The seller of the Hampton Inn, Eugene wished to sell the property and move to a warmer climate while the buyer was looking to get in to the hotel business with this being the first acquisition. The property demanded a high PIP (Property Improvement Plan) set forth by the Hilton (estimated to be about $930,000 in order to maintain the brand). In addition, during the sale process it was discovered that there’s Title Encumbrance due to building being built about 9.5’ over the property line and on neighboring lot which delayed closing from January 8 to June 8.
Through smart negotiations, Brian Resendez was able to complete the purchase of the property and resolve the Title Encumbrance. Thus gave the seller top price for the property while allowing the buyer the ability to retain the brand and secure long term success of the business.