BIRMINGHAM, AL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a two-property hotel portfolio in Birmingham. The properties are the 130-room Hilton Garden Inn in the suburban Liberty Park business district (top left photo) and the 95-room Hilton Garden Inn located in the Wildwood area off Lakeshore Drive (lower right photo), 12 miles from Birmingham-Shuttlesworth International Airport.
The Hilton Garden Inn, Liberty Park sold for $11.9 million and the Hilton Garden Inn, Lakeshore brought $10.2 million. The sales prices include property improvement plans and a post-renovation NTM (next 12 months) cap rate of 8.5 percent to 9.5 percent for the former and 9.5 percent to 10.5 percent for the latter.
Helen Zaver (middle right photo), a senior associate in Marcus & Millichap’s Atlanta office and a member of the firm’s National Hospitality Group, represented the seller, HP Hotels, which will continue to manage both properties.
The buyer is Summit Hotel Properties Inc., an active and well-known hotel real estate investment trust. John Leonard (middle left photo), first vice president and regional manager of Marcus & Millichap’s Atlanta office, is the broker of record.
“Both properties are quality hotels in the Hilton franchise family,” says Zaver. “The market for well-branded full-service or select-service hotels is strong, especially for assets in primary markets or locations with robust demand drivers.”
The Liberty Park Hilton Garden Inn is located at 2090 Urban Center Parkway, 13 miles from downtown Birmingham and within the Urban Center Corporate Park. The six-story hotel was constructed in 2008 on 3.1 acres and is in excellent condition.
Located at 520 Wildwood Circle Drive, the Hilton Garden Inn off Lakeshore Drive is near downtown Birmingham, the Birmingham Museum of Art and The Birmingham Civil Rights Institute. The hotel was built in 2004 on 1.4 acres. It has been a consistently stable and well-performing asset.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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