- June 20, 2021
- Posted by: Stratford Team
- Category: Business
Hotel owners and operators are starting to pick their shots as the COVID vaccine era begins to send leisure, if not yet business, customers their way again.
That’s the picture that is starting to emerge from recent property offerings, foreclosures and sales. Picking such play-for-keeps shots was impossible when the pandemic gripped the nation and region starting in March 2020.
Case in point: New York City-based Taconic Capital Advisors, a private equity operator that has in its portfolio the Courtyard By Marriott and TownePlace Suites on adjoining parcels on Engle Road in Middleburg Heights, is offering both for sale at an online Ten-X Capital auction on July 19.
Both have minimal asking prices, typical for auctions: $1.1 million for the 94-suite TownePlace property, and $2.7 million for the Courtyard. The properties were acquired in 2014 by the current ownership at prices of $6.8 million for the TownePlace and $14 million for the Courtyard.
Although…
