Moody National Companies Acquires 19-hotel Portfolio
Moody National Companies acquired a national 19-hotel portfolio comprising 2,556 Marriott rooms primarily on the East Coast.
Moody National Mortgage Corporation sourced the financing, the bulk of which came from Citibank. Mark Elliott, with Hodges Ward Elliott, represented the seller, Concord Hospitality Enterprises Company. HVS provided third party valuation services.
With this acquisition, Moody National Companies has 68 hotels in its portfolio. Moody National Companies is actively sourcing additional select-service hospitality opportunities in the East Coast, West Coast and Sunbelt, noting strong technical pressures and high replacement costs.
Moody National Companies declined to disclose the purchase price for the subject transaction.