About the Hospitality Group
Bellator’s Commercial Hospitality Group works with principals and corporations in the buying and selling of hotels and development sites along the Gulf Coast of Florida, Alabama, and Mississippi. David Milstead and Grant Reaves lead the Hospitality Group. David and Grant help provide market information and leverage to their existing clients in the disposition and acquisition of hotels and land.
Bellator Commercial’s Hospitality Group represented by Grant Reaves and David Milstead advised the buyer in the acquisition of the Suburban Extended Stay Pensacola, FL. The hotel consists of 122 extended stay rooms with interior corridors. The Suburban Extended Stay benefits from its close proximity to Pensacola’s Navy Air Station. CW Capital was the seller of the Suburban Extended Stay and was represented by HTX Realty. CW Capital acquired the hotel through foreclosure.
Bellator Hospitality was in search of a hotel for the buyer to purchase as part of a 1031 tax exchange. The buyer purchased the asset from CW Capital through an online auction. With the assistance of Bellator Hospitality, the buyer successfully won the auction for $4,700,000. The terms of the auction required the hotel to be closed within 45 days of the signed purchase and sales agreement which required Bellator Hospitality and the buyer to work diligently together to close the transaction in the required time period.
Bellator Commercial’s Hospitality Group represented by Grant Reaves and David Milstead represented the seller in the disposition of the Wingate by Wyndham in Lafayette, LA for $4,725,000. The Wingate Lafayette is an 82-room hotel constructed in 2010. The hotel caters to leisure travelers coming to the Lafayette area as well as business travelers coming to the nearby oil fields.
The Wingate was listed for sale prior to the fall in oil prices in the spring of 2014. The fall in oil prices slowed down the economy in the area and greatly affected the revenue of the Wingate. Bellator Hospitality was faced with the challenge of selling a hotel in a rapidly declining market while still giving the seller a strong price. Grant Reaves and David Milstead were able to locate a hotel buyer from Texas that was comfortable with the cyclical nature of the oil market and negotiate a strong deal for the Seller. The transaction closed on December 15, 2015.