Mabelle Perez, a Director in Berkadia’s Hotels & Hospitality group, shares her experience and expertise partnering with Ten-X. Perez is an innovative real estate professional in Miami who specializes in hotel investment sales. Over the last five years, she has been involved in over 21 transactions with a deal volume over $175M.
In addition to establishing herself as an expert in South Florida hotel investment sales, she is also spearheading the sales of limited-service hotel investments using a traditional or auction approach. These auctions cater to clients with distressed assets, quick sales, and assets in the $3 to $10 million range – an area with a tremendous need in the aftermath of the pandemic.
Ten-X: How has working with Ten-X benefited your business?
Mabelle Perez: Berkadia has closed over 20 transactions with Ten-X through the auction platform over the recent years. We have maximized pricing and increased efficiency in negotiation and execution through its seamless process, for our clients. One of the key strengths of Ten-X is its remarkable marketing capability. The platform’s extensive reach and targeted marketing strategies attract a wider pool of potential buyers, resulting in increased competition and ultimately higher prices for the properties we are selling.
How do Ten-X’s online auctions compare with the traditional offline process?
Online auctions significantly reduce the money and time spent on contract negotiations. It can take countless hours, days, or even weeks. Ten-X provides a seller-friendly contract, which eliminates the potential of buyers attempting to re-trade pricing or acting out of the lines set forth in the terms.
I am a huge fan of auctions for deals below $10M. They create a wide net of marketing, leading to more buyers, and more competition. When a deal is priced correctly, we can exceed a seller’s expectations.
How do you think Ten-X and online auctions will be valuable in the future of CRE transactions?
As of today, the Hospitality industry has experienced a steady recovery. With the ongoing advancements in technology and the gradual return of travel and tourism, the hospitality sector is showing promising signs of growth and interest from investors alike. As a result, the demand for properties in this sector has increased, making Ten-X even more valuable in maximizing pricing and facilitating transactions.
Would you recommend the Ten-X platform to your clients?
I highly recommend the Ten-X auction platform for any owner looking to optimize their real estate transactions. Partnering with a platform like Ten-X and an experienced broker in auction sales will increase your chances of having a successful and seamless transaction.
Read additional market update, insights, and testimonials from the South Florida CRE market in the March 2024 issue of BID Magazine. Download your free copy here!