Avison Young acquired Atlanta-based hotel real estate brokerage company Hotel Assets Group LLC.
With the purchase, Avison Young launches a new hospitality group that will operate nation-wide in the U.S. Effective immediately, Hotel AG is rebranded as Avison Young.
Twenty-five new members, including 20 brokers, join the company. Keith Thompson, Brad Sinclair, Michael Bernath (Atlanta), Andrew Broad (New York), Chris Stark (Portland, OR) and Eric Gunderson (Los Angeles) become Principals of Avison Young.
Working together with Avison Young’s senior leadership group, the team will co-ordinate the strategic direction of the hospitality group and manage its day-to-day operations while advising new and existing clients.
Founded by Thompson and Sinclair in 2007, Hotel AG has been involved in one hotel transaction every five days for the past four years. Today, the firm has 182 hotels on the market totaling $3 billion in market value with $600 million worth of properties under sale agreement.
“This transaction represents another milestone in our company history as we add a significant hospitality practice,” comments Rose. “As a result, our strategic framework will now cover five core service offerings as hospitality complements our existing office, industrial, retail, and multifamily property sectors while serving two key client segments – investors and occupiers. Moreover, the new hospitality group will ensure that this new core service fits seamlessly with all of our other business lines.”
“With one of the largest hotel real estate markets in the U.S., Atlanta is the ideal base for our new hospitality group,” notes Steve Dils, Avison Young Principal and Managing Director of the firm’s Atlanta office.
The acquisition of Hotel AG represents another step in Avison Young’s ongoing aggressive global expansion program. Over the past eight years, Avison Young has grown from 11 to 79 offices and from 300 to more than 2,400 real estate professionals in Canada, the U.S., Mexico and Europe.