NEW YORK—Buyers and sellers are remaining active both here and abroad as the industry heads into the fourth quarter.
Crowne Plaza Charlotte Executive Park
In North Carolina, Holliday Fenoglio Fowler, LP (HFF) helped advance the $44-million sale of the Crowne Plaza Charlotte Executive Park, a 300-room, recently renovated, full-service hotel in Charlotte, NC.
Hospitality Properties Trust purchased the asset free and clear of existing debt. It plans to keep the brand affiliation and has engaged IHG to manage the hotel, according to HFF, which marketed the property on behalf of the seller.
The HFF investment sales team representing the seller included Director Chris Lingerfelt and Senior Directors Cyrus Vazifdar and Brent Bowman.
“Crowne Plaza Charlotte was heavily pursued by a multitude of national and regional capital sources,” Lingerfelt said. “In addition, the hotel’s exceptional quality, Charlotte’s rapidly growing economy, strong year-round room-night demand and flourishing lodging fundamentals supported a very attractive investment opportunity.”
The Crowne Plaza Charlotte Executive Park opened in 1983 and completed a multimillion-dollar renovation in 2014, which upgraded the entire property. Located at 5700 Westpark Dr., the hotel is less than six miles from Charlotte Douglas International Airport, SouthPark and Uptown Charlotte.
Hampton Inn St. Augustine I-95 and Hampton Inn & Suites Palm Coast
In Florida, HREC Investment arranged the sale of the 67-room Hampton Inn St. Augustine I-95 and the 94-room Hampton Inn & Suites Palm Coast. A private investor acquired the properties.
SVP Jaimin Patel in HREC Investment Advisors’ Tampa office exclusively represented St. Augustine, FL-based Caiman Management during the transaction.
“The Hampton Inn St. Augustine and the Hampton Inn & Suites Palm Coast are located in dynamic tourist markets along Florida’s Atlantic coast. Both are strategically located off I-95, connecting them to numerous feeder markets across the East Coast,” stated Patel, noting the buyer plans on investing $5 million into improvements on both properties.
The Hampton Inn St. Augustine is near the Old Town Historic District, beaches and other attractions. The Palm Coast hotel is located in a commercial development named Flagler Plaza, adjacent to a retail center anchored by a Winn-Dixie supermarket.
Greenwich Peninsula Hotel
Overseas in England, the partially constructed Greenwich Peninsula Hotel has been acquired by hotel and investment company Nine Group out of fixed-charge receivership.
Located in the Greenwich Peninsula, the hotel is close to the O2 Arena and proximate the University of Greenwich, Excel London, North Greenwich station and London City Airport.
Originally sold to a group of 50 buy-to-let investors, the hotel construction was abandoned when Conqueror Holdings Ltd. fell into administrative receivership as a result of a failed joint venture between Zeeshaan Shah of property investment company One Capital and Cherif Investment Properties, according to the company.
Grant Thornton Ltd. was appointed joint administrators of Conqueror Holdings Ltd. (in administration) and Nine Group acquired the incomplete site, with plans to complete and extend the capacity of the hotel. The six-story hotel currently has 50 rooms, and is being positioned as a three-star hotel.
Nine Group is led by Vivek Chadha, who commented, “I am delighted to be able to complete the build of this hotel, which has been standing incomplete in the center of the Greenwich Peninsula for over two years, causing consternation to local residents and visitors alike. Located in close proximity to the world-famous O2 Arena, the hotel is at the center of the redevelopment of the Greenwich Peninsula, ensuring our guests will be at the heart of this exciting new district and able to enjoy all it has to offer.”
The Nine Group portfolio has a mixture of residential, commercial and hotel properties, including the Novotel London Heathrow airport, Mercure St. Albans Noke Hotel, Holiday Inn London Watford Junction and the recently acquired Trafford Park hotel in Manchester.