CB Richard Ellis/Hubbell Commercial Advises Larkin Hospitality on $2.6 Million Sale of Microtel Inn & Suites in Urbandale
West Des Moines, IA (November 8, 2007) – CB Richard Ellis/Hubbell Commercial, Iowa’s largest commercial real estate broker, announced today that its Private Client Group advised Larkin Hospitality in the sale of its Microtel Inn & Suites property located at 8711 Plum Drive in Urbandale, Iowa to Nebraska-based Lotus Motel Inc. in a transaction valued at $2.6 million. The 38,745 square foot property is situated on 1.67 acres and has 76 rooms. The hotel was built in 2000. The firm completed the transaction through a coordinated effort of its Iowa Private Client Group, consisting of Vice Presidents of CB Richard Ellis/Hubbell Commercial Linda Gibbs, CCIM, SIOR and Tim Sharpe, CCIM, SIOR. Through a vast nationally-integrated network of private client group professionals, the Iowa Private Client Group is able to assist in the acquisition, disposition or exchange of commercial real estate anywhere in the country.