ORLANDO—Online auctions are nothing new in the commercial real estate world. But some deals really display how effective the model can be.

HREC Investment Advisors' recent disposition of five full-service hotels on the Auction.com platform is one of those deals. The seller was Orlando-based Alena Hospitality.

All five hotels attracted multiple bidders to the online event, with 65 registered bidders making over 250 bids. The hotel sales generated nearly $87 million.

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