SAVANNAH, GA—An affiliate of Weston, FL-based InSiteGroup has acquired the 101-room hotel at 320 MontgomerySt. in downtown Savannah with the intent to reposition the formerCountry Inn & Suites property.

|

The firm intends to convert the hotel into the BHistoric Savannah, a boutique and lifestyle hotelaffiliated with B Hotels & Resorts. Thepurchase of the hotel was announced by Newmark Grubb KnightFrank, which arranged the sale on behalf of the sellerTara of Savannah LLC in a privately marketedtransaction. No financial details of the transaction werereleased.

|

“Given its prime location in the historic downtown, this hotelattracted a number of eager investors wanting to get into thisknown high barrier-to-entry hotel market with very strong anddiverse leisure demand," said NGKF hotels director Bhavesh“B.J.” Patel.

|

The hotel is located in the heart of the Historic District nearsuch tourist destinations as the Savannah History Museum, RalphMark Gilbert Civil Rights Museum, Savannah Civic Center, CityMarket, Historic River Street and Lucas Theater.

|

"The buyer gained an excellent, relatively new asset withfantastic growth potential," says SamWinterbottom, CHA, ISHC, a senior managing director withNGKF Hotels.

|

The hotel will remain open during renovations that includeadding the brand's signature bedding, a spa suite with customizabletreatments, and a new tapas and small-plate lounge and bar in thelobby. Currently, the property features a fitness center, a heatedindoor pool, parking and 1,000 square feet of meeting space, NGKFofficials say.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.