SAVANNAH, GA—The Staybridge Suites Savannah Historic District, a 104-room extended-stay hotel in Savannah, GA, has changed hands. Savannah Hospitality Properties, LLC sold the hotel to an affiliate of Noble Investment Group.
Located at 301 East Bay Street in the heart of Savannah's historic downtown and tourism district, Staybridge Suites was developed in 2006. The five-story property includes both historic and newly constructed buildings featuring oversized studio and one-bedroom suites and a restored 1870s-era banquet facility. The offering also included an adjacent, 16,200-square-foot development site.
The HFF investment sales team representing the seller was led by senior managing director and head of the hospitality practice group Daniel Peek, managing director Holden Lim, director Max Comess, along with analysts Christopher Lingerfelt and Alexandra Lalos. Comess says, “The extremely high barriers to entry in the historic district combined with strong performance at the property made this opportunity particularly attractive.”
Savannah Hospitality is an affiliate of Fremont Realty Capital, a San Francisco-based private investment company. The Jacksonville office of Holland and Knight represented the seller.
Nobel paid cash. Financial terms of the deal were not disclosed. The company closed $30 million worth of deals across nine states in 2012.
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