Hunter Hotel Advisors announced today that it closed out 2012 with the sale of the 150-room Sheraton Woodbury located in the Twin Cities market. The firm represented the owner, Dougherty Funding, on the sale to Schulte Hospitality Group for approximately $14 million. The five-story hotel, built in 2008, will retain the Sheraton flag. Teague Hunter, President, led the Hunter team that represented the seller.
Located at the confluence of I-94 and I-494 on the eastern side of the metro area, the Sheraton Woodbury is proximate to a number of large office complexes, including 3M corporate headquarters. Major amenities include an indoor swimming pool, fitness center, VIP floor and meeting space designed for small to mid-sized groups.
“Full-service hotels like the Sheraton Woodbury have been largely off the market the past few years due to the poor economy and lack of available financing,” Hunter said. “However, after several years of improving results for the hotel industry, we are listing more full-service properties and expect to see a significant upturn in full-service hotel real estate transactions in 2013.”
About Hunter
Hunter is one of the nation's leading providers of specialty brokerage and advisory services to the hotel industry. With seven strategically-located offices, Hunter's team of seasoned professionals and the industry's brightest stars have leveraged their combined expertise to successfully advise thousands of clients through all economic conditions.
Additional information, including listings, is available at www.hunterhotels.net.
Hunter Realty
Jerry Daly (media)
703-435-6293
jerry@dalygray.com
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.