Insignia/ESG Hotel Partners was the owner's exclusive rep in the disposition. Senior managing director Paul Fitzpatrick and associate director Nolan Hecht of the firm's New York office oversaw the effort.

The Ramada Inn recently underwent an extensive $5-million renovation that included all guest rooms and public areas. According to Fitzpatrick, "it's a smart buy for Apex for several reasons, not the least of which is location. Because the company is located just blocks from the hotel, hands-on local ownership and management should enable them to tap into the upside potential of this well-positioned asset."

Insignia/ESG Hotel Partners is part of Insignia/ESG Capital Advisors Group, which focuses on investment sales and debt financing for major properties of all types. Hotel Partners focuses exclusively on the hospitality industry.