There has been continued improvement in the hospitality market in 2013 and as a result the number of transactions is increasing. Buyer demand is increasing and with the continued low interest rates it has become a very good time to sell or buy. Wason Associates Hospitality Real Estate Brokerage Group has completed a number of transactions over the past few weeks that included:
* Christmas Farm Inn and Spa, Jackson, NH: sold for $60,000 per room.
* Best Western, Freeport, ME: sold for $44,000 per room.
* Red Carpet, New London, CT: sold for $26,000 per room.
* Royalty Inn and Health Club, Gorham, NH: sold for $45,000 per room plus the purchase of the health club.
They also consulted with the seller on the sale of two distressed hotel properties in New England with a total or 100 rooms and a selling price of $30,000 per room.
It has been a very busy few weeks for closing transactions and indicative of the strong market trends they are excited to be bringing two new properties to the market:
* Brookside and Pondside Motel, Williamstown, MA, a 30 room retreat l is one of the best owner/operator motels they have seen for a long time. The guestrooms offer views on to the Hemlock Brook and a quiet duck pond.
* The 1785 Inn is a beautiful classic Inn located in North Conway, NH and long known as one of the best hospitality properties in the beautiful Mt. Washington Valley. The Inn features some of the best views in the northeast. The current owners have operated the Inn for over 20 years and plan to retire and hope to turn the business over to a new buyer who can maintain the tradition of the Inns great reputation for the quality of service and excellent hospitality. Priced at $1.45 million.