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November 30, 2007
Boston, MA
O’Connell Hospitality Group, LLC (“OHG”)
represented the owner, Fine Hotel Corp. of Wellesley, MA, in
the sale of their portfolio of five hotels. Jim O’Connell,
Principal and Tom Foley, Sr. Managing Director of OHG,
managed the marketing campaign of the assets and procured
the buyer, Linchris Hotel Corp., of Hanover, MA.
The 855-room portfolio includes hotels in Massachusetts and
Maine. They are the 227-room Hampton Inn Boston Logan
Airport, the 225-room Holiday Inn Brookline, the 202-room
Holiday Inn Mansfield, MA, and the 102-room Holiday Inn and
99-room Comfort Inn, Augusta, ME.
“Fine Hotels Corp took advantage of a strong hotel
investment market. OHG received 18 offers on single assets
and various package combinations. In the end, Chris Gistis,
C.E.O, Glenn Gistis, C.F.O. and Mike Sullivan, President of
Linchris Hotel Corp. stepped up and negotiated the purchase
of all five hotels. It was a very competitive bidding
situation.” said Jim O’Connell of OHG.
The portfolio is a mix of strong cash flow performers and
strategic real estate investments. The Hampton Inn Logan
Airport is operating in excess of 80% annual occupancy. The
2-story Holiday Inn Brookline is located in Boston’s
hospital district at 1200 Beacon Street and occupies almost
a full city block.
O'Connell Hospitality Group, LLC is a full service real
estate company
providing brokerage, finance and consulting services to the
hospitality
industry. It represents public companies, financial
institutions, equity
funds and private individuals across the United States. For
additional
company information please visit
http://www.oconnellhospitality.com or call
(978) 777.8898. |