Wason Associates Negotiates the Sale of Four New England Hospitality Properties
Posted on September 7th, 2011 by Earle Wason
Wason Associates is pleased to announce the successful transfer of four hospitality properties in June 2011. The transfers of three New Hampshire inns and one Maine café were smoothly negotiated by Wason Associates, resulting in a very successful turnout for all parties.
The Anchorage Inn is located in the Seacoast town of Portsmouth, NH just off the Portsmouth Rotary Circle. The hotel features 93 rooms with several beautiful two-room suites on this well-known and maintained property. The Anchorage Inn was transferred June 29, 2011 to Meena Investments LLC of Manchester, NH. This closed title was negotiated by Wason Associates on behalf of Scot Jen Realty of Portsmouth, NH. The property features an attractive indoor pool, keyless lock system and a large breakfast room located off the spacious lobby with an elevator. The final sale price was $3.1 million.
A second Anchorage Inn, located at the intersection of Route 125 and Route 16 in Rochester, NH, was also transferred by Wason Associates on June 29, 2011. The motel features 33 well-maintained rooms situated in an exterior corridor structure that is highly visible to the Spaulding Turnpike. The Anchorage Inn was transferred to CHHAVI Hospitality LLC from Scot Jen Realty. The property sits on 4.5 acres and includes spacious owner’s quarters. The final sale price was $800,000. There are currently no plans for any major capital improvements.
The Wind Song Motor Inn is located on the White Mountain Highway at the corner of Route 25 and Route 16 in West Ossipee, NH. The inn features 33 rooms that sit on 8 acres of land at the gateway of Mount Washington Valley and the White Mountains. The Wind Song Motor Inn was transferred June 30, 2011 to Ossipee Hospitality in Lexington, Massachusetts by Wason Associates on behalf of Northway Bank in Berlin, NH. The combined sale price and capital improvement plan is in excess of $600,000. The buyer plans to make substantial improvements to the property, which was closed at the time of sale.
The Freeport Café is located on Route 1 in Freeport, Maine. The property was leased to the Mercier Family of Freeport, Maine by Wason Associates on behalf of The Main Course Hospitality Group, also in Freeport. The café is a free standing building located onsite to an 80-room Best Western. The Freeport Café is loved by locals and tourists year-round for its home-style cooking and all-day breakfasts. The Freeport Café is one of the first restaurants in Maine to be named “Diners Choice.”
“We are very pleased by the recent negotiations and successful transactions that resulted in favorable outcomes for both buyers and sellers.” states Earle Wason, President of Wason Associates. “During these challenging economic times, Wason Associates is proud to be a leader in the economy’s slow recovery. Our associates will continue to offer genuine value to our clients and customers through services that benefit from our specialized skills, knowledge, and experience.”
About Wason Associates
Wason Associates Hospitality Real Estate Brokerage Group is a highly-respected New England-based brokerage firm comprised of professionals who bring a unique combination of financial, banking, and real estate expertise to each transaction. President Earle Wason, CCIM has over 25 years of experience in the hospitality real estate market. Offering advisory services to both buyers and sellers, Wason Associates provides a strategic, client-centric approach to problem-solving, financial advising, and transaction execution.
Our team welcomes you to the Wason Associates Hospitality Real Estate Brokerage Group web site. Here you will find relevant and up to date information on the market, review current transactions, learn about our services and most importantly review hotels offered for sale.