apexcre / September 21, 2020
Econo Lodge, Downtown SLC, UT
Apex CRE headed the sale of the Econo Lodge in downtown Salt Lake City, Utah. The asset was underperforming, and the seller wanted to leverage their equity into better assets. Apex CRE assisted the seller with a 1031 exchange placing the seller’s equity into 4 hotels that were better performing, larger assets in superior locations. By using APEX CRE’s aggressive and thorough approach the seller was able to see his cashflow quadruple and he was able to obtain a strong equity position in his 4 new hotels.
The buyer of the Econo Lodge had a goal to operate the hotel, pay down the cost basis, and eventually move into the development of hotels or multifamily. In the meantime, the buyer was happy with the cashflow of the Econo Lodge and was looking forward to leveraging the asset for their future goals.