In Brief: Alpine Realty Capital has completed the sale of a Michigan conference center, signaling continued transactional activity in the meetings-focused hospitality real estate segment.
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Doubletree Hotel and Conference Center by Hilton – Image Credit Hotel Brokers International
Alpine Realty Capital represented the buyer of this iconic hotel
Alpine Realty Capital, a leading advisor in hospitality real estate investment and member of Hotel Brokers International, today announced that it has successfully represented the buyer in the purchase of the Doubletree Hotel and Conference Center by Hilton in Bay City, Michigan.
Alpine maintains an unparalleled network of qualified owners, management companies, investors, and lenders active throughout the state of Michigan and was approached to assist in negotiations and due diligence of the iconic Doubletree Hotel and Conference Center on the banks of the Saginaw River in downtown Bay City. Because of its long history of hospitality consulting and transaction activity, Alpine was able to step in to successfully negotiate pricing and terms and then assist in all aspects of due diligence, including appraisal and environmental execution, lender analysis and approvals, and coordination with legal counsel and seller’s representatives, culminating in successful closing.
“The Doubletree Hotel and Conference Center has been a fixture in the mid-Michigan lodging industry for more than 20 years and remains one of the top meeting and group hotels in the state,” said Ed Walsh, President of Alpine Realty Capital. “We worked tirelessly with our buyer to execute on a very difficult transaction and are pleased that he was able to add this hotel to his growing portfolio,” continued Walsh.
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 and construction costs remain high, 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 while buying for less than replacement cost.
About Alpine Realty Capital
Based in Ann Arbor, Michigan, Alpine Realty Capital is a mortgage banking and real estate brokerage firm specializing in hotel asset investment, valuation, financing, marketing and transaction. Edward P. Walsh, CHB, serves as President and Principal Broker of Alpine Realty Capital. Mr. Walsh is a dedicated lodging industry professional whose career spans more than 35 years in the lodging industry. He has held numerous positions in consulting, valuation, and for the most recent years as a hospitality real estate and mortgage broker, founding Alpine Realty Capital in 2007. His expertise includes providing services regarding all phases of investment, from site selection and acquisition to feasibility analysis and appraisal, and from mortgage financing to construction cost analysis. In all, Mr. Walsh has provided real estate consulting and/or transaction services for more than $1 billion worth of hospitality real estate assets.
About Hotel Brokers International
Founded in 1959, Hotel Brokers International (HBI) is the hospitality industry’s most established and experienced network of hotel real estate professionals. With more than 11,000 successful hotel transactions, HBI members are recognized leaders in hotel brokerage, investment advisory, and market insight. HBI is the founder and administrator of the Certified Hotel Broker (CHB) Program—the only professional designation specifically for hotel brokers. In addition to brokerage services, HBI offers affiliate membership opportunities for professionals in franchising, lending, appraisals, and investment services. To learn more, visitwww.hbihotels.com.
For more information, contact:
Edward P. Walsh, CHB, President
Alpine Realty Capital
Ann Arbor, Michigan
734.645.2566 (c)
[email protected]
Glenda J. Webb, Executive Director
Hotel Brokers International
Kansas City, Missouri
816.505.4315
