STATE COLLEGE, PA-At least one firm thinks the time is right to buy hotels. Shaner Hotel Group plans to acquire between $300 million and $500 million of those assets "over the near term," according to a company statement, and could complete the acquisitions by year end.

The company is looking to purchase multi-unit and single-asset developments from owners and lenders. Shaner is looking east of the Mississippi at properties less than 10 years old.

"The availability of assets coming to market is finally beginning to expand, which has allowed us to put our plan in action," says Lance Shaner, chairman and CEO of the firm, in a company statement. "Capital has not been the problem in the hotel real estate transactions, it has been available product."

The types of hotels Shaner is targeting are upscale select service and full service facilities with RevPAR of $70 or higher. The firm will operate all of the assets it is able to buy.

Additionally, Shaner's Mortgage Real Estate Investment Trust acquired $90 million face amount of performing first morgage debt under its plan to purchase $200 million in debt. The firm seeks loans in compliance or ones that can be put into compliance, the company's chairman says.

Shaner, based here, currently owns and manages 30 hotels. Brands in its portfolio include Crowne Plaza, Holiday Inn and Marriott.