2 Value Places – Airline-Baton Rouge, LA & Harrells Ferry-Baton Rouge, LA – SOLD by WHI
Warmbrodt Hotel Investments, Inc. (“WHI”) is pleased to announce the sale of two Value Places in Baton Rouge, LA – Airline & Harrells Ferry. WHI was the exclusive adviser on behalf of the seller. The properties were sold to an institutional investor at an undisclosed price. They were being marketed as a package for $12,600,000. The properties will be renovated to new Value Place 2.0 standards including flat screen televisions, wood flooring, new beds, new carpet, accent walls, cabinets and ceramic stove tops.
“We were very pleased with the response from the investment community to this offering”, stated Herb Warmbrodt, President of WHI. “Investors were drawn by the attractive returns and the continued growth in the market, as well as the Value Place brand.”
Value Place is the uniquely branded premier low-cost extended stay hotel, specializing in clean and secure weekly lodging with a commitment to comfort, privacy and peace of mind. The highly efficient operating model allows an investor to benefit from the rate adjustability of a hotel but the operating costs of a multi-family apartment building.