Lowe Enterprises Investors has acquired a three property, 370-room portfolio of Hilton Garden Inns in Atlanta on behalf of an investment client. The portfolio consists of the Hilton Garden Inn - Atlanta NW Wildwood, the Hilton Garden Inn -Atlanta Northpoint and the Hilton Garden Inn - Atlanta North Johns Creek, all solid performing properties located in strong employment centers. LEI plans to upgrade guestrooms at all of the properties including modernizing the bathrooms, furnishings and décor. All hotel lobbies were recently renovated.
“The Atlanta market continues to strengthen and grow, with much of the activity focused north of the city where these hotels are located,” said Bleecker P. Seaman, co-CEO of LEI. “These properties are positioned to benefit from that growth.”
The Hilton Garden Inn – Altanta NW Wildwood is located at 3045 Windy Hill Road near the I?75 and I?285 Interchange, 14 miles from downtown Atlanta, in the Cumberland?Galleria submarket. This is home to some of Georgia’s largest employers including Home Depot, several General Electric divisions and Sprint and is one of the most concentrated employment centers with more than 76,000 workers. The 123-room property was built in 2005 and features 3,300 square feet of meeting space as well as a pool, fitness center and business center. All rooms and suites offer custom-designed beds and flat-screen TVs with premium cable channels, plus mini-fridges, microwaves, desks with ergonomic chairs, and free WiFi. Dining options include a daily cooked-to-order breakfast, evening room service, a fashionable lounge and the convenience of quick serve items in the 24/7 pantry.
The hotel is located in the Wildwood Office Park, home to many major employers. Less than two miles away, the Suntrust Park development is underway and will be the new home of the Atlanta Braves in the 2017 season. In conjunction with the construction of the new stadium, the Atlanta Braves are planning a $400 million entertainment district that will surround the new ballpark and draw new visitors to the area.
The Hilton Garden Inn – Atlanta Northpoint is located at 10975 Georgia Lane just off I?400 in Alpharetta, the largest suburban office market in metro Atlanta with more than 20 million square feet of office space. The hotel is adjacent to the North Point Mall, one of the most successful, upscale shopping malls in the country.
The 125-room hotel was built in 2000 and underwent a significant renovation in 2012. All rooms and suites offer modern decor and custom-designed beds, plus flat-screen TVs, microwaves, mini-fridges and free WiFi. Continental or cooked-to-order breakfast is available, as well as a casual bar and a 24/7 convenience store. The property offers a fitness center and an outdoor pool, two meeting rooms, a business center, and a free area shuttle.
Alpharetta has become one of the leading locations in the South for technology-focused businesses like ADP, McKesson, LexisNexis, Hewlett?Packard and Verizon as well as 600 other tech companies in the area. Just a few miles away, the Avalon mixed-use development, currently under construction, will offer over 500,000 square feet of upscale retail.
The Hilton Garden Inn – Atlanta North Johns Creek is located in the Technology Park at Johns Creek, at 11695 Medlock Bridge Road. This modern suburban hotel is less than seven miles from Webb Bridge Park, Autrey Mill Nature Preserve and Heritage Center.
Its 122 rooms and suites offer contemporary decor, custom-designed beds and flat-screen TVs with premium cable channels, plus mini-fridges, microwaves, and free WiFi. The hotel offers guests a buffet breakfast, in addition to a full-service restaurant, a lobby bar and 24/7 pantry with quick serve items. Among the hotel’s amenities are a fitness center and an outdoor pool, two meeting rooms and a business center.
Johns Creek is home to 77,000 residents. More than 10,000 people are employed by businesses in the Technology Park at Johns Creek which includes State Farm Insurance, Ebix, Bomgar, Teradata, Emory Johns Creek Hospital and Life Time Fitness.
Chris Miller and Russell Munn led the investment team for Lowe Enterprises Investors. Eastdil Secured represented the seller, Southern States Hospitality. Atlanta-based Southern States Management will continue to operate the properties. BB&T provided financing for the transaction.
The transaction is the latest in LEI’s active hotel acquisition program. The firm’s recent hotel acquisitions on behalf of investment clients include the Hampton Inn & Suites Charlotte?Arrowood Road in Charlotte, NC, the Hampton Inn Columbia Northeast?Fort Jackson, in Columbia, SC and the Aloft Charlotte Uptown @ the EpiCentre. The firm continues to seek hotel and resort acquisition opportunities nationwide.
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm. Since inception in 1972, Lowe has acquired, developed or managed more than $24 billion of real estate assets. Lowe maintains additional regional offices in Southern California, Denver, Philadelphia, Seattle and Washington, DC.
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