Hotel Broker Mark Beadle Successful Escrow Closed Best Western Tennessee
Scope of Work:
Success close of escrow – Best Western – Morristown, Tennessee
Description of Project:
Mark Beadle, a Hotel Broker with HTL Hospitality Advisors is pleased to announce the recent sale of the Best Western Plus in Morristown, Tennessee. HTL represented the seller, WALL-RAM, a Tennessee General Partnership in the transaction which saw the 112-unit property close on March 31st. The buyer of the property was a Nashville based investment entity. The hotel was in excellent condition and was to retain the Best Western Plus brand. The operating statistics for the property reflect that the hotel ran at 50 percent occupancy and realized an $85 average daily rate. The property traded in the mid 2 times room revenue multiple. HTL also provided the financing source for the transaction.