Alpine Realty Capital, LLC, a member of Hotel Brokers International, is pleased to announce that it has completed the sale of the Budget Host Inn & Suites in St. Ignace, Michigan. This 58-unit property is one of the few in St. Ignace to operate on a year-round basis and completed a major renovation in 2020. Alpine listed this property for the Owner/Operator in late 2019 and had a buyer prepared to go under contract on the purchase when the lockdowns occurred in March 2020. By maintaining good contact with both buyers and the seller during the summer, Alpine was able to create a competitive environment and fielded multiple offers in the fall of 2020. Upon execution of the contract, Alpine facilitated the due diligence and appraisal process and assisted the seller through the closing. Alpine currently has numerous hotels listed for sale or under contract and is seeing strong buyer interest across all property types.
Alpine works daily with groups looking for opportunities to provide capital investment or other means to provide equity returns. In an environment in which the supply of lodging properties for sale is scarce, Alpine is seeing ever-increasing interest in acquisitions from various groups, including owner-operators, who are seeking to participate in the industry’s strong returns. The ability to acquire a hotel asset and provide a capital infusion while remaining well below replacement cost is driving these transactions.
Alpine Realty Capital is a mortgage banker and real estate broker dedicated to the lodging industry with a proven ability to get difficult deals done.
About Hotel Brokers International
Founded in 1959, Hotel Brokers International members lead the industry in hotel real estate sales. HBI hotel brokerage specialists have successfully negotiated more than 10,000 hotel real estate transactions and consistently account for the largest share of all select-service and economy hotel sales in the United States. The organization’s database currently comprises more than 100 property listings and the HBI website attracts site visitors from around the world. HBI is the founder and administrator of the Certified Hotel Broker program – the industry’s only professional designation for Hotel Brokers. In addition to hospitality real estate advisory services, HBI offers affiliate membership to professionals in allied fields, including franchising, lending, appraisals, and investment services. For more information about HBI’s hotel listings or to become a broker or affiliate member, visit hbihotels.com.
Contact:
Edward P. Walsh, CHB, President
Alpine Realty Capital
Ann Arbor, Michigan
734.372.7130
ewalsh@alpinerealtycapital.com
Glenda J. Webb, Executive Director
Hotel Brokers International
Kansas City, Missouri
816.505.4315
gwebb@hbihotels.com