Hospitality Real Estate Brokerage Hotels For Sale -- Press Room

WASON ASSOCIATES ANNOUNCES SALE OF THE SANDY BAY MOTOR INN LOCATED IN ROCKPORT, MASSACHUSETTS

Wason Associates Hospitality Real Estate Brokerage Group is pleased to announce the sale of the 79 room Sandy Bay Motor Inn located on Main Street, Route 127, in the historic seaport town of Rockport, Massachusetts. The selling price was in excess of $2,000,000.

The Inn was sold by Lakeview Realty Trust to Local Yokel, LLC in early June 2008. The new owners plan to make substantial improvements to the Inn, which has been closed for some time. Wason Associates Hospitality Real Estate Brokerage Group brokered the property’s sale. Located approximately a half-mile from downtown, Sandy Bay is one of the largest lodging facilities in the town. Rockport is a popular destination resort town and is just an hour's drive north of Boston and has a plethora of shopping and dining establishments.

The historic town of Rockport has a lot to offer,” states Earle Wason, President of Wason Associates. “Sandy Bay has great potential and we are sure that the improvements planned for the Inn and “barriers to entry” in Rockport will help establish one of the top resort hotel properties on Boston’s North Shore.”

BEST WESTERN, NASHUA, NEW HAMPSHIRE SOLD: Wason Associates Hospitality Real Estate Brokerage Group is pleased to announce transaction completion of the sale of the Best Western Granite Inn, a 104 room hotel, located in Nashua, New Hampshire. Karen Enterprises Inc., an established New Hampshire Hotel Company, purchased the property on May 1st.

Major renovations had recently been completed to the rooms, lobby, and porte-cochere. Coincidentally, the transaction encountered complications due to a fire that partially destroyed 50 guest rooms just 3 days after the execution of a purchase agreement. This incident provoked extensive negotiations by Wason Associates in order to have the sale closed by May 1st as required.

President of Wason Associates, Earle Wason, CCIM said: “We are glad our services could be utilized in such a unique situation and were used to aide two separate hotel companies in a very difficult negotiation process. This situation defines everything we embody as a company and we are pleased that we were able to make the transaction as smooth as possible for both the buyer and seller.”

COMFORT INN, MERRIMACK, NEW HAMPSHIRE SOLD: Wason Associates is pleased to announce the sale of the Comfort Inn, located in Merrimack, New Hampshire. The sale of the recently renovated, 68-room hotel took place on April 10, 2008.

Previous franchise owners 242 Merrimack Corp purchased the property in 2000 as a Days Inn. In 2005, 242 Merrimack Corp converted the hotel to a Comfort Inn. This involved a major renovation based on the Design Review requirements of Choice Hotels International, a worldwide lodging franchisor. All hotels under the Comfort Inn brand are managed by Choice Hotels International.

The property’s new owners, Narayan Hotel, LLC, purchased the hotel for the price of $3,250,000.00. Earle Wason, President of Wason Associates, oversaw the transaction with assistance from the Wason team; Peter Annon, CPA; Joe Cardillo, broker associate; and Wendy Casey. “Efforts were strong in making this sale happen,” states Earle Wason, President of Wason Associates. “Having been recently renovated, the hotel is now in ideal condition to compete in the current market and is a great investment for Narayan Hotel, LLC.”

NORDIC VILLAGE RESORT SOLD (Click here for full press release - Word Doc)

SUPER 8 IN BRATTLEBORO, VERMONT SOLD: Joe Cardillo, the licensed Broker for Wason Associates, Hospitality Real Estate Brokerage Group in Vermont, has announced the Sale of the 60 room Super 8 Motel, located at Putney Road in Brattleboro, Vermont. The property was sold by Amar, Inc. and operated by a Boston, Massachusetts based management company and sold to B&C Management Corporation, a small regional hotel company based in Maine. The selling price per room was $37,000 for this very complicated transaction which required negotiation with multiple parties including the holder of a land lease, lenders including the placement of an SBA 504 loan, and Wyndham Hotel Group which had required a “Property Improvement Program” in excess of $150,000 to a recently renovated hotel. This was the first purchase of a hospitality property by B & C Management outside the State of Maine as they are planning for additional growth in southern Vermont, southeastern New Hampshire and northwest Massachusetts market areas.

Earle Wason recently negotiated the multi-million dollar sale and lease of the Indian Mound Golf Course in Ossipee, New Hampshire, a very popular and well known golfing facility in the middle of New Hampshire’s Lakes Region. The owners, BMD Golf Associates had identified a likely buyer for the course but negotiations had stalled and the seller recognized the need for a knowledgeable third party negotiator. Earle helped by listening to both sides of the transaction, developed a plan as to how to structure the transaction that would work for both seller and the buyer and also defer federal taxes to the seller, established a financing plan, and managed all the details until closing.

The new owners, Jonathan and Jackie Rivers, have enjoyed a very successful 2007 season and greatly enhanced the quality of the course, greatly improved membership services and look forward to many years of successful operations.


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Wason Associates Wason Associates is eager to share several activities that have taken place over the past few months. By listening, assessing, and providing strategic real estate solutions to our clients, we have been able to broker sales large and small and stand behind our work through to completion. We have been especially successful in closing many transactions that presented unique challenges and complications. For exceptional results in your next hospitality real estate transaction, please click here to view our current property listings, or call us today at 603-766-4982.		WASON ASSOCIATES ANNOUNCES SALE OF THE SANDY BAY MOTOR INN LOCATED IN ROCKPORT, MASSACHUSETTS Wason Associates Hospitality Real Estate Brokerage Group is pleased to announce the sale of the 79 room Sandy Bay Motor Inn located on Main Street, Route 127, in the historic seaport town of Rockport, Massachusetts. The selling price was in excess of $2,000,000. The Inn was sold by Lakeview Realty Trust to Local Yokel, LLC in early June 2008. The new owners plan to make substantial improvements to the Inn, which has been closed for some time. Wason Associates Hospitality Real Estate Brokerage Group brokered the property’s sale. Located approximately a half-mile from downtown, Sandy Bay is one of the largest lodging facilities in the town. Rockport is a popular destination resort town and is just an hour's drive north of Boston and has a plethora of shopping and dining establishments. The historic town of Rockport has a lot to offer,” states Earle Wason, President of Wason Associates. “Sandy Bay has great potential and we are sure that the improvements planned for the Inn and “barriers to entry” in Rockport will help establish one of the top resort hotel properties on Boston’s North Shore.” BEST WESTERN, NASHUA, NEW HAMPSHIRE SOLD: Wason Associates Hospitality Real Estate Brokerage Group is pleased to announce transaction completion of the sale of the Best Western Granite Inn, a 104 room hotel, located in Nashua, New Hampshire. Karen Enterprises Inc., an established New Hampshire Hotel Company, purchased the property on May 1st. Major renovations had recently been completed to the rooms, lobby, and porte-cochere. Coincidentally, the transaction encountered complications due to a fire that partially destroyed 50 guest rooms just 3 days after the execution of a purchase agreement. This incident provoked extensive negotiations by Wason Associates in order to have the sale closed by May 1st as required. President of Wason Associates, Earle Wason, CCIM said: “We are glad our services could be utilized in such a unique situation and were used to aide two separate hotel companies in a very difficult negotiation process. This situation defines everything we embody as a company and we are pleased that we were able to make the transaction as smooth as possible for both the buyer and seller.” COMFORT INN, MERRIMACK, NEW HAMPSHIRE SOLD: Wason Associates is pleased to announce the sale of the Comfort Inn, located in Merrimack, New Hampshire. The sale of the recently renovated, 68-room hotel took place on April 10, 2008. Previous franchise owners 242 Merrimack Corp purchased the property in 2000 as a Days Inn. In 2005, 242 Merrimack Corp converted the hotel to a Comfort Inn. This involved a major renovation based on the Design Review requirements of Choice Hotels International, a worldwide lodging franchisor. All hotels under the Comfort Inn brand are managed by Choice Hotels International. The property’s new owners, Narayan Hotel, LLC, purchased the hotel for the price of $3,250,000.00. Earle Wason, President of Wason Associates, oversaw the transaction with assistance from the Wason team; Peter Annon, CPA; Joe Cardillo, broker associate; and Wendy Casey. “Efforts were strong in making this sale happen,” states Earle Wason, President of Wason Associates. “Having been recently renovated, the hotel is now in ideal condition to compete in the current market and is a great investment for Narayan Hotel, LLC.” NORDIC VILLAGE RESORT SOLD (Click here for full press release - Word Doc) SUPER 8 IN BRATTLEBORO, VERMONT SOLD: Joe Cardillo, the licensed Broker for Wason Associates, Hospitality Real Estate Brokerage Group in Vermont, has announced the Sale of the 60 room Super 8 Motel, located at Putney Road in Brattleboro, Vermont. The property was sold by Amar, Inc. and operated by a Boston, Massachusetts based management company and sold to B&C Management Corporation, a small regional hotel company based in Maine. The selling price per room was $37,000 for this very complicated transaction which required negotiation with multiple parties including the holder of a land lease, lenders including the placement of an SBA 504 loan, and Wyndham Hotel Group which had required a “Property Improvement Program” in excess of $150,000 to a recently renovated hotel. This was the first purchase of a hospitality property by B & C Management outside the State of Maine as they are planning for additional growth in southern Vermont, southeastern New Hampshire and northwest Massachusetts market areas. Earle Wason recently negotiated the multi-million dollar sale and lease of the Indian Mound Golf Course in Ossipee, New Hampshire, a very popular and well known golfing facility in the middle of New Hampshire’s Lakes Region. The owners, BMD Golf Associates had identified a likely buyer for the course but negotiations had stalled and the seller recognized the need for a knowledgeable third party negotiator. Earle helped by listening to both sides of the transaction, developed a plan as to how to structure the transaction that would work for both seller and the buyer and also defer federal taxes to the seller, established a financing plan, and managed all the details until closing. The new owners, Jonathan and Jackie Rivers, have enjoyed a very successful 2007 season and greatly enhanced the quality of the course, greatly improved membership services and look forward to many years of successful operations. Other recent transactions: Comfort Suites Freeport Maine 78 rooms $79,500 per room Days Inn South Portland Maine 149 rooms $42,000 per room Budget Host Waterville, Maine 40 rooms $34,750 per room Best Western Mystic Ct. 150 rooms Super 8 Brunswick Maine 70 rooms Nordic Village Resort a multi-million dollar condominum resort in New Hampshire's White Mountains
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