The seven properties have a total of 750 guest rooms and are located in Latham, NY; Allentown, PA; Charlotte (airport), NC; Charlotte (University), NC; Greensboro, NC; Raleigh, NC; and Greenville, SC. The sales were completed over nine months.

Tom McConnell and Paul Fitzpatrick, senior managing directors, and Nolan Hecht, director of CBRE Hotels New York office, managed the marketing and disposition strategy nationwide. Dipan Patel, senior managing director, and directors Courtney Rhue and Bigjaan Kassam in Atlanta, oversaw the disposition of the southern assets.

Though the aggregate price may seem low, McConnell says it was comparable to other properties in these related markets. "The pricing was probably below replacement costs, but it was pretty much on par with what these type of properties trade for," he explains. He adds that the five southern properties traded for less than the two northern properties, which is typical for the markets.