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WHO'S BUYING THE LION?

WHO'S BUYING THE LION?
The mystery has yet to be solved: Who’s buying the Red Lion Hotel in Aurora? We’d certainly love to know. But whoever it is, they’re getting a heck of a deal, says one noted local hotel broker. (Our best guess: Col. Mustard buying the hotel, in the bank, with a briefcase full of cash.)
 
RED lion hotel aurora southeast hospitality industry brokerage paul cascio
We spoke with Hospitality Industry Brokerage's Paul Cascio, who says he was “surprised” by the cost-per-room on the pending sale. Earlier this month, Red Lion announced that it was under contract to sell its 478-key hotel for $13M, a little more than $27k/room. Given the healthy Denver hospitality market “that’s extremely low,” Paul says. And it’s probably an indicator that whoever is buying the Red Lion plans to pump a lot of capital into renovations, especially since the hotel still has a ton of potential (if only it had applied itself more in continental breakfast school). Red Lion states it's selling the hotel because it's a non-core asset, and Paul says the "Red Lion brand has been weak in this area with many changes over the years." We’ll keep you posted.
Related Topics: Red Lion Hotel
WASHINGTON DC 05.08.2017

MONTGOMERY COUNTY STATE OF THE MARKET

Featuring an Interview of Marriott CEO Arne Sorenson

Arne Sorenson
Marriott International
Mike Gill
The State of Maryland
Barry Glassman
Glassman Wealth Services