Under the leadership of Don Walston and Sanjay Mundra, SVN|Hotels has announced the sale of Hyatt Place Hotel by Hyatt located at 1105 Navaho Drive in the heart of Midtown Raleigh. Trinity Hospitality acquired the property on August 16,, 2018, for $13,750,000.
SVN|Hotels, a nationwide hotel brokerage company, exclusively represented the seller and handled the sale of the property.
Paul Khosla, vice president of SVN Hotels and affectionately known throughout the hotel brokerage industry as “Dr. Paul,” led the transaction. He was assisted by Jeff Roike, senior vice president of SVN|Hotels.
Bhupen Patel is CEO of BPR Properties, which sold the property. “We were extremely pleased with the entire transaction process, which was professionally handled by Paul Khosla of SVN Hotels,” Patel said. “Paul was always accessible and provided excellent service, which resulted in a successful and seamless transaction.”
The buyer, Trinity Hospitality, was also highly pleased with the transaction. “We were extremely happy with the performance of Paul Khosla, who provided all the needed support to make this acquisition very smooth for our company,” said Vivek Tandon, CEO of Trinity Hospitality.
Hyatt Place Midtown is a select service property boasting 126 rooms and six stories. There are several demand generators in the immediate area. Kane Realty, which is actively involved in the North Hills transformation, is part of a group that recently purchased the adjacent North Raleigh Hilton.
Located just off the I-440 beltline and only three miles from downtown, Hyatt Place Midtown is perfectly situated near the vibrant shopping, dining, and entertainment destination of North Hills.
Representative image; courtesy of Hyatt Corporation.