RCA in the commercial property press:

CB Richard Ellis Preparing for Sale of Kingsmill Resort & Spa

Virginia Gazette reports: Real estate experts say it’s still too early to tell who might be positioned to buy Kingsmill Resort & Spa.

Since Anheuser-Busch InBev’s announcement in September that it would sell the resort, commercial real estate firm CB Richard Ellis has been putting together an “offering memorandum,” executive vice president Doug Henkel said this week.

CB Richard Ellis is poised to sell Kingsmill’s conference center, three 18-hole golf courses, a 9-hole executive course, six restaurants, spa, fitness center, marina, tennis center, condos and management facilities.

Henkel said he expects the prospectus to be complete in the next couple of weeks and the resort to be officially announced shortly after.

The resort and hotel market has improved recently, according to global commercial property research firm Real Capital Analytics, although it is still off from previous years. A quarterly report notes that in the third quarter, sales of larger hotel properties increased by 25% over the second quarter.

The deals are getting bigger as well.

Dollar volume across the real estate spectrum is up, although the actual number of properties sold is down. In short, when properties do sell, they are selling for more money.

But sales volumes in the hotel industry is still off 65% from last year, and 93% from 2007, according to the report.

Real Capital Analytics hints at the same. “Despite these positive signals indicating the start of a rebound in investment activity, a significant recovery is still well into the future,” the October report states.

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Posted by: Nina Turner

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