NANA sells 4 of its Anchorage hotels
One Alaska Native corporation says it can now focus on the state's resource development industries with the sale of four of its Anchorage hotels.
According to a press release sent Monday afternoon, NANA Regional Corporation, Inc. sold its University Lake Springhill Suite hotel, along with the Courtyard, Midtown Springhill Suites and Residence Inn, which was jointly-owned with Sodexo, to JL Properties, an Alaska-based real estate, and investment firm. The sale was effective as of Nov. 7, 2017.
Prior to the sale, the properties were managed and operated by NANA Managerment Services, LLC (NMS) since the hotels opened between the late '90s and the mid-2000s.
NANA set some financial goals for its future and said there was no better time for the sale.
“The NANA board of directors set a goal to increase profitability at NANA,” said President and CEO Wayne Westlake. “Part of that strategy, as I shared at NANA’s 2016 Annual Meeting, is to sell certain assets when the time is right. This was the right time and the right deal for NANA,” he added.
The Corporation worked closely with the new owners to make sure the hotel staff was transferred over to the new management company. Shareholder-employees were given the option to stay with the NANA family. Those who did want to stay were given job search and placement assistance.
NANA says this sale allows them to focus on the state's resource development industries like the Red Dog Mine and its federal and commercial group opportunities.
NANA has more than 14,000 shareholders. It works to maximize economic growth, protect and enhance its lands, and promote healthy communities with decisions, actions, and behaviors inspired by its shareholders’ traditional values.
Editor's note: The sale date originally provided by NANA Regional Corportation, Inc. of Oct. 31, 2017, has since been corrected to reflect Nov. 7, 2017.