WESTFORD, MA-Providing a bit of life for the investment sales market, a 108-suite Residence Inn here has fetched $11.8 million for a local ownership group. Westford-based Ryan Development LLC divested the three-story hotel that it developed at 7 Lan Dr. nearly a decade ago to an affiliate of the Apple REIT Cos.

As with most other sectors, the pace of hotel sales has slowed after a hyperactive three-year stretch, even though industry professionals such as CB Richard Ellis hotel broker David McElroy say regional performance has not waned in the face of the difficult economy. “The fundamentals of lodging properties in New England continues to improve,” relays McElroy, yet the veteran broker and other observers accede that financing sources are skittish regardless of the solid results. The uncertainty has kept some owners from listing hotels for sale and requires an extra push to get deals in play over the finish line. In the case of the Westford Residence Inn, Apple REIT assumed debt of $7.1 million from LaSalle Bank to help facilitate the agreement.

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