Four hotels change hands

Recent transactions include the Woodmont Lodging, Milestone Companies and Blue Vista Capital Management joint venture acquiring a Holiday Inn in Asheville, NC; Banyan Investment Group purchasing an Atlanta Homewood Suites; and Excel Group acquiring a dual-branded property in Jacksonville, FL.

JV acquires Holiday Inn Asheville East
The joint venture between Woodmont Lodging, Milestone Companies and Blue Vista Capital Management has acquired the 111-room Holiday Inn Asheville East in Asheville, NC. This marks the fourth hotel transaction the companies have finalized together since 2018.

Located on 3.27 acres on the eastern side of Downtown Asheville, the four-story hotel is less than one mile from Billy Graham Training Center at the Cove, the Asheville VA Medical Center and one of five Asheville area entrances to the Blue Ridge Parkway. The hotel also is near UNC Asheville and Biltmore Estate and Winery.

The hotel underwent an extensive renovation in 2016 and 2017, updating all the guestrooms, public space and restaurant. Amenities include approximately 1,700 sq. ft. of meeting space, a sundry shop, a fitness center, an outdoor swimming pool and a guest laundry facility.

Banyan Investment Group acquires Atlanta Homewood Suites
Banyan Investment Group (BIG), a vertically integrated hotel investment company that acquires select-service hotels in the U.S., has acquired the 114-suite Homewood Suites by Hilton Atlanta/Perimeter Center. This hotel marks the first purchase utilizing the Banyan Lodging Enhanced Value Fund LLC (BLEV), a fund vehicle that offers investors an opportunity to purchase hotels with a combination of strong cash flow and attractive basis with consideration to the impact of the ongoing COVID-19 crisis.

The four-story, extended-stay hotel is a half-mile from the Sandy Springs MARTA Station, which provides direct rail access to Hartsfield-Jackson International Airport. The property provides complimentary hot breakfast, free WiFi, an indoor pool, a fitness center, a business center and 851 sq. ft. of event space. Suites provide separate living and dining spaces with full kitchens, dining tables, sleeper sofas and Serta Suite Dreams bedding. Kitchens are equipped with a full-sized refrigerator, microwave, dishwasher and twin burner stove with utensils.

Excel Group purchases dual-branded property in Jacksonville
Excel Group, an Arlington, VA-based real estate investment firm, recently acquired the 221-room dual-brand Homewood Suites & Hilton Garden Inn Jacksonville Downtown.

“The Homewood Suites and Hilton Garden Inn Jacksonville Downtown are a great addition to our list of 2021 acquisitions as we continue to further expand into high growth and high-barrier-to-entry markets,” said Excel Group Founder Shoham Amin. “These hotels are situated within a market in the early stages of substantial growth with nearly $4 billion of new development underway in downtown Jacksonville.”