174-Key Holiday Inn Purchased by GF Management Affiliate
- Jun 01, 2012
GF Management, a leading national hotel ownership and management company, has announced in a press release the purchase of the 174-key Holiday Inn—Charlotte University by GF affiliate UPHIC Associates LLC for an undisclosed amount.
The hotel is located at 8520 University Executive Park Dr., a quick trip north of Charlotte’s lively downtown on I-85. The Holiday Inn is only minutes away from another GF-affiliated hotel in the University City area—the 393-key Hilton University Park at 869 J.M. Keynes Dr.
The Holiday Inn—Charlotte University features double double-bed rooms, single queen-bed rooms and one King Suite on the executive level. Amenities and services include a fitness room with a TV, complimentary passes and transportation to the nearby Peak Fitness, on-site complimentary parking, an outdoor seasonal pool, 5,000 square feet of flexible banquet and meeting space, a 24-hour business center and complimentary Wi-Fi throughout the hotel. Guests can enjoy room service or the on-site restaurant University Patio and Grill with an all-American menu.
The hotel is to undergo a $5 million renovation, but will remain operational during the 12 to 18 months work is expected to last. The facility will remain affiliated with the Holiday Inn brand, making it the twenty-second hotel under GF-affiliated InterContinental Hotels Group (IHG) management and/or ownership. Of the 22 hospitality properties, 12 are Holiday Inns.
Global hospitality advisory firm Beacon Hospitality Partners provided advisory service to the seller during the transaction, which closed one week earlier than scheduled.
The Charlotte hotel is GF’s first acquisition in six years, this following a re-structuring of the company’s acquisition division. Jeffrey Kolessar, senior vice president of development at GF, expects acquisition activities to pick up soon, stating: “The Holiday Inn Charlotte University is the first of many acquisitions we expect to complete during the coming years either as internal investments or with equity partners.”
GF’s current portfolio consists of over 130 hospitality assets, topping 22,600 rooms under ownership and management in 32 states. In North Carolina, GF is affiliated with four hospitality properties.
Photo courtesy of Holiday Inn Charlotte University’s Facebook profile
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