Eileen Burns recently sold the Best Western Plus hotel in Palm Beach Gardens, FL USA for $9.4MM. This was an "off market" transaction with the seller and the buyer. You may asking yourself: How does a hotel property for sale in Florida of this magnitude trade hands without multiple listing service and/or commercial online advertising subscription services? I am glad you are asking.....
This is not unlike marketing high end Florida luxury properties, a great deal of discretion is imperative. One must establish the buyer's criteria and proof of funds to close the transaction. More importantly, qualify the agents of the sellers to insure they are direct to the seller and not a "daisy chain". Unlicensed consultants are the challenge in today's commercial transaction. The seller may be in a position to pay them, but as licensed Florida real estate brokers we are not permitted to pay anyone who does not hold an active license. Often times, Consultants have dated information as they do not control the listing and have agreements in place to compensate others. You may believe there are two agents involved and suddenly when a Letter of Interest is presented five folks attempt to insert themselves into the deal.
Building relationships over time help in these instances. When there are $300 billion dollars worth of notes coming due on hotel properties alone, one must know the proper questions to ask, know the vernacular of the hotel industry and be in a position to timely navigate the transaction.
The current choas caused by some of these unscrupulous consultants can and does damage ongoing relationships people of integrity have built during their professional real estate career.
In this instance, networking in the commercial real estate arena paid off. It was a relationship I made in 1995 when I served on the CREW Ft Lauderdale Palm Beach Board of Directors (commercial real estate women). We reconnected at an industry event RCA - Realtors Commercial Alliance hosted in Boca Raton, FL. This business colleague introduced me to the Listing Agent for this "off market" hotel property. So, a 20-year alliance pays off when you continue to participate in your industry events, and you deliver consistant, diligent efforts in your marketing, education and branding of yourself.
So exciting to be a part of this vibrant real estate community.
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