Friday, May 31, 2013 – BLACKSTONE GROUP HAS purchased a portfolio of Hilton select-service hotels from Sage Hospitality and Apollo Global Management.
Sage will continue to manage the hotels, three Hilton Garden Inns in Atlanta, Orlando and Denver, and a Homewood Suites in San Francisco. The properties total 751 rooms.
Handling the sale was Jones Lang LaSalle’s Hotels & Hospitality Group.
“We are pleased to announce a successful sale of the Hilton Select Service portfolio, completed by JLL,” said Kelly McCourt, vice president of marketing at Sage Hospitality. “Additionally, we have been retained by Blackstone to continue managing the assets. We will continue to drive the properties forward seeking optimum results, while focusing on providing outstanding customer service to all our guests.”
“To diversify their portfolios we’re seeing well-performing select service hotels in core markets peek the investment community’s interest. This portfolio was able to close within 100 days of going to market which is a true testament to the robust upscale select service transaction market,” said JLLS’ managing director Mark Fair.
· The Hilton Garden Inn, Atlanta, is an eight-story, 193-guest room/six-suite hotel located in Atlanta’s Perimeter market. Built in 1999, the property completed more than $2.3m in capital improvements in 2012.
· The Hilton Garden Inn, Orlando, is an official on-site hotel for SeaWorld and offers complimentary shuttle service to Disney World and Universal Studios. The eight-story, 224-room hotel was built in 2001.
· The Hilton Garden Inn, Denver, is in the Meridian Business Park in Englewood. Built in 1999, the six-story, 157-room hotel completed a $2.3m capital-improvement program in 2011.
· Homewood Suites, San Francisco, was built in 2002. The four-story, 177-suite hotel completed an extensive renovation in 2008 and a renovation to the public areas in 2013.
In 1999, Sage Hospitality developed and co-invested in the Hilton Select Service portfolio of hotels which includes: Hilton Garden Inn Orlando, HGI Atlanta Perimeter Center, HGI Denver South and Homewood Suites SFO Airport. Sage has consistently been involved in ownership of this asset group since 1999; however their co-investment partners have transitioned to most recently Apollo Global Management. Under Sage’s leadership, these hotels have exceeded expectations in revenue and guest service metrics.
No Comments Posted yet
Do you have comments on this?