Hotel AG Closes Holiday Inn Downtown Savannah
ATLANTA - March 10, 2015 - Hotel Assets Group, LLC (Hotel AG), announced today the firm transacted on a full-service hotel located in Savannah, Georgia.
The hotel sold was the 127-room, 5-story Holiday Inn located within the historic district of downtown Savannah. The property sold for $28M or $220k per room to Key International. The seller represented was Historic Savannah, LLC.
"This transaction is another representation of the continued interest in and strength of the Savannah transaction market. Savannah continues to show significant performance growth and sustainability making it a highly desirable market to be in," stated Brad Sinclair, partner of Hotel AG.
Tom Huegel, also a partner with the firm, commented, "This was a very selective transaction where we were able to match a buyer that wanted a presence in the Savannah Historic District with a seller that saw an opportunity to capitalize on the strong market conditions, but did not want to expose themselves and the property to the usual marketing efforts involved in a traditional brokerage process."
About Hotel AG
Hotel AG is a national hotel brokerage firm with primary offices in Atlanta, New York, Chicago and Los Angeles. The firm has been involved in 1 hotel transaction every 3 days for the past 2 years and today, Hotel AG has 209 hotels on the market with a market cap value of $2.7 billion. The firm specializes in select service and full service hotels within the US and works with CMBS lenders, whole loan banks, REITs, public companies, investment funds and private investors. The firm has 17 national brokers and 21 partners and can be found online at www.hotelassetsgroup.com.published: 03-11-2015