Thursday June 5th, 2014 - 9:31AM
LAFAYETTE, LA—Wright Investment Properties, in a joint venture with Garrison Investment Group, has acquired the 327-room Hilton Lafayette here.
The joint venture plans to transform the property into a DoubleTree by Hilton, according to Wright Investment Properties’ CEO Larry F. Wright Jr. “The property will be completely repositioned with comprehensive renovation of the exterior, public spaces and guestrooms,” he stated, adding, "This is the third Hilton brand family hotel that we have acquired in our portfolio recently."
Wright said the purchase of the property, which features 22,000 sq. ft. of meeting space, is in line with the company's strategic growth plans. “This acquisition is consistent with our growth strategy of acquiring undervalued assets that need a reinvigorated business plan via management, physical upgrades and/or brand changes. This hotel represents the fourth investment in our Hospitality Opportunity Fund and we are aggressively and carefully seeking more acquisition opportunities with a focus on basis and yield. We presently have more assets under contract and plan to close soon. Furthermore, we are seeking hotel assets on both coasts and points in between and at multiple service levels, the constants being our rigorous approach to valuation, best-in-class partners and deep understanding of hotel operations."