The Red Roof Inn Clyde was sold to a local owner/operator in northern Ohio in a deal facilitated by Laurel Real Estate Co. Other terms and conditions were not disclosed.
The seller of the limited-service hotel—which engaged Laurel Real Estate Co. to manage the disposition as part of a broader portfolio restructuring—closed on favorable terms, according to the Pittsburgh-based boutique commercial real estate brokerage firm.
The company added that the offering generated multiple competitive bids, underscoring continued investor demand for limited-service and select-service hotel assets in secondary Midwest markets.
“Investors are no longer filtering strictly on geography. What we're seeing is increased demand for well-maintained assets in secondary markets, particularly those with proximity to stable employment bases—and the Red Roof Inn in Clyde fits that profile,” Lauren D’Souza-Faze, VP of Laurel Real Estate Co., said in a statement. “While the property ultimately went to a local buyer, the interest we received from across the country was a strong indicator of how investor appetite has expanded beyond the major metros.”
Financing for the transaction was arranged by Dan Uhl of Peachtree Group, helping ensure a smooth closing process, according to Laurel Real Estate Co., which is a member of Hotel Brokers International.