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.
About Hodges Ward Elliott:
Hodges Ward Elliott ("HWE") is a leading, full service real estate advisory and brokerage firm designed to facilitate global capital investment in gateway markets. HWE's multi-disciplined platform includes commercial, hotel and debt capital markets teams, with offices in New York, Los Angeles, Atlanta and London. As a privately held company, HWE is focused on building long term relationships and takes pride in their reputation of providing outstanding client service. HWE has closed over $50 billion of transactions, including more than $20 billion over the past 5 years, and has a current pipeline of nearly $5 billion.
SOURCE Hodges Ward Elliott