Seneca Falls, NY According to HREC Investment Advisors, it has arranged the sale of the 81-guestroom Hampton Inn. SF Hotel Group, LLC acquired the property.
HREC exclusively represented Seneca Hospitality LLC during the transaction. The sale was negotiated by Ketan Patel, managing partner in the Washington D.C. office, Mark von Dwingelo, senior vice president in the Bethel office and Peter Dolan, vice president in the Boston office.
The Hampton Inn is in the Finger Lakes between Seneca Lake and Cayuga Lake. The area is a tourist destination in the northeast due to the concentration of vineyards, recreational outdoor activities, and views.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,