hotel in 1997. The buyer, Albany Airport Hospitality Corporation, is a New York-based hotel company with over 500 rooms in the Albany market. The hotel was originally built as a Sheraton hotel in 1975 and features an indoor pool, full service restaurant and lounge, over 3,000 square feet of flexible meeting space. Optimum Hotel Brokerage was able to engineer the transaction, from contract to closing, in 25 days!
Hartford Connecticut Comfort Suites Development Sold
Representing the seller, a local partnership, Optimum Hotel Brokerage brokered the sale of the 100-unit Comfort Suites, valued at $6.5 Million, at Hartford's Bradley Airport.
Kings Inn Sold
In 2002, Optimum Hotel Brokerage, representing the seller, Asil Corporation, closed the sale of the Kings Inn in Endwell, New York. Jay Siyram, Inc. was the successful buyer of the property.
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