Making An Offer They Can’t Refuse
HFF announces the sale of Home2 Suites near extensive medical facilities at the University of Florida, one of the largest colleges in the US.
GAINESVILLE, FL–Impact Properties, owners of Home2 Suites by Hilton Gainesville near the 9th largest university in the country, were not particularly interested in selling. But an off-market offer from a credible buyer was convincing.
“We are frequently asked by buyers for off-market opportunities, but, in most cases, that is because they do not want to pay fair market value or participate in a competitive bidding process. It is our job as investment advisors to sift through these buyers to recommend to sellers which groups have the capital and a strong track record of closing,” Michael Weinberg, HFF senior managing director, tells GlobeSt.com.
Holliday Fenoglio Fowler, L.P. (HFF) recently announced the sale of the 95-room, select-service, all-suite hotel at 2115 SW 13th Street near the 2,000-acre University of Florida. It is also less than one mile from The Health Sciences Center Gainesville, which encompasses six health colleges, six research institutes, two specialty hospitals and a teaching hospital.
The HFF investment advisory team included Weinberg and director Preston Reid.
Off-market transaction
They represented seller, Impact Properties. Memphis-based McNeill Hotel Investors (“McNeill”) purchased the asset free and clear of existing debt in an off-market transaction.
“Newer-vintage Home2 Suites by Hiltons continue to attract significant investor interest across the country,” Reid said. “The proximity to University of Florida and the medical cluster, Gainesville’s top demand generators, made this investment a dual threat.”
“This recently built property is an excellent strategic fit for our growing hotel portfolio,” McNeill CEO Phillip McNeill Jr. said. “We have great operational experience with the Home2 Suites brand and extended-stay properties overall, as they now comprise more than half of our existing portfolio of hotels.”
“Gainesville has many favorable long-term demand drivers, including the close by Health Sciences Center Gainesville and the University of Florida,” McNeill President and COO Mark Ricketts added.