×

Anaheim, CA | Hotel | Closed On RealINSIGHT Marketplace

  • Nov 15, 2019
  • Marketplace Closings

486-Key, Full-Service Hotel Receives 172 Signed Confidentiality Agreements

Sheraton Park Anaheim Closed on RealINSIGHT Marketplace

THE CHALLENGE:
To sell an institutional-grade hotel in a tight timeframe resulting in maximum proceeds. 

EXECUTION:
The seller selected RealINSIGHT Marketplace and Berkadia to execute a “Custom Auction” process. The Custom Auction, a two-step process, allowed investors to participate by placing indicative bids and then specific purchase and sale terms. Finalists were invited back to 2-hour auction event. Additionally, a custom marketing plan targeted institutional and high net worth investors and focused on the irreplaceable location, steps from Disneyland and the Anaheim Convention Center, along with the value-add potential.

THE RESULT:
Investors from 28 states and Canada evaluated the opportunity resulting in multiple indicate offers and required contract terms. The seller selected a limited number of investors to participate in the Custom Auction. The high interest was the result of a combination of effective marketing and the flexible process. Multiple institutional and HNW investors produced a flurry of activity on auction day, helping to push the price over the reserve, exceeding the client’s expectations.

TRANSACTION HIGHLIGHTS:
Reserve: 113% of Reserve
Signed Confidentiality Agreements: 172
Fully Vetted Bidders: 14