Blackstone Buys Four-Property Hilton Portfolio
- Jun 03, 2013
The private equity giant’s real estate affiliate has acquired a 751-room, four-property Hilton Select Service portfolio from Sage Hospitality and Apollo Global Management.
Jones Lang LaSalle represented the sellers in the transaction.
“The Hilton Select Service Portfolio provided an outstanding opportunity to acquire institutional quality assets strategically located in thriving markets with superior brand affiliation,” Adam McGaughy, JLL managing director, said in a company statement. “The new ownership will benefit from strong in-place cash flow and exceptional upside potential.”
The portfolio includes three Hilton Garden Inns located in Atlanta, Orlando, Fla., and Denve, and a Homewood Suites in San Francisco. Sage has been retained to manage all four properties.
Located at 1501 Lake Hearn Drive in Atlanta’s desirable Perimeter market, the Hilton Garden Inn is an eight-story, 193-guest room/six-suite hotel that was constructed in 1999. Last year the property completed more than $2.3 million in capital improvements.
The Hilton Garden Inn is located at 6850 Westwood Blvd., in Orlando and is an official on-site hotel for the popular SeaWorld attraction. The 224-room hotel features seven meeting rooms, outdoor swimming pool and whirlpool, fitness center, business center, sundry shop, The Great American Grill and Sting Ray’s Lounge.
Denver’s Hilton Garden Inn, built in 1999, is located in the Meridian Business Park at 9290 Meridian Blvd. in Englewood. The six-story, 157-room hotel underwent $2.3 million in capital improvements in 2011, and now boasts three meeting rooms, indoor swimming pool, fitness center, business center, sundry shop, The Great American Grill and Branch Water Lounge.
Located at 2000 Shoreline Court in Brisbane, Calif., Homewood Suites in San Francisco is a four-story, 177-suite hotel, which completed an extensive renovation in 2008 and a renovation to the public areas in 2013. It features one meeting room, indoor swimming pool and fitness center.
Kelly McCourt, Sage Hospitality’s vice president of marketing, said that the company will continue to drive the properties forward seeking optimum results, while focusing on providing outstanding customer service to all our guests.
JLL managing director Mark Fair and vice president Katy Reynolds helped with the transaction.