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| Staybridge Suites Savannah Historic District, Savannah, GA |
SAVANNAH, GA – HFF announced today that it has closed the
sale of the Staybridge Suites Savannah Historic District, a 104-room
extended-stay hotel in Savannah, Georgia.
HFF
marketed the property on behalf of the seller, Savannah Hospitality Properties,
LLC. An affiliate of Noble Investment
Group purchased the hotel on an all cash basis under an expedited timeframe.
The
Staybridge Suites is located at 301 East Bay Street in the heart of
Savannah’s historic downtown and tourism district. Completed in 2006, the five-story property is comprised of both
historic and newly constructed buildings featuring oversized studio and
one-bedroom suites as well as a restored 1870s-era banquet facility. The offering also included an adjacent,
16,200-square-foot development site.
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| Holden Lim |
The
HFF investment sales team representing the seller was led by senior managing
director and head of the hospitality practice group Daniel Peek,
managing director Holden Lim, director Max Comess, and analysts Christopher
Lingerfelt and Alexandra Lalos.
“We
congratulate both Fremont and Noble on another successful transaction with
HFF’s Hotel Group,” commented Peek.
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| Max Comess |
“The extremely high barriers to
entry in the historic district combined with strong performance at the property
made this opportunity particularly attractive,” added Comess.
Savannah Hospitality Properties, LLC is an affiliate of
Fremont Realty Capital, a San Francisco-based private investment company. The seller was represented by the
Jacksonville office of Holland and Knight.
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 invested more than $2 billion in upper
upscale and upscale hotels located throughout the United States.
The organization's current real estate fund represents $310
million of equity commitments. The
buyer was represented by the Atlanta office of Morris, Manning and Martin.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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