(Raleigh, NC) – Under the leadership of Don Walston and Sanjay Mundra, SVN|Hotels has announced the sale of Hyatt Place Hotel by Hyatt located at 1105 Navaho Drive in the heart of Midtown Raleigh. Trinity Hospitality acquired the property on August 16, 2018, for $13,750,000.
SVN|Hotels, a nationwide hotel brokerage company, exclusively represented the seller and handled the sale of the property.
Paul Khosla, Vice President of SVN Hotels and affectionately known throughout the hotel brokerage industry as “Dr. Paul,” led the transaction. He was assisted by Jeff Roike, Senior Vice President of SVN Hotels.
Bhupen Patel is CEO of BPR Properties, which sold the property. “We were extremely pleased with the entire transaction process, which was professionally handled by Paul Khosla of SVN Hotels,” Patel said. “Paul was always accessible and provided excellent service, which resulted in a successful and seamless transaction.”
The buyer, Trinity Hospitality, was also highly pleased with the transaction. “We were extremely happy with the performance of Paul Khosla, who provided all the needed support to make this acquisition very smooth for our company,” said Vivek Tandon, CEO of Trinity Hospitality.
Hyatt Place Midtown is a select service property boasting 126 rooms and six stories. There are several demand generators in the immediate area. Kane Realty, which is actively involved in the North Hills transformation, is part of a group that recently purchased the adjacent North Raleigh Hilton.
Located just off the I-440 beltline and only three miles from downtown, Hyatt Place Midtown is perfectly situated near the vibrant shopping, dining, and entertainment destination of North Hills.
For more information about SVN|Hotels, visit www.svnhotels.com, or call 919-789-5215.
SVN|HotelsSM offers a variety of hotel investment services including brokerage, valuation and advisory, acquisition strategy and advice, disposition implementation, access to capital markets and franchise advice and relations. The seasoned hotel professionals of SVN|Hotels know the best way to meet the needs of the market is to be easily accessible, knowledgeable, responsive and transparent. Our top priority is to provide clients transparent, unbiased advice that enables them to achieve the greatest return on their investment while at the same time incurring the lowest possible risk. SVN|Hotels offers a national reach with local expertise across all aspects of the hospitality spectrum. With offices in more than 21 cities strategically located throughout the United States, and more than 35 seasoned hospitality professionals with regional market knowledge, SVN|Hotels understands the specific factors which impact the acquisition and disposition of hospitality properties from coast-to-coast. Our expert hospitality professionals are available where you are and where you want to be. To learn more about SVN|Hotels, visit www.svnhotels.com.
About BPR Properties
BPR is a real estate development and management company based in High Point, NC. BPR currently owns and manages over 20 hotels, with seven more hotels in the pipeline in NC, SC, GA, and FL.
About Trinity Hospitality
Trinity Hospitality is a development and management company based in Fayetteville, NC. They own and manage several hotels in NC and SC.