IRVINE AND SILICON VALLEY, CALIF.—Ten-X announces its hospitality division has closed on 50 assets totaling $190 million from January 2016 through May 2016 on the on the Ten-X Commercial online platform.
The Ten-X hospitality division’s momentum follows a record-setting 2015, where the company closed 117 hotel transactions with sales proceeds exceeding $461 million, nearly double its 2014 hospitality performance of $256.3 million. Ten-X has closed on approximately $2 billion in hospitality assets since facilitating the sale of its first hotel in 2010. According to Ten-X Research, Q1 2016 deal volume in the hospitality sector nationwide is down 59 percent from Q4 2015 and by 61 percent from one year ago. The Ten-X Commercial platform, however, is still seeing strong transaction numbers.
“The effectiveness of the Ten-X online platform is evident in a strong first five months of 2016, which follows the same success we had in 2015 selling high-quality hospitality assets,” said Anthony Falor, managing director of Ten-X’s national hospitality group. “From large, full-service and boutique properties to select service assets, more investors and brokers are utilizing the Ten-X platform, which provides greater flexibility and control than ever with our newly launched non-auction Offer Select format in addition to our signature live bid format.”
Hospitality closings from January through May took place in numerous key U.S. hotel markets.
