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Leisure Real Estate Advisors, LLC, is very pleased to announce the successful sale of two high performance Hilton Garden Innsand the other in the St. Louis suburb of O’Fallon.
Hilton Garden Inn - WingHaven
Hilton Garden Inn NorthPark Leisure Real Estate Advisors, LLC, is very pleased to announce the successful sale of two high performance Hilton Garden Inns, located near Lambert International Airport and the other in the St. Louis suburb of O'Fallon, MO. Leisure Real Estate Advisors represented the Owner of both hotels. WingHaven Hotel Partners, LLC, was the Owner in the first transaction, the Hilton Garden Inn - WingHaven, in O'Fallon, MO. WingG, LLC purchased the 122 unit select service property and will continue to operate the hotel under a new 15 year license agreement with Hilton. WingG, an investment group affiliated with Lodging Hospitality Management, will perform considerable renovation mandated by Hilton. The sales price was not disclosed, however, the listing price was $16,000,000. The hotel is located in the upscale WingHaven development on I-64 and included demand generators such as the worldwide processing center for MasterCard and a similar data operation by Citi Mortgage Group. The second transaction involved the Hilton Garden Inn NorthPark, which is near the Lambert International airport hotel. The 136 key select service hotel also included a 10,000 sq. ft. attached conference center and was owned by NorthPark Partners Hotel, LLC, who was also represented by Leisure Real Estate Advisors. The buyer was NorthG, LLC and another investment group affiliated with LHM, will also retain the flag under a new license agreement with Hilton. Although it was located near an international airport, it benefited from several corporate demand generators such as Express Scripts, Emerson Electric, and the UM - St. Louis campus. The sales price was not disclosed, but the listing price was $17,500,000. Lodging Hospitality Management, will retain the management of both hotels. "These transactions had short fuses and simultaneous closings. Accordingly, both parties and their counsels worked diligently through a number of issues in order to achieve this accelerated closing", comments Brent Jaynes, Managing Partner with Leisure Real Estate Advisors. "As expected, we experienced a high level of activity and offers. Given LHM's significant presence in the St. Louis market, senior LHM officers told us that it made sense for them to step in an make the purchase", concluded Jaynes. |
