JLL recently closed the sale of Rockbridge-owned Homewood Suites properties in Washington and Oregon, while Legendary Capital sponsored the acquisition of an avid hotel in Mississippi.
JLL closes sale of Homewood Suites properties in Pacific Northwest
JLL’s Hotels & Hospitality Group has closed the sale of a two-hotel extended-stay portfolio located in the Pacific Northwest.
JLL represented the seller, Rockbridge, to complete the sale to the confidential buyer. The hotels are both unencumbered by management.
The portfolio totals 209 keys and consists of the Homewood Suites Vancouver-Portland in Vancouver, WA (104 keys) and the Homewood Suites Portland Airport in Portland, OR (105 keys).
The hotels have been well-maintained by prior ownership, undergoing $12.4 million, or an average of $59,000 per key, in capital improvements since 2016. After the initial COVID-19 shutdown, the portfolio experienced a strong and immediate rebound in performance due to their exceptional location and superior product, according to JLL.
The JLL Hotels & Hospitality team representing the seller was led by EVP Melvin Chu, an Oregon and Washington licensee, and Senior Managing Director John Strauss.
Legendary Capital sponsors avid hotel acquisition
Legendary Capital has sponsored the acquisition of the 92-room avid hotel Memphis—Southaven in Southaven, MS, in a $12-million, all-cash transaction.
The midscale hotel opened Oct. 11 as the newest hotel within its competitive set. Located off Interstates 55 and 69, the avid is close to Memphis International Airport and Graceland. The hotel’s proximity to demand generators, combined with the region’s strong and growing healthcare sector, make the avid a highly competitive and a strong performer, according to Legendary Capital.