HREC Investment Advisors is pleased to announce it has arranged the sale of the 96-guestroom Quality Inn & Suites located in Laurel, Maryland. The buyer was a California based hotel company.
Ketan Patel and Kevin Hanley, both Senior Vice Presidents in HREC Investment Advisors’ Washington D.C. office, exclusively represented the seller, Precision Hospitality, LLC during the transition.
“The property attracted significant interest given its location in the Mid-Atlantic. We continue to see an influx of buyers from all over the country looking for hotel assets in the region and specifically in DC, MD and VA. The growth as well as stability afforded by the presence of government in many of the markets here is an attractive criteria for many hotel investors,” said Ketan Patel.
Laurel is located in Prince George’s County in southcentral Maryland, halfway between Washington, DC and Baltimore. Laurel’s economy is broad and diverse, benefiting from its proximity to major government facilities, a variety of colleges and universities, corporations, transportation systems and leisure attractions. The Fort Meade Army Base, located 9 miles from the Property, employs approximately 52,000 people and is the largest employer in Maryland. Additional government facilities in the area include the James J. Rowley Training Center, the training facility for the Secret Service, the National Security Agency, and the Internal Revenue Service. Colleges and Universities in the area include Capital Technology University, the Laurel College Center, University of Maryland College Park, and the Catholic University of America. Laurel is also home to a variety of leisure attractions including Laurel Park, one of the most popular thoroughbred racetracks in Maryland, Dinosaur Park, the Patuxent Research Refugee, and the National Cryptologic Museum.
About HREC®: HREC® is the nation’s leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC® is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.
