The seller was a limited partnership, Virginia Beach Hotel LLC.Mark Morris, SVP for Molinaro Koger, structured thetransaction.
According to Morris, this is the first corporate acquisitionthat Accor has made in eight years. Accor recently set a goal ofestablishing 1,200 locations in North America by 2010. Leading thecharge will be two of its brands--Motel 6 and Studio 60--both ofwhich are pursuing franchising. Also, Accor is making strategicacquisitions in select locations.
"We are very excited to begin corporate development again, andthis property is just the first of many select properties we hopeto acquire in the next few years," Olivier Poirot, CEO for AccorNorth America, Motel 6 and Studio 6, says in a prepared statement."By increasing the growth of both corporately owned and franchisedlocations in our network, Motel 6/Studio 6 is getting closer toachieving the goal of reaching 1,200 North American properties by2010."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
