CBRE Hotels announced that it arranged the sale of the Wingate by Wyndham Columbus located at 129 Brickerton Street in Columbus for an undisclosed price.
Michael Yu, Rahul Bijlani and James Foxx, with CBRE Hotels, represented the seller, L.M.F. Properties, LLC. Mr. Yu, Mr. Bijlani and Mr. Foxx also represented the buyer, Merchant Hotel Group. Richard Ridgway, Meagan Adams, Grant Ridgway and Guy Parker with CBRE in Jackson helped market the property.
“We attracted tremendous interest from both in-state and out-of-state investors on this asset,” Mr. Yu said. “We received multiple offers and sold the asset for a considerable premium to the pricing guidance.”
The Wingate by Wyndham Columbus hotel is located near Golden Triangle Regional Airport is conveniently located off Route 82/12.
“A recent industrial boom of manufacturing companies locating at the Golden Triangle Industrial Park in Lowndes County has led to a resurgence in the Columbus area showing a strong future for hotel demand,” Mr. Foxx said.
“It was a truly pleasurable experience working with Mr. Yu and his team. I appreciate their guidance at every step of this transaction. I would not think twice about partnering again with this CBRE Hotels team for another transaction,” said Greg Posmantur, with LMF Properties.
CBRE Hotels is a specialized advisory group within CBRE providing asset management, capital markets, consulting, investment sales, research and valuation services to companies in the hotel sector. CBRE Hotels is comprised of over 385 dedicated hospitality professionals located in 60 offices across the globe.
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