Tandy O. Lofland and Mark J. Rome Co-Broker Sale of Las Colinas Holiday Inn Express & Suites
June 9, 2016 2:31pm
June 9, 2016 - Tandy O. Lofland, founder and CEO of Intergroup Realty, Inc. and Mark Rome, president of MJ Rome, announced their firms advised the seller in the recent $10,500,000 sale of the Holiday Inn Express & Suites Irving Convention Center – Las Colinas in Irving, Texas. The Texas-based brokers were able to source a strong local buyer that understood the upside opportunity for the hotel within the thriving Las Colinas sub-market. The 128-room hotel is adjacent to the Irving Convention Center and enjoys world-class corporate and leisure demand due to its prime location in the several-thousand-acre, upscale Las Colinas development, one of the largest master-planned communities in the U.S.
Las Colinas is home to headquarters or major offices of such corporations as ExxonMobil, AT&T, Kimberly-Clark, Fluor, Citigroup, Microsoft, Nokia, and many others and also contains thousands of residential units plus numerous hotels, retail developments, golf courses, and other facilities and amenities.
The seller is an affiliate of Summit Hotel Properties, Inc. The purchaser is a private investment group from the Dallas-Fort Worth area. The hotel will undergo a significant renovation and will continue to operate as a Holiday Inn Express & Suites franchise.
Tags: intergroup realty,
holiday inn express & suites irving convention center – las colinas,
summit hotel properties
For over 30 years Intergroup has developed or undertaken transactions for hundreds of projects and properties worth billions of dollars in the United States, Latin America, Caribbean, and Europe with an emphasis on middle-market, upscale, and luxury hotels, resorts, and mixed-use developments involving such companies as Four Seasons, Hilton, Marriott, Starwood, Hyatt, InterContinental Hotel Group, Carlson, Accor, Barceló, and others. Intergroup represents or has relationships with many owners, domestic and international investors, private equity firms, operators, and REITs. Intergroup is actively involved in acquisitions, dispositions, equity sourcing, redevelopments, new developments, recapitalizations, partnership formations, and advisory assignments in many U.S. markets and major destinations as well as in select foreign locations. www.intergroupcompanies.com
Contact: Tandy O. Lofland
MJ Rome is a boutique, hospitality brokerage and advisory firm based in Dallas, TX. Mark J. Rome, the founder and President of MJ Rome has more than fifteen years of experience successfully marketing and structuring hospitality real estate sales. He is a licensed attorney with more than 20 years of experience negotiating complex, multi-party transactions. Since 2000, Mark has participated in structuring over 80 hotel deals valued in excess of $500 million for a variety of clients, ranging from large, publicly-traded companies to individual owners. www.mjromeinc.com
Contact: Mark Rome
Summit Hotel Properties Completes $164 Million, 4-Hotel Portfolio Acquisition
Summit Hotel Properties EVP & CFO Greg Dowell to Retire in 2018; Jonathan Stanner, Current EVP and Chief Investment Officer, to Succeed
Summit Hotel Properties to Acquire Four Hotels Totaling 652 Guestrooms for $164 Million, or Approximately $252,000 Per Key
Summit Hotel Properties Completes Acquisition of 181-Room Courtyard by Marriott Charlotte City Center for $56.3 Million
Summit Hotel Properties to Acquire Five-Hotel Portfolio from Xenia for $163 Million
Summit Hotel Properties Reports Q1 2017 Net Income of $28.9 Million Compared to $44.3 Million in Q1 2016
Hospitality Investors Trust Acquires Seven Hotels from Summit Hotel Properties for $66.8 Million
Summit Hotel Properties Names Jonathan P. Stanner Executive Vice President and Chief Investment Officer
Summit Hotel Properties Acquires Two Hotels For $60.2 Million
Summit Hotel Properties Reports Q4 2016 Net Income Fell to $3.3 Million, Compared with $80 Million in 2015; Pro Forma RevPAR Increased 1% in Q4
Summit Hotel Properties Completes Acquisition of 157-Room Marriott in Boulder, Colorado for $61.4 Million
Summit Hotel Properties Reports Second Quarter 2016 Net Income of $17.7 million Compared to $12.1 million in the Year Ago Quarter
Las Colinas Hyatt Place Sale Co-brokered by Tandy O. Lofland and Mark J. Rome
Summit Hotel Properties Completes Sale of Holiday Inn Express & Suites in Irving, Texas for $10.5 Million
Summit Hotel Properties Reports First Quarter 2016 Net Income of $44.3 million Compared to $6.4 million in the Year Ago Quarter
Summit Hotel Properties Reports Fourth Quarter And Full Year 2015 Results; Pro forma RevPAR Grew to $97.13, an Increase of 5.5%
Summit Hotel Properties Sells 6 Hotels for $108.3M, Reinstates Agreement for Sale of 10 Hotels for $89.1M, and Acquires 2 Hotels for $109M
American Realty Capital Hospitality Trust Acquires Six Hotels from Summit Hotel Properties for $108.3 Million
Q3 2015 Financial Reports Round Up: Hyatt, Chesapeake, Ryman & Summit
American Realty Capital Hospitality Trust Acquires 10 Hotels for $150 Million from Summit
Please login or register to post a comment.