The deal was arranged for both sides by Thomas M. Hamm of Sperry Van Ness in Stamford, CT, who is also national director of the firm's hospitality group. The sale marks the sixth Wellesley Inn sold by Hamm, including two properties that traded in 2008 just to the north in New York's Rockland County. Financial details were not released, but industry sources put the number in the $4-million to $5-million range.
"To a large extent, these were all challenging transactions that were encumbered by ground leases, partnership interests and rebranding requirements," Hamm says. "In this case, the Wellesley Inn was a non-core holding of Prime Hospitality."
Also in this case, the just-traded property is up for rebranding. "The buyers plan to invest a substantial amount in renovations and [into] a rebranding program under a national hotel flag that will be announced soon," Hamm says.
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