Lingerfelt CommonWealth Partners Acquires Portfolio of Five Hotels
Press Release | Feb 5, 2015
|Richmond, Virginia – February 02, 2015 – Lingerfelt CommonWealth Partners today announced the acquisition of five hotels in Orlando, Florida, Atlanta, Georgia, and Charlotte, North Carolina.
The portfolio, totaling 758 rooms, is comprised of premium hotels within the Marriott International (NASDAQ: MAR) and Hilton Worldwide (NYSE: HLT) select service and full service brands, as further described below.
CommonWealth Lodging™, an affiliate of Lingerfelt CommonWealth Partners, will manage all operations of the hotels, including a comprehensive, multi-million dollar renovation of the DoubleTree by Hilton in Atlanta and Fairfield Inn by Marriott Orlando Airport. Both hotels undergoing renovations will remain open and fully operational with renovations planned for completion in the fourth quarter of 2015.
J. Ryan Lingerfelt, President and Chief Investment Officer, comments, “We identified this portfolio of hotels as an opportunity to acquire well maintained assets, below replacement cost, affiliated with great brands in strong markets that we believe are likely to benefit from continued long-term growth.”
The acquisition brings Lingerfelt CommonWealth Partner’s holdings to more than 4.2 million square feet across five Southeastern states, including six hotels totaling 1,000 rooms in the Marriott and Hilton franchises.CommonWealth Lodging™ now manages nine hotels in four states with more than 1,300 rooms and 360 employees. The company is an approved operator for the major hotel franchise companies, including Marriott International, Hilton Worldwide, Choice Hotels and Wyndham Worldwide.
Timothy J. Stiffler, CommonWealth Lodging’s President commented, “We are very excited to be partnering with Marriott and Hilton on this diversified portfolio of premium branded, well-located hotels. We look forward to working with our associates to deliver the exceptional service that our guests have become accustomed to.”
1. Fairfield Inn & Suites by Marriott Orlando Lake Buena Vista: 170 rooms
2. Fairfield Inn by Marriott Orlando Airport: 139 rooms
3. DoubleTree by Hilton Atlanta North Druid Hills – Emory Area: 208 rooms
4. Hampton Inn Atlanta – North Druid Hills: 111 rooms
5. Courtyard by Marriott Charlotte Gastonia: 130 rooms
About Lingerfelt CommonWealth Partners
During its history, both in the private sector and public REIT sector, its partners have built, acquired and managed nearly 17 million square feet of commercial real estate valued in excess of $1.7 billion including medical and professional offices, industrial, data and call centers, emergency care centers, elderly housing and nursing homes, and hospitality, all located in the eastern United States including Virginia, North Carolina, South Carolina, Maryland, Illinois, Tennessee and Florida.
More on the company can be found on the web at www.lingerfeltcommonwealth.com
About CommonWealth Lodging Management
More on the company can be found on the web at www.CommonwealthLodging.com