STATE COLLEGE, PA-At least one firm thinks the time is right tobuy hotels. Shaner Hotel Group plans to acquire between $300million and $500 million of those assets "over the near term,"according to a company statement, and could complete theacquisitions by year end.
The company is looking to purchase multi-unit and single-assetdevelopments from owners and lenders. Shaner is looking east of theMississippi at properties less than 10 years old.
"The availability of assets coming to market is finallybeginning to expand, which has allowed us to put our plan inaction," says Lance Shaner, chairman and CEO of the firm, in acompany statement. "Capital has not been the problem in the hotelreal estate transactions, it has been available product."
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