DUNCAN, Okla.--(BUSINESS WIRE)--Officials at Hunter Realty today announced that the firm had brokered the sale of the 78-room Hampton Inn in Duncan, OK. Gary Mills, Vice President of Hunter Realty’s Dallas office, represented Simran Hotels, LLC in the sale of the hotel to St. Louis-based Midas Hospitality for $7.5 million.
The transaction also included a one-acre, parcel of land fronting the hotel.
“At a time when it typically takes six to nine months, if not longer, to close a deal, we listed this hotel in August and closed exactly four months later,” said Mills. “It was a pretty straightforward transaction because both buyer and seller are sophisticated, experienced hoteliers. The sales price met both the seller’s and buyer’s financial objectives, and the addition of the land parcel to sweeten the transaction, was well received.”
“We purchased the Hampton Inn franchise from Gary in 2006, when he ran franchising for Hilton’s Dallas office,” said Sunny Demla, a partner with Simran, a family-owned entity, which also developed the hotel. “We had tremendous confidence in his knowledge of the Oklahoma hotel market and his ability to identify prospective buyers and develop an effective pricing and marketing strategy for the disposition. Ultimately, that led to a very quick sale, which will allow us to develop new hotels we’ve been delaying due to the recession and market uncertainty.”
Opened in November 2008, the 78-room Hampton Inn - Duncan, Okla. is located off of U.S. 81, 60 miles south of Oklahoma City, with close proximity to Halliburton’s corporate headquarters, Wilco Manufacturing, NOV Hydra Rig, M&M Supply, Mack Energy the Duncan Regional Hospital and a variety of specialized medical facilities.
“This hotel is well positioned to serve the robust oil and gas industries that are an important driver of the southwest Oklahoma economy,” David Robert, President of Midas Hospitality observed. “I’m confident that it will perform well for Midas and our investors.”
According to Teague Hunter, president of Hunter Realty, transactions involving ‘family founders’ are likely to be more common in the coming months as owners begin accumulating equity for their next round of new developments.
“Debt is returning to the market, which will enable the family founders to recycle their older inventory,” Hunter said. “I expect that this trend will continue to yield a healthy number of transactions as the new builds gain momentum and start entering the market. This is a great way to start the year.”
About Hunter Realty
Hunter Realty, an award-winning firm founded in 1978, has offices in Atlanta, Dallas, Los Angeles, Miami, New York and Washington, D.C. Hunter’s exclusive focus is on hotel investment advisory services. Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta office at (770) 916-0300.