IRVINE, CA— ThoughtLeader LLC and HREC InvestmentAdvisors have sold five hotels formerly owned byAlena Hospitality, including three in Orlando. Theproperties went on the virtual auction block earlier this month;Alena owner Nik Patel was forced to sell theportfolio after being arrested on loan fraud charges this pastSeptember.


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


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


The Alena portfolio also included a fourth East Coast propertyas well as one in the Midwest. A 148-key property at 50 Kenny Saddle Brook, NJ, near Saddle River County Park and WestfieldGarden State Plaza, attracted a winning bid of $10.45 million.Three bidders among them placed 35 bids for a 272-key property at500 Hamilton Blvd. in downtown Peoria, IL, near Caterpillar's worldheadquarters and the Peoria Civic Center, with the winning bidcoming at $5.8 million.


“Selling all five of these very diverse properties in threestates using a democratic, transparent, competitive process is atestament to the power of our online platform, and a great exampleof how commercial real estate transactions continue to moveonline,” says Anthony Falor, managing director's hospitality division. Adds PaulSexton, head of HREC's Orlando office and project lead,“The outstanding results of the individual auctions are the resultof the two firms' ability to leverage off each other's strengths todrive both pricing and execution, and we look forward to workingwith on other engagements.”

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.