HVS Brokerage & Advisory Closes Sale of The Terrace Hotel in Lakeland, Florida

HVS Brokerage & Advisory announces the sale of the 88-key Terrace Hotel, located at 329 East Main Street, Lakeland, Florida 33801.
HOUSTON, TX, August 12, 2020: HVS Brokerage & Advisory announces the sale of the 88-key Terrace Hotel, located at 329 East Main Street, Lakeland, Florida 33801.
The historic, full-service property, built in 1924, was purchased from Terrace Properties Partners Ltd., based in Lakeland, Florida.
Robert Scharar, President of Terrace Properties Partners commented, “We recently completed a sale of one of our portfolio properties, which was our first time to use HVS’s brokerage services. We started our targeted marketing process pre-COVID-19. We had instructed the effort be on a very discreet basis. The team accomplished our sale within our target price range and without exposing our property to adverse market talk, which could have hurt our operations. We selected the HVS brokerage team based on several years of excellent service from the appraisal group.”
“We appreciate Rob and his partners continued loyalty to the firm. This sale was a great team execution, involving our Los Angeles, Houston, and Atlanta HVS offices. Through our targeted marketing process, we were able to secure an experienced local developer who plans on renovating and repositioning the hotel. We are committed to providing high-quality brokerage services to all our clients through our team approach, and I’m pleased with our results here,” said Eric Guerrero, Managing Director of HVS Brokerage & Advisory.
The asset benefits from its strategic location in Downtown Lakeland, near a variety of leisure and corporate demand generators, including the Lemon Street Promenade (outdoor art space), Lake Mirror, Hollis Gardens, museums, and office buildings, as well as 60 restaurants, bars, and retail outlets. Moreover, Downtown Lakeland is amid a development boom, with a new apartment complex and office buildings under construction, while an 850-space parking garage opened in early 2020.

HVS Brokerage & Advisory team members Eric Guerrero, Ben LevinJames Rebullida, and Fadi Rawashdeh participated in this transaction. Gator Realty of Polk served as the Florida broker of record for HVS.

About HVS Brokerage & Advisory 

The Brokerage & Advisory Division is a specialized group within HVS that offers brokerage, debt and equity financing, and investment search services focused exclusively on the hospitality industry. With a global footprint and over 40 offices nationwide, HVS’s hospitality intelligence and extensive expertise will help you achieve the results you want. During this unprecedented time of COVID-19 disruption, we are fully functional and stand ready to assist you with any aspect of your business through this challenging time. 

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