What is the story about?
What's Happening?
Alpine Realty Capital has successfully brokered the sale of the AmericInn by Wyndham in Petoskey, Michigan. The transaction was facilitated through the Hotel Brokers International (HBI) platform, which attracted multiple offers and resulted in a swift sale. Ed Walsh, President of Alpine Realty Capital, highlighted the strong investment appeal of Northern Michigan, particularly Petoskey, due to its robust seasonal performance and increasing off-season demand. The sale reflects the ongoing interest in hospitality investments in the region, driven by high construction costs and limited property availability.
Why It's Important?
This sale is indicative of the vibrant hospitality market in Northern Michigan, where investors are keen to capitalize on the area's strong tourism appeal. The transaction underscores the effectiveness of leveraging established networks like HBI to reach potential buyers. For Alpine Realty Capital, this deal enhances their reputation as a leading broker in the region, potentially attracting more clients seeking to navigate the competitive real estate landscape. The successful sale also highlights the strategic importance of Petoskey as a desirable market for hospitality investments.
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