IRVINE, CA—GlobeSt.com Thought Leader Auction.com LLC and HREC Investment Advisors have sold five hotels formerly owned by Alena Hospitality, including three in Orlando. The properties went on the virtual auction block earlier this month; Alena owner Nik Patel was forced to sell the portfolio after being arrested on loan fraud charges this past September.

All five properties attracted multiple parties to the July 23 online event, with 65 registered bidders making more than 250 bids. Combined, the hotel sales generated nearly $87 million; the buyers were not identified.

In Orlando, the Alena portfolio included the DoubleTree by Hilton Orlando East, a 246-room full-service hotel that sold for $30.05 million; a 290-key property in Downtown Orlando that traded for $12.65 million and which published reports say formerly flew the Renaissance by Marriott flag; and another full-service property located near the entrance to Lake Buena Vista Resort Village and Downtown Disney, with a winning bid of $27.85 million. All three properties came in well above the opening bids.

The Alena portfolio also included a fourth East Coast property as well as one in the Midwest. A 148-key property at 50 Kenny Pl. in Saddle Brook, NJ, near Saddle River County Park and Westfield Garden State Plaza, attracted a winning bid of $10.45 million. Three bidders among them placed 35 bids for a 272-key property at 500 Hamilton Blvd. in downtown Peoria, IL, near Caterpillar's world headquarters and the Peoria Civic Center, with the winning bid coming at $5.8 million.

“Selling all five of these very diverse properties in three states using a democratic, transparent, competitive process is a testament to the power of our online platform, and a great example of how commercial real estate transactions continue to move online,” says Anthony Falor, managing director of Auction.com's hospitality division. Adds Paul Sexton, head of HREC's Orlando office and project lead, “The outstanding results of the individual auctions are the result of the two firms' ability to leverage off each other's strengths to drive both pricing and execution, and we look forward to working with Auction.com on other engagements.”