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An affiliate of the Weston, Fla.-based InSite Group acquired a 101-room hotel at 320 Montgomery Street in the Historic District of Savannah, Ga., and plans to reposition the former Country Inn & Suites property into the B Historic Savannah (affiliated with B Hotels & Resorts), a boutique and lifestyle hotel befitting the area’s charm, according to Newmark Grubb Knight Frank (NGKF) Hotels, which arranged the sale on behalf of the seller, Tara of Savannah LLC, in a privately marketed transaction.
“Given its prime location in the historic downtown, this hotel attracted a number of eager investors wanting to get into this known high barrier-to-entry hotel market with very strong and diverse leisure demand,” said NGKF Hotels Director Bhavesh “B.J.” Patel.
Located on a stop on the popular Savannah Old Town Trolley, the hotel sits in the heart of the Historic District just steps from such tourist destinations as the Savannah History Museum, Ralph Mark Gilbert Civil Rights Museum, Savannah Civic Center, City Market, Historic River Street and Lucas Theater. The property also is conveniently located only 12 miles from the city’s international airport.
“The buyer gained an excellent, relatively new asset with fantastic growth potential,” said Sam Winterbottom, CHA, ISHC, a senior managing director with NGKF Hotels.
Rebranded as B Historic Savannah, the hotel will remain open during renovations that include adding the brand’s signature bedding, a spa suite with customizable treatments, an assortment of snacks and treats in each room, and a new tapas and small-plate lounge and bar in the lobby. Currently, the property features a fitness center, a heated indoor pool, parking and 1,000 square feet of meeting space.
Newmark Grubb Knight Frank Hotels provides innovative transaction solutions and support for all types of hotel and leisure properties, including full-service, luxury, select-service, boutique and resort hotels, as well as golf courses and mixed-used assets. This highly focused specialized division provides a variety of services, including acquisitions and dispositions (investment sales), market research, equity and debt financing, consulting and advisory, and appraisal services.
About InSite Group
InSite Group is a privately owned boutique real estate development and investment firm. Based in Weston, Florida, the firm specializes in the development and repositioning of opportunistic, distressed and value-added residential, hospitality and mixed-use properties.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.