HREC Closes Savannah Hotel Sale
- Mar 19, 2020
HREC Investment Advisors has arranged the sale of Fairfield Inn & Suites Savannah Midtown on behalf of the seller, an affiliate of Encore Hospitality. North Point Hospitality Group acquired the 156-key property in Savannah, Ga.
Chatham County public records show that the property traded for $23 million, while JP Morgan Chase Bank originated a $15.7 million bridge loan for the new owner. The financing is set to mature in September of this year.
Located at 5801 Abercorn St., the asset is less than a mile from Interstate 516 and Hunter Army Airfield, with downtown Savannah roughly 3 miles away. Amenities at the property include two electric car charging stations, a fitness center and a pool.
HREC’s Senior Vice President Tom Huegel represented the seller in the transaction. Last August, a different team from the advisory company closed the sale of Hotel Indigo Tuscaloosa in Tuscaloosa, Ala.