Wednesday, July 30, 2008

Hodges Ward Elliott Announces Sales of Rockland Radisson and Milford Sheraton

ATLANTA, Ga., July 30, 2008—Hodges Ward Elliott (HWE), the nation’s premier hotel brokerage and investment banking firms, today announced the sales of the 127-room Rockland Radisson Hotel and the 173-room Milford Sheraton Hotel. Both properties are located in Massachusetts and were sold to the Linchris Hotel Corporation on behalf of Ashford Hospitality Trust.

“The Massachusetts marketplace remains much in demand among hoteliers, with its high barriers to new entry and top-tier destination locations,” said Bill Hodges, principal of Hodges Ward Elliott. “While the economy has cooled, we continue to see large numbers of interested buyers and sellers in the hotel industry, with our firm’s transactions exceeding $1 billion through June. The expectations gap between buyers and sellers has begun to narrow, which should positively impact the level of sales going forward.”

“The transaction was complicated by several factors, not to mention the challenging economic environment, but the buyer and seller worked through them in a highly professional manner,” said Hodges Ward Elliott's Tim Southard, who worked closely with the buyer.

Founded in 1975, HWE is the world’s leading hotel brokerage and investment firm, completing more than $21 billion in hospitality real estate and investment banking transactions over the past 11 years. The company provides brokerage and investment banking services through four divisions: the HWE Full-Service/Luxury Hotel and Resort Division, which concentrates on assets valued at greater than $10 million; the International Division, which provides hospitality real estate services through its London office, the Focused-Service Division, which concentrates on hospitality transactions up to $10 million and the Golf Division.

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