Done Deals: Excel Group Sells Four Hotels; Hawkeye, MCR Add to Portfolios
Hilton Garden Inn Tampa North
NATIONAL REPORT—Excel Group sold a four-hotel portfolio in Florida, Hawkeye Hotels purchased a Radisson in Iowa and MCR snagged a Hilton Garden Inn in Pennsylvania. Here are the details:
Excel Group Sells Hotel Portfolio for $58.5M
Washington, DC-based real estate investment firm Excel Group has sold a four-hotel, 469-key portfolio for $58.5 million. The portfolio includes the 148-room Hilton Garden Inn Tampa North, 83-room Hilton Garden Inn Oldsmar, the 110-room Hampton Inn Oldsmar and the 128-room Hyatt Place Lake Mary, all located in Florida.
This sale signifies a milestone for the Excel Group as it represents another major portfolio that we have taken full cycle—from acquisition through disposition,” remarked Managing Partner Shoham Amin. “This transaction typifies our ability to take core-plus assets and significantly improve operational performance to achieve opportunistic returns.”
Hawkeye Hotels Buys Radisson Quad City Plaza
Iowa-based firm Hawkeye Hotels last week assumed ownership of the Radisson Quad City Plaza in Davenport, IA, and plans to renovate the property. This hotel marks the firm’s fifteenth in Iowa and second in the Quad Cities.
Currently the hotel offers 221 rooms, 9,200 sq. ft. of meeting space and a climate-controlled, covered skywalk for guest access to the RiverCenter Convention center and Adler Theater.
“When we see this type of pragmatic opportunity to invest more in our home state, it’s a win-win for both our company and the state of Iowa,” said John Hall, CFO of Hawkeye Hotels. “We believe we can contribute to the city’s thriving business environment and look forward to helping Davenport grow.”
The Radisson Quad City Plaza currently includes a heated indoor pool, fitness center, 24-hour business center and free airport shuttle.
MCR Purchases Hilton Garden Inn in Allentown, PA
MCR has acquired the 111-room Hilton Garden Inn Allentown West in Allentown, PA, for $15 million. The property is located at the intersection of I-78 and PA Rte. 100, which is the center of the Lehigh Valley’s manufacturing and logistics industry.
The hotel’s location is near major manufacturing and distribution operations for Samuel Adams, Volvo Mack Trucks, Nestle, Amazon and others. The hotel also welcomes guests visiting nearby attractions including Lehigh University, Kutztown University, the Crayola Factory, Dorney Park and local vineyards.
The property has an indoor pool, fitness center, free WiFi, 1,330 sq. ft. of meeting space accommodating up to 80 people, The Great American Grill, a 24-hour business center and a 24-hour Pavilion Pantry. Guestrooms offer a work area, 42-in. flat-screen TVs and coffeemaker.
HREC Investment Advisors arranged the sale, exclusively representing the seller, Keystone Lodging Enterprises Inc. during the transaction.
Rockbridge Acquires Seelbach Hilton
Rockbridge has acquired The Seelbach Hilton in Louisville, KY in a joint venture with Musselman Hotels Management, who will manage the property. The 321-room property has several restaurants and bars and more than 32,000 sq. ft. of meeting space. It is on the National Register of Historic Places.
“We look forward to working with our local partner and the City to explore potential opportunities for the Seelbach,” said Jim Merkel, CEO, Rockbridge.