HREC Arranges Sale of Two TownPlace Suites Hotel Properties in Indianapolis

INDIANAPOLIS — HREC Investment Advisors has arranged the sale of the 82-suite TownePlace Suites Indianapolis Keystone and the 94-suite TownePlace Suites Indianapolis Park 100, both Marriott-branded properties. The purchase price of the hotels was not disclosed. The TownePlace Suites Indianapolis Keystone is located on the north side of Indianapolis in the city’s most prestigious area, Keystone at the Crossing. The hotel is situated minutes from downtown Indianapolis and the Indianapolis International Airport. The TownePlace Suites Indianapolis Park 100 hotel is situated on the northwest side of Indianapolis. Local demand generators include downtown Indianapolis, Indianapolis Motor Speedway, Traders Point shopping and Eagle Creek Park. Ted Anka, vice president in HREC Investment Advisors’ Chicago and Miami offices, worked with both the buyer, Arbor Lodging Partners, and seller, First Hospitality Group (FHG), to complete the transaction. Chicago-based Arbor Lodging Partners is a national debt and equity investor in the hospitality industry. FHG, based in Rosemont, Ill., specializes in hotel management, acquisitions and development throughout the Midwest.