ALBUQUERQUE, N.M., Aug. 23, 2019 /PRNewswire/ — Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with 8 offices throughout the U.S., announced they represented ownership in their recent sale of the DoubleTree Albuquerque Downtown to AWH Partners. HWE also advised AWH on the financing of the acquisition.
The HWE Los Angeles team, including Managing Directors Michael DiPrima and Rick Rush, and Director Diana Simpson, represented the seller in the transaction. Managing Director and Head of Capital Markets Lawrence Britvan advised the buyer on the financing of the acquisition.
The hotel includes 295 guest rooms, over 8,100 square feet of meeting space, three food and beverage outlets, and boasts direct connection to the recently renovated Albuquerque Convention Center. Since 2015, ownership had invested more than $8.3 million in capital improvements in the property, including a rooms renovation and transformation of the lobby as well as food and beverage outlets.
Albuquerque is a rapidly growing market currently seeing a surge in institutional investment, with major tech companies including Netflix and Facebook continuing to be a catalyst for job growth and economic activity in the market. Since 2014, the market has seen compounded RevPAR growth of 5.3%, outpacing other major markets such as San Francisco, Denver, and Boston.read full article