Date: October 2018
Location: Winston-Salem, North Carolina, USA
Name: SpringHill Suites by Marriott Winston-Salem Hanes Mall and the Home2 Suites by Hilton Winston-Salem Hanes Mall
No. of Keys: 186
Seller: BPR Properties formerly (around 2014) owned the SpringHill Suites by Marriott in Winston-Salem, but sold it. Since then, the company has been eager to re-enter the Winston-Salem market, Patel said. We think the current seller is LRP Hotels, whose COO is Murodjon Marupov.
Buyer: Woodmont Lodging, a real estate investment firm specialising in select-service and extended-stay hotels, and Milestone Companies, an owner and operator of hospitality properties, with 12 hotels across the USA under the Hilton, IHG and Days Inn brands and headed up by Sander Mednicj as Chairman and CEO.
Fully renovated in June 2017, the SpringHill Suites by Marriott Winston-Salem Hanes Mall is a four-story hotel, offering a breakfast area in the lobby, guest laundry facilities, an indoor pool, a fitness centre.
Each of its guestrooms is equipped with a flat-screen television, a large work desk and a kitchen area that includes a microwave, a pantry, a full sink, flatware, a coffeemaker and mini-refrigerator.
The newly built Home2 Suites by Hilton Winston-Salem Hanes Mall, which opened in February 2018, has four floors and is adjacent to the SpringHill Suites.
Accommodations are equipped with a flat-screen television, a large work desk and a kitchen area offering an induction cook-top, a microwave, a dishwasher, a toaster, a sink, flatware, a coffeemaker and a refrigerator.
“We are excited to expand our portfolio to the Winston-Salem market, while creating new business partnerships with Blue Vista Capital Management and Milestone Companies,” Elliott Estes, principal at Woodmont Lodging, said in a statement. “The hotels are well positioned to benefit from their proximity to major demand generators in the area and are strong additions to our existing hospitality assets.”
Woodmont have nine hotels in the US, including an advisory assignment at the InterContinental Washington DC, as well Days Inn and HI Express in the select service sector.
Situated along Interstate 40, proximate to downtown Winston-Salem, the hotels are conveniently accessible to Wake Forest University, the Wake Forest Baptist Medical Center and the Piedmont Triad International Airport—three of the largest employers in Forsyth County, N.C.
Nearby attractions include Lawrence Joel Veterans Memorial Coliseum, BB&T Field/Groves Stadium and the Benton Convention Center.
The hotels also offer access to outdoor fields such as BB&T Soccer Park, Hanes Park and numerous golf courses. Nearby local businesses include B/E Aerospace, Caterpillar, IBM and Novant Health, among others.
Price: We believe US$25,5m
Price per Key: US$137,097
THPT Comment: We have seen many dual and triple branded hotel complexes but the first, we think, we have seen where the branding comes from two different companies and the two hotels were even built at different times.
First Seen: Hotel Management