The Arlington, VA-based hotel company paid $110,000 per key for an asset with a projected 2006 EBITDA of $1.6 million. GlobeSt.com has confirmed the seller of record for 3330 Harding Blvd. is Howell Place Hotel LLC of Fayetteville.
According to Interstate, the hotel is the only select-service product in the airport submarket and the only brand of its type in the city. "As the only Hilton Garden Inn in Baton Rouge and with other Hilton-branded hotels a good distance away, this property enjoys a commanding position in the Hilton reservation system," Interstate's chief investment officer Leslie Ng says in this morning's press release.
The Arkansas merchant-build hotel developer planted the property in Howell Place, a 290-acre development in North Baton Rouge at the airport's entrance. Atlanta developer Richard Preis has mapped out a medical-anchored development, with the Baton Rouge Surgical Center in the lead spot. The rest of the build-out will include apartments, restaurants, more medical-oriented space and hotels. Earlier this year, a development group from Dallas started construction on Howell Place's second hotel, a 170-room Fairfield Inn, according to published reports.
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