04 Dec2018

Hunter Hotel Advisors Brokers Sale of Atlanta 6-Pack to Driftwood

ATLANTA, December 3, 2018 – Hunter Hotel Advisors - the nation’s leading investment advisory firm focused exclusively on the hotel industry - announces today that six Atlanta, Georgia properties were sold by Atlanta based Hotel Development Partners (HDP) and an institutional partner, to Driftwood Acquisitions & Development, LP. 

The package includes 568 rooms in strong locations around Metro Atlanta: Fairfield Inn & Suites Buckhead, Fairfield Inn & Suites Atlanta Perimeter Center, Fairfield Inn & Suites Alpharetta, SpringHill Suites Alpharetta, TownePlace Suites Alpharetta, and TownePlace Suites Kennesaw.

These hotels were acquired by HDP in 2015, who executed a $16M renovation or $25,000 per room. Hotel Equities, the management company for the seller, improved the seller’s ROI through increased revenue and operational efficiencies.

Allen O’Brien, CEO of HDP: “Hunter was pivotal in helping HDP to tap the value created through the acquisition and renovation of these 6 Marriott hotels.” HDP has developed and acquired 14 Marriott hotels, including the 115 room Courtyard by Marriott Alpharetta, which will open in January near Avalon and the Alpharetta Convention Center. 

Tim Osborne, Vice President at Hunter Hotel Advisors: “Atlanta has seen very strong economic growth in recent years with no signs of stopping.  This portfolio of hotels represented a rare opportunity to invest in several desirable submarkets in the metro area with a single acquisition. Hotel Equities, HDP Funds and their institutional JV partner have been great partners throughout this transaction, and we are all pleased with the results.”

“This portfolio represents 6 of 51 total properties under the Marriott flag that the Hunter team has brokered in 2018. The sellers offered profitable hotels in prime locations, and Driftwood recognized the opportunity to enter the Atlanta market at the right time.” - Teague Hunter, President, Hunter Hotel Advisors.

Atlanta’s hotel market continues to run at record-breaking occupancy and ADR with forecasted demand growth projected to be greater than new supply. The properties are ideally located in Buckhead, the primary financial district for the Southeast; Atlanta Central Perimeter, where more Fortune 500 corporations are located per capita than any other city in the US; Alpharetta, the technology city of the South; and Kennesaw, home of Kennesaw State University.

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