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| Courtyard by Marriott Chapel Hill Apartments, Chapel Hill, NC |
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| Daniel Peek |
NEW YORK, NY – HFF
announced today that it has closed the sale of and secured financing for Courtyard by Marriott Chapel Hill, a
169-key, select-service hotel near the University of North Carolina Chapel Hill
and UNC Health Care in Chapel Hill, North Carolina.
HFF marketed the property on behalf of the seller. Noble Investment Group purchased the offering
free and clear of debt.
Additionally,
HFF secured the five-year, floating-rate acquisition loan for the buyer through
GE Capital.
Renovated in 2011, the Courtyard by Marriott Chapel Hill features 132
guestrooms and 37 suites, 1,800 square feet of flexible meeting space, an
indoor pool and spa, business center, fitness center, outdoor fire pit, jogging
trail and several food and beverage options, including
The Bistro for breakfast
and dinner, a lobby bar, a grab-and-go market and a breakfast buffet.
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| Ryan Clutter |
Located at 100 Marriott Way at the corner of Marriott Way
and Highway 54 in Chapel Hill, the five-story hotel is adjacent to Interstate
40 and one mile from the University of North Carolina and its hospitals.
The HFF investment sales team representing the seller was
led by senior managing director and head of HFF’s Hotel Group Daniel Peek, senior managing director Ryan Clutter, director KC Patel,
associate director Cyrus Vazifdar
and real estate analyst JoJo Won.
The
HFF debt placement team representing the borrower was led by senior managing
director Jay Marshall, associate
director Christopher Peck and real estate analyst Sam Nidenberg.
“The
Courtyard by Marriott Chapel Hill transaction provided further evidence of the
incredible appeal among investors for quality select-service assets,” Peek
said.
“Properties in this
category attract equity and debt capital at a rate substantially higher than in
prior cycles, resulting in lower overall cost of capital than previously
experienced.”
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| Cyrus Vazifdar |
In the year ending 2014, HFF’s Hotel Group closed more than
$3.5 billion in hotel transactions across all capital markets involving more
than 100 hotels and resorts.
Founded in 1993, the Noble organization specializes in
making value-added, opportunistic investments in the lodging and hospitality
real estate sector.
Through its private equity real estate funds, Noble has made
more than $3 billion of investments throughout the United States in primarily
select-service and extended stay hotels, which are affiliated with premium
brands by Marriott, Hyatt, Hilton, Intercontinental and Starwood.
For a complete copy
of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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