HREC Investment Advisors is pleased to announce it has arranged the sale of the 279-guestroom Crowne Plaza Hotel located in Syracuse, New York. The seller was an institutional ownership group and buyer was TJM Properties.

Mark von Dwingelo (SVP – New York/Connecticut) and Ketan Patel (SVP – Washington D.C.), exclusively represented the seller during the transaction.

“The sale of the Crowne Plaza Syracuse represented a reduction in holdings for the Seller and a key addition for the Buyer. The Buyer is very bullish on the Syracuse market and will invest several million dollars to position the Crowne Plaza Syracuse to compete for the long term,” stated Mark von Dwingelo.

Ketan Patel, SVP added “Our great relationships with buyers both nationally and on a local/regional level allowed us to run a competitive process which resulted in numerous proposals. While there were some challenges the transaction was completed efficiently and we were very pleased with the cooperation from buyer and seller.”

The Crowne Plaza is ideally situated on the east side of downtown, within easy walking distance of Syracuse University. Syracuse University’s enrollment is over 21,000 students representing all 50 states and employs over 4,400 faculty and staff members. Additionally, the immediate area features the Onondaga County War Memorial (“Oncenter”) (0.5 mi), Everson Museum of Art (0.5 mi), Museum of Science & Technology (1.0 mi), Rosemont Gifford Zoo (2.8 mi), and a variety of unique restaurants and other leisure activities. Furthermore, significant corporate demand generators in the area that will influence demand for the Hotel include Bristol-Myers Squibb, National Grid, Lockheed Martin, St. Joseph’s Hospital, Upstate University Health System, Le Moyne College, SUNY College of Environmental Science and Forestry and The State University of New York Health Science Center at Syracuse.

About HREC®: HREC is the nation's leading lodging and gaming real estate advisory firm specializing in property sales, mortgage brokerage, equity/JV structuring, consulting (market studies and appraisals), and litigation support. With offices throughout North America, HREC is distinguished by unwavering commitment to client service and success through its team approach, intellectual capital and hotel/casino specialization.