Hunter Hotel Advisors has announced the sale of the 120-key Hilton Garden Inn Greenville located at 108 Carolina Point Pkwy. in Greenville, S.C. The company, a leading provider of specialty brokerage services and capital markets advisory services, represented seller Deean Hospitality LLC—a South Carolina-based company.
Hunter brokers Teague Hunter and Trey Scott were involved in the property’s sale to Summit Hotel Group. According to a press release, the hotel asset sold at a value of $127,000 per key, adding up to a grand total sale price of $15 million.
“We marketed the hotel to well capitalized buyers with whom we have very strong relationships. Like most of our transactions today, the process was completed quickly and quietly,” declared Hunter Hotel Advisors President Teague Hunter. “We were able to bring the property to market and complete the transaction in just five months.”
The 120-key, four-story Hilton Garden Inn Greenville features amenities such as 24-hour business center, meeting rooms (with the largest offering 2,508 square feet of space, capable of accommodating 250), complimentary Wi-Fi, a fitness center, swimming pool and 24-hour Pavilion Pantry Market. Other onsite dining/lounge options include the Pavilion Lounge and the Great American Grill.
According to Trey Scott, vice president of Hunter Hotel Advisors, the hotel’s location and strong cash flow made it an appealing investment for buyer Summit. “They outbid three strong competitors,” he added.
Hunter currently has just short of 100 hotels on the market worth almost $1 billion. As of this transaction, Hunter has successfully closed 22 transactions in 2013, with six more sales expected to close before the month is out.
Image courtesy of Hunter Hotel Advisors’ Facebook page