Properties across the country have recently changed hands, including a resort in Cape Cod that increases EOS Investors’ presence in the vacation destination.
EOS Investors acquires Wequassett Resort and Golf Club
EOS Investors LLC, a privately held real estate investment firm, has acquired the Wequassett Resort and Golf Club, a luxury oceanfront resort in Cape Cod, MA.
The acquisition of the property further expands the company’s presence in Cape Cod, following the company’s acquisition of Red Jacket Resorts in 2021. EOS’ New England drive-to resort portfolio consists of 17 properties, featuring more than 1,000 keys, more than 20 restaurants and bars and nearly $125 million of annual revenue.
Wequassett Resort features 120 keys. The luxury property has four restaurants, including casual dining restaurant Outer Bar & Grille; intimate restaurant and cocktail bar Thoreau’s; outdoor pool bar & restaurant LiBAYtion; and flagship Twenty-Eight Atlantic restaurant, which is the only Forbes Five-Star restaurant in Cape Cod and one of only five across all of New England.
The property can host both corporate and social events in its myriad interior and exterior meeting spaces, including Eben Ryder House, Garden Terrace, The Pavilion, Cape Villa and The Children’s Center. Wequassett features a large resort pool, adults-only lap pool and four tennis courts. Additional amenities include boat rentals, fishing charters, kayak tours, stand-up paddle board rentals; a fitness center and dance classes among others.
Mission Hill Hospitality adds dual-branded Aloft and Fairfield Inn & Suites Savannah
Mission Hill Hospitality, a KSL Capital Partners portfolio company focused on transforming select-service and extended-stay hotel investing, has acquired two assets in Savannah, GA, the 135-room Aloft Savannah and the 140-room Fairfield Inn & Suites. These properties are the 20th and 21st hotels added to the Mission Hill Hospitality portfolio.
“The Savannah leisure-oriented market is maturing and diversifying with more than $2 billion of commercial investment in the past few years,” said Greg Kennealey, CEO, Mission Hill Hospitality. “Mission Hill is excited to expand in Savannah with these two recently built, premium select-service hotels in a growing, drive-to leisure Sun Belt market.”
Built in 2017 and 2020, respectively, the 140-room Fairfield Inn and Suites and the 135-room Aloft blend into the aesthetic charm of Savannah’s Historic District, featuring a brick exterior and durable construction. Together, the properties have a combined 3,595 sq. ft. of meeting space, a business center and a 24-hour fitness center, while the Aloft has an indoor pool and retail space and the Fairfield has an outdoor heated pool.
Ft. Lauderdale Beach Kimpton sold
Banyan Investment Group has sold the 96-room Kimpton Goodland Hotel Fort Lauderdale Beach in Florida, to DiamondRock Hospitality Company for $35.3 million.
The resort will be operated by HEI Hotels & Resorts under a franchise agreement with Kimpton Hotels & Restaurants.
The resort reopened in mid-2021 after a comprehensive rebuild that fully upgraded the resort to current building codes while preserving its iconic Art Deco architecture. The resort offers numerous competitive advantages:
- Dedicated beachfront area
- Rooftop bar and swimming pool with panoramic views of the Intracoastal Waterway
- Intimate street-level, open-air restaurant & bar with lush courtyard swimming pool
- Significant brand distribution potential as the only IHG Hotels & Resorts and Kimpton-affiliated property in Fort Lauderdale Beach
- Architecturally unique Art Deco style with historic elements and modern amenities
“Following an extensive market study that led us to believe South Florida travel would rebound quickly, we took a calculated risk and purchased this property in Q4 ’20, prior to vaccines being released when travel volumes remained low,” said Andy Chopra, managing partner, Banyan Investment Group. “Our research proved prescient, as evidenced by the fact that we were approached by DiamondRock with a price well above our original purchase price. While we are generally focused on long-term holds when it comes to hospitality assets, we balance that with the willingness to make opportunistic sales of our properties. We went into this deal with the intention of a longer hold period, but conditions coalesced to allow us to make a great deal for our investors that generated a 49.4% internal rate of return (IRR). We take pride in this and will endeavor to find additional deals capable of generating above-market cash flows and returns for our valued investors.”
“This acquisition marks our 14th resort, and we are extremely excited to add The Kimpton Fort Lauderdale Beach Resort to our portfolio and extend DiamondRock’s leadership with the preeminent portfolio of leisure-oriented, lifestyle hotels and resorts,” said Mark W. Brugger, president/CEO, DiamondRock Hospitality Company. “The resort was acquired in an off-market transaction at a significant discount to recently consummated transactions in the market. We plan to capitalize on synergies by having HEI Hotels & Resorts manage this resort in addition to managing DiamondRock’s nearby Westin Fort Lauderdale Beach Resort. There are significant opportunities to create value by leveraging our leading resort expertise to enhance revenue management and fundamentally reprogram the underutilized rooftop bar and the restaurant. We expect the resort to ramp quickly over the next two years and stabilize at over an 8% stabilized yield.”
Marcus & Millichap brokers sale of 62-room Super 8 by Wyndham
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has brokered the sale of Super 8 by Wyndham High Point/Greensboro.
Jack Davis, Joce Messinger, Josh Williams, Eric Webster and Milin Mehta, investment specialists in Marcus & Millichap’s Charleston & Charlotte Uptown offices, had the exclusive listing to market the property on behalf of the seller, MSM Hotels LLC, and secured the buyer, an undisclosed private investor. Additionally, Benjamin Yelm, regional manager, assisted in closing the transaction as Marcus & Millichap’s broker of record in North Carolina.
The property is equipped with a meeting space where guests can hold special events or corporate meetings. Its common area amenities include free on-site parking, a game room, an on-site convenience store and a fitness center.
