Laurel Real Estate Co., an Ohio-based boutique real estate brokerage and member of Hotel Brokers International, arranged the sale of the Days Inn Columbus East Airport located in Reynoldsburg, Ohio. Laurel Real Estate Co. represented the seller and was the sole brokerage involved in the transaction. Other terms and conditions were not disclosed.
“This sale was especially complicated for a number of reasons: the size of the property, the buyer’s financing needs, and the fact that the Buyer was a first-time hotelier who resides outside of the United States,” Lauren D’Souza-Faze, vice president of hotel sales and listing agent on the transaction, said in a statement. “The success of this transaction ultimately resulted from the perseverance and collaboration between buyer, seller and all parties involved.”
The Days Inn Columbus East Airport has 152 guestrooms in addition to an outdoor pool, meeting space and full bar and restaurant. One of the property’s many selling points was its proximity to downtown Columbus as well as Intel’s $28 billion semiconductor manufacturing facility, which is currently under construction.
“The Central Ohio region is experiencing a renaissance that makes it appealing to investors not just across the country, but around the world,” said Errol D’Souza, principal broker of Laurel Real Estate Co. “Large-scale development projects, including Intel’s semiconductor facility, are fueling population growth and driving demand for local hotels, including the Columbus East Airport Days Inn.”
Despite the property’s strong financial performance and desirable location, a successful transition was not guaranteed. “Due to the complexity of the financing of this hotel, the underwriting team continually requested significant documentation and additional information,” said Ramin Mostaan, owner of Scientific Capital, the mortgage brokerage that facilitated the transaction. “A key success factor in this project was the promptness of Errol and Lauren in obtaining the required information from the seller and the related sources.”