Peachtree Hotel Group, one of the nation’s fastest growing hotel acquisition, management, development and ownership groups,today announced the acquisition of the nine-story, 189-room Courtyard Marriott in the heart of downtown Columbia, S.C., steps away from the University of South Carolina.
Atlanta-based Peachtree, which has investments in more than 40 hotel assets, purchased the property on Assembly Street for an undisclosed sum following a hotly contested bidding process that led to a speedy sale. The transaction was arranged byNewmark Grubb Knight Frank (NGKF) Hotels on behalf of the seller, an affiliate of Fillmore Capital Partners, LLC.
“This acquisition fits our real estate investment strategy, which focuses on value added opportunities in the premium branded, select service/limited service sector,” said Peachtree Hotel Group CEO Greg Friedman. “With this Courtyard marking our first acquisition this year, we remain on track to meet our investment goals in 2014.”
NGKF Hotels Senior Managing Director Sam Winterbottom and Director Bhavesh “B.J.” Patel, both with the NGKF Atlanta office, represented the seller and secured the buyer, in conjunction with Columbia-based colleague Marshall Kibler, CCIM, SIOR, with Newmark Grubb Wilson Kibler.
“A number of investors were eager to make an offer on this hotel because of its prime location in a Sun Belt state capital, adjacent to a major SEC state university, coupled with a strong diversified economy. Buyers were drawn to the property’s value added potential for improved performance for one of the hotel industry’s premier, select service brands, post a needed renovation,” Mr. Winterbottom said. “Peachtree Hotel gained a top-notch hotel for below replacement cost, and our client received a healthy selling price that benefited from heated competition among the bidders.”
The hotel features 5,213 square feet of flexible meeting space, full-sized restaurant, bar, full-service business center, high-speed wireless Internet, gift shop, valet and dry-cleaning services and a free shuttle service to Columbia Metropolitan Airport and downtown attractions within a three-mile radius. The property will undergo an approximately $3.5 million renovation to include the new Courtyard “Refreshing Business” lobby, new Bistro restaurant concept, as well as improvements to meeting spaces and guest rooms.
The Courtyard Marriott sits only one block from the University of South Carolina, home to more than 23,000 undergraduate students and 19 NCAA varsity sports teams, and four blocks from the South Carolina State House. Other nearby attractions include the Columbia Metropolitan Convention center, Fort Jackson, Congaree National Park, Riverbanks Zoo and Garden, The Nickelodeon Theaters, the Colonial Life Arena, among others.
Newmark Grubb Knight Frank (NGKF) Hotels, a specialized group serving the needs of the hotel and lodging industry, provides innovative real estate solutions and support for all types of hotel and leisure properties, including luxury, resort, boutique, independent, fractional ownership, extended stay, full-service and limited-service, as well as golf courses and mixed-use assets. NGKF Hotels’ highly experienced team offers a vast array of services including acquisitions and dispositions, market research, equity financing, debt financing, appraisals and feasibility.
About Peachtree Hotels
Peachtree Hotel Group invests, operates and develops premium-branded, select- and limited-service and extended-stay hotel assets under the Marriott, Starwood, Hilton, Hyatt, Choice and InterContinental Hotels Group flags. Since its inception, Peachtree has acquired or developed more than $350 million of hotel properties and first mortgage notes. Peachtree currently owns, operates and invests in 41 hotel assets totaling 4,173 rooms, comprised of 24 real estate assets and 17 notes. The company has an additional four hotels totaling 363 rooms under third party management. For more information, please visit www.peachtreehotelgroup.com.
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 320 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, visitwww.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.