Homestead, which isn't talking about the selling price, bought the seven-year-old hotel from Regency Stone Ventures LP of Sioux Falls, SD. The extended stay property is situated at 901 E. Campbell Rd. on a 3.4-acre tract off Central Expressway near the intersection of Campbell Road and Greenville Avenue.
A Homestead contact tells GlobeSt.com that there were several bidders for the asset, noting the door opened to the Atlanta hotelier when a competitor failed to make the close. Paul Williams of O'Connell Hospital Group LLC of Boston and Mike Armstrong of Neptune Hospitality Advisors Inc. of San Diego, CA represented the seller while Homestead president, Gary A. DeLapp, negotiated his terms.
A renovation will kick off this month in a four-to six-month build-out plan for the re-flagging. The renovation will bring kitchens and work stations with dataports to each room.
The hotel was built as a Wyndham Garden. Its appeal to Homestead, says DeLapp, is its location in the heart of the Telecom Corridor and five-mile proximity to another hotel in the chain.
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