Newmark Grubb Knight Frank Hotels is pleased to announce it represented the seller in the 319-guestroom Four Points by Sheraton in downtown Peoria, Ill. The sale was negotiated by Senior Managing Director Sam Winterbottom and Director Bhavesh (B.J.) Patel, both with the Newmark Grubb Knight Frank Atlanta office.
The hotel is located in downtown Peoria, two blocks from Caterpillar, Inc.’s world headquarters and proximate to numerous other demand generators including the Peoria Civic Center, Bradley University, four major hospitals, and Riverfront Peoria.
As a part of the transaction, the buyer will complete a property improvement plan to maintain the Four Points affiliation and increase the property’s competitive edge in the market.
About Newmark Grubb Knight Frank Hotels
Newmark Grubb Knight Frank Hotels provides innovative transaction solutions and support for all types of hotel and leisure properties, including full-service, luxury, select-service, boutique and resort hotels, as well as golf courses and mixed-used assets. This highly focused specialized division provides a variety of services, including: Acquisitions and Dispositions (“Investment Sales”), Market Research, Equity and Debt Financing, Consulting and Advisory, and Appraisal Services. Collectively/Historically, the NGKF Hotels team has consummated more than 360 investment sales transactions with a total value of more than $4 billion.
About Newmark Grubb Knight Frank
A part of BGC Partners, Inc. (NASDAQ:BGCP), Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. It brings together the strategic consultative approach to creating value for clients and leading position in the New York market that are hallmarks of Newmark; the complementary strengths of Grubb & Ellis in leasing and management, investment sales, valuation and capital markets services; and BGC’s financial strength, proprietary technology, expertise in global capital markets and deep relationships with many of the world’s leading financial institutions.
Newmark Grubb Knight Frank, together with its affiliates and London-based partner Knight Frank, employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents. This major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide.