Lowe Enterprises Investors Acquires 370-Key Hilton Garden Inn Portfolio in Atlanta
- Apr 06, 2016
Atlanta–Lowe Enterprises Investors has acquired three Hilton Garden Inn properties in Atlanta on behalf of an investment client. The 370-key portfolio consists of Hilton Garden Inn – Atlanta NW. Wildwood, the Hilton Garden Inn – Atlanta Northpoint and the Hilton Garden Inn – Atlanta North Johns Creek. LEI plans to upgrade the guestrooms of the properties to feature modernized bathrooms, furnishings and décor, with the lobbies also being recently renovated.
“The Atlanta market continues to strengthen and grow, with much of the activity focused north of the city where these hotels are located,” said Bleecker Seaman, co-CEO of Lowe Enterprises Investors, in a prepared statement.
The Hilton Garden Inn – Altanta NW. Wildwood is located at 3045 Windy Hill Road near the I‐75 and I‐285 interchange, 14 miles from downtown Atlanta. Built in 2005, the 123-key hotel features 3,300 square feet of meeting space as well as a pool, fitness center and business center. All rooms and suites offer custom-designed beds, mini-fridge and free WiFi among other amenities. Dining options include a daily cooked-to-order breakfast, evening room service and a 24/7 pantry.
The Hilton Garden Inn – Atlanta Northpoint is located at 10975 Georgia Lane just off I‐400 in Alpharetta, in close proximity to the North Point Mall. The 125-key hotel was built in 2000 and underwent significant renovations in 2012. All rooms and suites offer modern decor and custom-designed beds, flat-screen TVs, microwaves, mini-fridges and free WiFi. Continental or cooked-to-order breakfast is available, as well as a casual bar and a 24/7 convenience store. Property amenities include a fitness center and outdoor pool, two meeting rooms, a business center and a free area shuttle.
The Hilton Garden Inn – Atlanta North Johns Creek is located in the Technology Park at Johns Creek, at 11695 Medlock Bridge Road, less than seven miles from Webb Bridge Park, the Autrey Mill Nature Preserve and Heritage Center. Its 122 rooms and suites offer contemporary décor and custom-designed beds among other amenities. The hotel offers guests a buffet breakfast, in addition to a full-service restaurant, a lobby bar and 24/7 pantry with quick serve items. Among the hotel’s amenities are a fitness center and an outdoor pool, two meeting rooms and a business center.
Chris Miller and Russell Munn led the investment team for Lowe Enterprises Investors and Eastdil Secured represented the seller, Southern States Hospitality. Atlanta-based Southern States Management will continue to operate the properties. BB&T provided financing for the transaction.
The transaction is the latest in LEI’s active hotel acquisition program. The firm’s recent hotel acquisitions on behalf of investment clients include the Hampton Inn & Suites Charlotte – Arrowood Road in Charlotte, the Hampton Inn Columbia Northeast – Fort Jackson in Columbia, S.C., and the Aloft Charlotte Uptown at the EpiCentre. The firm continues to seek hotel and resort acquisition opportunities nationwide.
Lowe Enterprises Investors provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since its inception in the late 1980s. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm.
Photo courtesy of Hilton Garden Inn