$55M sale of six Hyatt Place branded hotels across Southeast, Texas and Kansas closes
JLL’s Hotels & Hospitality Group has closed the sale of the select-service hotel portfolio spanning six states
ATLANTA – November 16, 2022 – JLL’s Hotels & Hospitality Group announced today that it has closed the $55 million sale of six Hyatt Place branded select-service hotels totaling 754-keys across the Southeast, Texas and Kansas.
JLL worked on behalf of Argentic Services Company LP, as a special servicer for the seller’s two CMBS Trusts, in the sale of the properties to HKB Hotel Group, LLC (HKB was advised by ThornOak Capital). The properties were offered unencumbered by management and with long-term Hyatt franchise agreements.
Each hotel was constructed between 1995 and 1997 and features 126 guestrooms, except for the hotel in Georgia which has 124 rooms.
The portfolio consists of:
- Hyatt Place Atlanta Alpharetta North Point Mall, Alpharetta, Georgia
- Hyatt Place Charlotte Arrowood, Charlotte, North Carolina
- Hyatt Place Dallas Park Central, Dallas, Texas
- Hyatt Place Greenville Haywood, Greenville, South Carolina
- Hyatt Place Roanoke Airport Valley View Mall, Roanoke, Virginia
- Hyatt Place Topeka, Topeka, Kansas
The hotels are located within highly desired primary and secondary submarkets with a diverse base of corporate and leisure demand drivers. In addition to each submarket’s strong corporate presence, ranging from healthcare, industrial, finance, technology and more, the properties are surrounded by a variety of retail, dining and entertainment options.
The JLL Hotels & Hospitality team representing the seller was led by Managing Director Chris Dewey, Vice President Steve Leslie and Senior Managing Director Will Sledge.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Argentic Services Company LP is named special servicer on 45 securitized pools (40 commercial mortgage-backed securities pools and 5 collateralized loan obligation pools) including 1,245 loans secured by 1,753 properties with an unpaid balance of approximately $25.2 billion as of September 30, 2022.
About HKB Hotel Group, LLC
HKB Hotel Group, LLC is one of the fastest-growing hotel groups with a diverse portfolio of properties, both operational and under development across various destinations in the nation. The company is run by experienced professionals with expertise in the hospitality industry. The company currently manages more than 3,500 rooms across multiple brands. They are rapidly growing in the hospitality sector with investments in boutique, luxury, midscale and economy hotels. Equipped with years of experience, they are committed towards delivering results to our stakeholders with quality and excellence.